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
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
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.