William Joseph McDonough facts for kids

Quick facts for kids William McDonough
President of the Federal Reserve Bank of New York
In office July 19, 1993 – July 21, 2003
Preceded by	E. Gerald Corrigan
Succeeded by	Timothy F. Geithner
Personal details
Born	William Joseph McDonough (1934-04-21)April 21, 1934 Chicago, Illinois, U.S.
Died	January 22, 2018(2018-01-22) (aged 83) Waccabuc, New York, U.S.
Education	College of the Holy Cross (BA) Georgetown University (MA)

William Joseph McDonough (born April 21, 1934 – died January 22, 2018) was an important American leader in finance and government. He was best known for being the President of the Federal Reserve Bank of New York for ten years. After that, he worked as a special advisor at Merrill Lynch & Co. Inc., a large financial company, until he retired in 2009.

Early Life and Education

William McDonough was born in Chicago, Illinois. He went to college at the College of the Holy Cross in Worcester, Massachusetts, where he earned a bachelor's degree. Later, he continued his studies at Georgetown University in Washington, D.C., and received a master's degree in economics. He also helped guide the Yale School of Management as an advisory board member.

Career Highlights

Before working in banking, William McDonough served his country. He was in the U.S. Navy from 1956 to 1961. After that, he worked for the U.S. State Department from 1961 to 1967.

Banking Leadership

McDonough spent 22 years at a bank called First Chicago Corporation and its main bank, First National Bank of Chicago. He became a very important leader there, serving as vice chairman of the board until he retired from the company in 1989.

In 1992, McDonough joined the Federal Reserve Bank of New York. The Federal Reserve is like the central bank of the United States. It helps manage the country's money and economy. He quickly became the head of the bank's markets group.

Leading the Federal Reserve Bank

From July 1993 to July 2003, William McDonough was the President and Chief Executive Officer of the Federal Reserve Bank of New York. This was a very important job. As president, he was also a key member of the Federal Open Market Committee (FOMC). This committee makes big decisions about how much money is in circulation in the U.S. economy.

McDonough also worked with international groups. He was on the board of directors for the Bank for International Settlements. He also led the Basel Committee on Banking Supervision, which sets rules for banks around the world to make them safer.

After the Federal Reserve

After leaving the Federal Reserve, McDonough continued to work in important roles. From 2003 to 2005, he was the chairman of the Public Company Accounting Oversight Board. This group was created to make sure that companies' financial reports are honest and accurate.

He was also involved in many other organizations. He was a member of the board for the New York Philharmonic Orchestra, a famous music group. He helped manage investments for the United Nations Joint Staff Pension Fund. He also co-chaired the United Nations Association of the United States of America (UNA-USA), which supports the work of the United Nations. He was also a member of the Group of Thirty, a group of important financial leaders, and a director of the Council on Foreign Relations.

Personal Life

William McDonough lived in Westchester County, New York, with his wife, Suzanne Clarke McDonough. He passed away on January 22, 2018, at his home in Waccabuc, New York.