WASHINGTON (MNI) – The following statement was issued by the
Federal Reserve Monday afternoon:

The Federal Reserve Board on Monday announced the appointment of
William B. English as director of the Division of Monetary Affairs,
effective July 23, 2010. English, who has served as deputy director of
the division since February 2008, succeeds Brian F. Madigan, who has
been appointed senior adviser to the Board, effective upon English’s
promotion. Madigan plans to retire later this year after more than 30
years of service with the Board, including three years as head of the
division.

As director, English will advise the Chairman, Board members and
the Federal Open Market Committee (FOMC) on the conduct of monetary
policy, including open market operations and the discount window.

“Bill English brings impeccable professional and academic
credentials and proven experience to an important position. His deep
expertise will help the Federal Reserve navigate the challenges of the
period ahead,” said Federal Reserve Board Chairman Ben S. Bernanke.
English began his career at the Board in 1992 as an economist. He was
appointed to the Board’s official staff in 2001. During his career, he
also has served as a visiting senior economist at the Bank for
International Settlements and as a visiting senior economist at the
Presidents Council of Economic Advisers. He has taught at the
University of Pennsylvania and the University of Chicago Graduate School
of Business. He holds a B.A. in economics and mathematics from Yale
University and a Ph.D. in economics from Massachusetts Institute of
Technology.

Madigan, who also serves as FOMC Secretary, joined the Board staff
in 1979 as an economist. He was appointed to the official staff in 1987,
promoted to associate director of the division in 1993, to deputy
director in 2001, and director in 2007. He holds an A.B. from St.
Joseph’s College and a Ph.D. in economics from Pennsylvania State
University.

“The hallmarks of Brian’s career have been exemplary leadership,
keen insight, and incredibly hard work. I am especially grateful for his
dedicated service to the Board and his country during one of the most
difficult times in our nation’s financial and economic history,”
Chairman Bernanke said.

** Market News International Washington Bureau: 202-371-2121 **

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