American Law Institute

Corporate Board Elections
Internal Controls

27th September 2005
Federal Reserve Bank of New York

European Corporate Governance Institute

A free all-day conference co-sponsored by the American Law Institute and the European Corporate Governance Institute

William J. McDonough
Public Company Accounting Oversight Board

Public Company Accounting Oversight Board website:

Mr. McDonough became Chairman of the Public Company Accounting Oversight Board on June 11, 2003, joining the Board after 10 years as president and chief executive officer of the Federal Reserve Bank of New York.

Mr. McDonough was named the eighth president of the New York Fed on July 19, 1993, and served as the vice chairman and a permanent voting member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Mr. McDonough also served as a member of the Board of Directors of the Bank for International Settlements and chairman of the Basel Committee on Banking Supervision.

Mr. McDonough, 71, joined the New York Fed in January 1992 as executive vice president, head of the bank's markets group, and the manager of open market operations for the FOMC.

Mr. McDonough spent 22 years with First Chicago Corp. and its bank, First National Bank of Chicago. He was vice chairman of the board and a director of the bank holding company from 1986 until his retirement in 1989. Before joining the New York Fed, Mr. McDonough served as an advisor to a variety of domestic and international organizations.

Prior to his career with First Chicago, Mr. McDonough was with the U.S. State Department from 1961 to 1967 and was a U.S. Navy officer from 1956 to 1961.

Mr. McDonough earned a master's degree in economics from Georgetown University in Washington, D.C., in 1962, and a bachelor's degree in economics from Holy Cross College in Worcester, Mass., in 1956.

Mr. McDonough is a member of the International Advisory Council of Columbia University and a member of the Board of Directors of the New York Philharmonic Orchestra. He is also chairman of the Investments Committee for the United Nations Joint Staff Pension Fund.