Press Release
Head of Markets Group to Leave New York Fed
November 8, 2006

NEW YORK—The Federal Reserve Bank of New York announced today that Dino Kos has decided to leave the New York Fed to pursue interests outside the Bank. He will step down from his position as head of the Bank’s Markets Group effective January 1, 2007. Mr. Kos will continue to run the Group through the end of the year, and then will serve as special adviser to the president and assist in the transition to his successor until he leaves the Bank sometime in the spring.

Timothy F. Geithner, president and chief executive officer, said, “In his 21 years at the New York Fed, Dino has served with great distinction. He has provided critical leadership to the Bank as a member of the Management Committee and to the FOMC as Manager of the System Open Market Account since his appointment in May 2001. He played an important role in the aftermath of the attacks of September 11, 2001, to guarantee the smooth operations of domestic financial markets; developed a modern automation infrastructure for the open market operations; led the creation of a more robust analytical regime in support of the Bank’s essential role in the conduct of monetary policy; and provided critical leadership in services to foreign central banks preserving our international relationships. Dino has been an indispensable adviser to the FOMC on the domestic financial markets and the implementation of monetary policy.”

The New York Fed has conducted a search for a successor and expects to announce that appointment in the coming weeks, following approval by the Federal Open Market Committee of the Federal Reserve and the Bank’s board of directors.

Contact:
Calvin Mitchell
calvin.mitchell@ny.frb.org
(212) 720-6136