Press Release

New York Fed Names Two Vice Presidents

July 15, 2004

NEW YORK - The Federal Reserve Bank of New York announced that its board of directors has approved the promotion of two vice presidents.

Caroline Frawley has been promoted to vice president of risk management function in the bank supervision group. She served as assistant vice president in the same area since December 2001.

Ms. Frawley joined the bank in July 1985 as an assistant bank examiner. She was assigned to the international examinations divisions and was promoted to positions of increasing responsibility in subsequent years. In September 1995, Ms. Frawley was named an officer of the New York Fed and assigned to the loans and credits department which was later renamed credit and risk management department.

In May 2000, Ms. Frawley was assigned to relationship management in the large domestic banks department and in April 2001, she was assigned to the risk management function in the credit risk department.

Ms. Frawley holds a B.A. degree in economics from Iona College.

Marc R. Saidenberg has been promoted to vice president of the large complex banking organizations relationship management function in the bank supervision group. He had been assistant vice president in the same area since January 2004.

Mr. Saidenberg joined the bank in September 1995 as an economist assigned to the banking studies department. In December 2000, he was appointed an officer of the New York Fed and assigned to the economic capital competency center and in December 2001 was promoted to assistant vice president. He was assigned to credit risk in the risk management function in December 2003.

Mr. Saidenberg holds a B.A. degree from Vassar College and a Ph.D degree from the University of California, both in economics.

Contact:
Linda Ricci
(212) 720-6143
linda.ricci@ny.frb.org