No. 2241

OCTOBER 12, 2001

PETERSON REAPPOINTED CHAIRMAN OF THE BOARD OF THE NEW YORK FED

NEW YORK - The Board of Governors of the Federal Reserve System has redesignated Peter G. Peterson chairman of the board of directors of the Federal Reserve Bank of New York for 2002. Mr. Peterson, who is chairman of The Blackstone Group, New York, N.Y., has been serving as a class C director since January 1996, deputy chairman of the board since November 1998 and chairman since January 2000.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.