Fed taps replacement for Alvarez

Mark E. Van Der Weide will replace Scott G. Alvarez as Federal Reserve Board general counsel, the Fed announced Thursday.

Van Der Weide will assume the post later this summer. In February, Alvarez announced his intention to retire.

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Scott Alvarez, general counsel with the board of governors of the U.S. Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, June 19, 2012. U.S. House members criticized regulators today for failing to detect JPMorgan Chase & Co.’s loss of at least $2 billion on risky derivatives trades and pressed for additional measures to ensure similar losses don’t occur in other banks. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Scott Alvarez

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