Geithner to replace McDonough at New York Fed

Timothy Geithner, currently the director of the Policy Development and Review Department at the International Monetary Fund (IMF) in Washington DC, has been named the next chief executive of the Federal Reserve Bank of New York. He replaces Bill McDonough, who stepped down in June and was also chairman of the Basel Committee on Banking Supervision until July, when he was replaced by Jaime Caruana.

Geithner joined the IMF in September 2001. His department is responsible for the design and implementation of IMF policies and the assessment of member economies. He 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.

Peter Peterson, chairman of the New York Fed’s board of directors, said: “Tim Geithner has done an outstanding job at the 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.”

Jamie Stewart, the New York Fed’s first vice-president, has assumed chief executive duties on an interim basis. Geithner starts his new position in mid-November.