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Release Date: October 15, 2003

For immediate release

The Federal Reserve Bank of New York today named Timothy F. Geithner to serve as the Bank's new President and CEO. His appointment by the New York Fedís Board of Directors was approved by the Federal Reserve Board of Governors and announced by Mr. Peter Peterson, chair of the New York Fedís Board of Directors and of the search committee that selected Mr. Geithner.

Mr. Geithner is expected to assume his duties in mid-November.

Mr. Geithner, 42, currently is the director of the Policy Development and Review Department in the International Monetary Fund of Washington DC. His department plays a central role in the design and implementation of Fund policies and in the review of its financial programs and assessments of member economies. He joined the IMF in September, 2001.

Mr. Geithner served as Under Secretary of the Treasury for International Affairs from 1998 to 2001 under Secretaries Robert Rubin and Lawrence Summers, where he was a principal adviser and member of the executive branchís senior team.

"Iím honored to be selected for this post and to work with an institution that is central to domestic and global financial stability," said Mr. Geithner.

"Iím pleased Tim Geithner will be at the helm; heíll do a great job," Mr. Peterson said. "He has done an outstanding job at Treasury and the IMF and is admirably equipped to confront the unique domestic and international challenges that will face our financial system over the coming years."

Mr. Geithner will succeed William J. McDonough, who served as the bankís president from July 1993 until he stepped down in June of this year to assume the post of chairman of the Public Company Accounting Oversight Board in Washington, DC. Jamie B. Stewart, the New York Fedís first vice president, has assumed on an interim basis the duties of president since Mr. McDonoughís departure.

Mr. Peterson was assisted in the search by an outside advisory committee with ties to the New York Fed: Ann Fudge, Ellen Futter, Maurice R. Greenberg, Walter Shipley, Paul Volcker, John Whitehead and Robert Wilmers. Search committee members, all current members of the New York Fedís Board, are: Jill Considine, Loretta Lynch, John Sexton, Jerry Speyer and Charles Wait.

Mr. Peterson also was advised by Robert Rubin, E. Gerald Corrigan, Lawrence Summers, and Fred Bergsten. He also was assisted by Tom Neff, Chairman US of Spencer Stuart.

A biographical summary is available from the Federal Reserve Bank of New York.

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Last update: October 15, 2003