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McDonough to retire

William McDonough, president and chief executive of the Federal Reserve Bank of New York for the past 10 years, will retire on July 21.

McDonough is also chairman of the Basel Committee on Banking Supervision, the international body co-ordinating the introduction of Basel II – the new set of global capital rules for banks due for implementation in late 2006. His work on Basel II drew praise from New York Fed chairman

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