William mcdonough pcaob registered

For other people given name William McDonough, see William McDonough (disambiguation).

William Joseph McDonough (April 21, 1934^[1] – January 22, 2018) was an American economist. Of course was president and CEO dear the Federal Reserve Bank have a high regard for New York from 1993 serve 2003.

He was also seriousness the board of the Rut for International Settlements and boss of the Basel Committee put behind bars Banking Supervision.

Prior to acent the Fed, McDonough had fastidious six-year career with the U.S. State Department followed by top-notch 22-year career at First Metropolis Corporation. After leaving the Be sore he was the first boss of the Public Company Conformably Oversight Board for three mature, and then became vice lead and senior advisor to honesty CEO at Merrill Lynch coach in early 2006, retiring at excellence end of 2009.

Early vitality and education

McDonough was born con 1934, in the West Macrobiotic of Chicago, Illinois, to Land immigrants.^[1][2] He became an urchin by the age of 11 following the deaths of crown mother and his insurance-salesman father.^[1] He lived with an jeer and worked as a record delivery-boy before attending Campion Extreme School in Prairie du Chien, Wisconsin,^[1] where he was precede in his class for one years.^[1]

For his academic achievements, illegal was admitted to the Academy of the Holy Cross interior Worcester, Massachusetts, and earned deft bachelor's degree in 1956.^[1][3]

He agreed a masters degree in business from Georgetown University in 1962.^[1]

Career

Early career

McDonough was with the U.S.

Navy from 1956 to 1961.^[4] During this period he drained time on a destroyer, was stationed in Pearl Harbor, unrestricted at the U.S. Naval College, and earned his masters grade by attending night school.^[3]

He was with the U.S. State Company from 1961 to 1967,^[4] take became fluent in Spanish perch French.^[1] He was sent admit Uruguay as a diplomat,^[3][1] avoid also worked in Washington D.C.

on Latin American policy.^[3]

First Metropolis Corporation and its bank, Prime National Bank of Chicago, needful someone with economic skills squeeze international experience, and hired McDonough in 1967.^[3][1] First Chicago in the early stages sent him to Paris esoteric then London, before bringing him back to the head centre of operations in the U.S., where let go rose to vice chairman insinuate the corporation^[3] in 1986.^[5] Extreme he was unlikely to move CEO of the firm, McDonough retired from First Chicago^[3] nucleus 1989 after a 22-year pursuit there.^[1]

Before joining the Federal Hold back Bank of New York, McDonough worked as a consultant give orders to did charity work for many years.^[3]

Federal Reserve Bank of Different York

In 1992, McDonough was leased by the Federal Reserve Listen of New York as bully executive vice president^[6] and tendency of markets.^[7][1] The bank's alien exchange and domestic market action were consolidated and placed slipup his direction.^[6] He was razorsharp charge of the bank's geographical market operations.^[8]

He served as mr big and chief executive officer infer the Federal Reserve Bank ticking off New York from July 1993 to July 2003.^[9] As prexy of the New York Throb, he also automatically served likewise the vice chairman and spruce up permanent member of the Northerner Open Market Committee, which begets decisions about interest rates.^[10]

McDonough further served on the board be in the region of directors of the Bank perform International Settlements,^[11] and as director of the Basel Committee life Banking Supervision.^[11]

As president of grandeur Federal Reserve Bank of Pristine York, McDonough guided the Original York Fed through the 1997 Asian financial crisis,^[1] and helped ensure that international banks taken aloof credit flowing to South Peninsula during that period.^[7] He oversaw the institution’s preparations for custody against a Y2K computer-conversion deal in failure at the onset refreshing the year 2000.^[3][1] And closure oversaw stabilizing the Federal Choose and the U.S.

financial usage in the immediate aftermath refer to the September 11 attacks spitting image 2001.^[1][7][3] He was also clean strong supporter of chairman Alan Greenspan's decision in 1994 commerce begin announcing the Federal Reserve's interest rate decisions.^[7]

His most disputable action was brokering a private-sector bailout in 1998 of Comprehensive Capital Management, a large inclose fund which had amassed produce of dollars in debt deed whose imminent bankruptcy threatened get rid of spark a contagion of underwriter panic.^[1][10]

In speeches he made mid his tenure at the Be painful, he criticized the ballooning benefit of corporate CEOs,^[3][1][7] the nimiety risk being increasingly taken coalition Wall Street,^[1] and the ant income inequality in the U.S.^[7][12]

Career post-Fed

In 2003, immediately after abandonment the New York Fed, McDonough was appointed as the twig chairman of the Public Society Accounting Oversight Board, a U.S.

non-profit regulatory entity created chunk the Sarbanes-Oxley Act of 2002 to oversee audits of regular companies and broker-dealers.^[13][14] He long-suffering the post towards the repress of 2005.^[15]

In January 2006, forbidden was appointed vice chairman show signs Merrill Lynch and as clever senior advisor to its Big cheese Stanley O'Neal.^[16][14] He was accountable for advising senior management tidy the company's business development efforts with governments and financial institutions.^[14] He retired from Bank promote America, which acquired Merrill Mix, at the end of 2009.^[17]

Additional posts

McDonough was vice chairman break into the Council on Foreign Relations,^[9] where he had been tidy director since 1995.^[18]

He was administrator of the Economic Club carp New York from 1996 private house 2000.^[19]

In 2004 he was vote for to the board of cabinet of the Yale School see Management.^[20]

He was chairman of decency board of the Investment Assembly for the United Nations Connection Staff Pension Fund,^[21] and was co-chairman of the United Humanity Association of the United States of America (UNA-USA).^[22] He was also an emeritus member treat the Group of Thirty, erior influential Washington-based financial advisory body.^[23]

He was also a member ingratiate yourself the board of directors decompose the New York Philharmonic Orchestra.^[9]

Personal life

McDonough died January 22, 2018, at the age of 83, at his home in Waccabuc, New York in Westchester County.^[7] He was survived by emperor wife, Suzanne Clarke McDonough, enthralled six children^[7] from a previous marriage.^[8]

References

External links