William J. McDonough
Encyclopedia
William Joseph McDonough (born April 21, 1934) is vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc.
, responsible for assisting senior management in the company's business development efforts with governments and financial institutions.
, a private-sector, not-for-profit corporation created by the Sarbanes-Oxley Act
of 2002 to oversee auditors of public companies.
From July 1993 to July 2003, McDonough served as president and chief executive officer of the Federal Reserve Bank of New York
. As president, he served as the vice chairman and a permanent member of the Federal Open Market Committee
(FOMC), which formulates U.S. monetary policy. McDonough also served on the board of directors of the Bank for International Settlements and as chairman of the Basel Committee on Banking Supervision
. He joined the Federal Reserve Bank of New York in 1992 as executive vice president, head of the bank's markets group and manager of the FOMC's open market operations.
McDonough retired from First Chicago Corporation and its bank, First National Bank of Chicago, in 1989 after a 22-year career there. He was vice chairman of the board and a director of the corporation from 1986 until his retirement. Before joining the Federal Reserve Bank of New York
, McDonough served as an advisor to a variety of domestic and international organizations. Before his career with the First Chicago, McDonough was with the U.S. Navy from 1956 to 1961 and the U.S. State Department from 1961 to 1967.
McDonough earned a Master of Economics
degree from Georgetown University
in Washington, D.C.
, and a Bachelor of Economics degree from the College of the Holy Cross
in Worcester, Massachusetts
. He also served as an advisory board member for the Yale School of Management
.
McDonough is a member of the board of directors of the New York Philharmonic Orchestra. He is chairman of the Investment Committee for the United Nations
Joint Staff Pension Fund, and is co-chairman of the United Nations Association of the United States of America
(UNA-USA). He is also a member of an influential Washington-based financial advisory body called the Group of Thirty
, and has been a director of the Council on Foreign Relations
since 1995.
McDonough has resided in Westchester County, New York
since 2005.
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, responsible for assisting senior management in the company's business development efforts with governments and financial institutions.
Biography
From 2003 to 2005, he was chairman of the Public Company Accounting Oversight BoardPublic Company Accounting Oversight Board
The Public Company Accounting Oversight Board is a private-sector, non-profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest...
, a private-sector, not-for-profit corporation created by the Sarbanes-Oxley Act
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
of 2002 to oversee auditors of public companies.
From July 1993 to July 2003, McDonough served as president and chief executive officer of the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
. As president, he served as the vice chairman and a permanent member of the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
(FOMC), which formulates U.S. monetary policy. McDonough also served on the board of directors of the Bank for International Settlements and as chairman of the Basel Committee on Banking Supervision
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1975. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance...
. He joined the Federal Reserve Bank of New York in 1992 as executive vice president, head of the bank's markets group and manager of the FOMC's open market operations.
McDonough retired from First Chicago Corporation and its bank, First National Bank of Chicago, in 1989 after a 22-year career there. He was vice chairman of the board and a director of the corporation from 1986 until his retirement. Before joining the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
, McDonough served as an advisor to a variety of domestic and international organizations. Before his career with the First Chicago, McDonough was with the U.S. Navy from 1956 to 1961 and the U.S. State Department from 1961 to 1967.
McDonough earned a Master of Economics
Master of Economics
A Master's Degree in Economics is a postgraduate academic program, offering training in economic theory, econometrics and / or applied economics. The degree may be offered as a terminal degree or as additional preparation for doctoral study, and is sometimes offered as a professional degree...
degree from Georgetown University
Georgetown University
Georgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States...
in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, and a Bachelor of Economics degree from the College of the Holy Cross
College of the Holy Cross
The College of the Holy Cross is an undergraduate Roman Catholic liberal arts college located in Worcester, Massachusetts, USA...
in Worcester, Massachusetts
Worcester, Massachusetts
Worcester is a city and the county seat of Worcester County, Massachusetts, United States. Named after Worcester, England, as of the 2010 Census the city's population is 181,045, making it the second largest city in New England after Boston....
. He also served as an advisory board member for the Yale School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...
.
McDonough is a member of the board of directors of the New York Philharmonic Orchestra. He is chairman of the Investment Committee for the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
Joint Staff Pension Fund, and is co-chairman of the United Nations Association of the United States of America
United Nations Association of the United States of America
The United Nations Association of the United States of America or UNA-USA is a nonprofit membership organization dedicated to building understanding of and support for the ideals and work of the United Nations among the American people. Its education, policy and advocacy programs emphasize the...
(UNA-USA). He is also a member of an influential Washington-based financial advisory body called the Group of Thirty
Group of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues...
, and has been a director of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
since 1995.
McDonough has resided in Westchester County, New York
Westchester County, New York
Westchester County is a county located in the U.S. state of New York. Westchester covers an area of and has a population of 949,113 according to the 2010 Census, residing in 45 municipalities...
since 2005.
External links
- Biography at the Federal Reserve Bank of New York