Former Federal Reserve Bank of New York president and chief executive officer William J. McDonough died Monday, Jan. 22, at his home in Waccabuc, N.Y., the Fed announced Thursday.
The eighth president of the New York Fed, serving from 1993-2003, was 83.
McDonough’s tenure included the terrorist attack on the World Trade Center on September 11, 2001, the Fed noted. “Beyond the devastating impact on the people of New York and the physical infrastructure supporting the financial markets, the attack caused an immediate liquidity crisis to which the New York Fed responded, working quickly to ensure that financial markets could reopen,” it said in a statement.
McDonough is survived by his wife, Suzanne Clarke McDonough, six children and 10 grandchildren.