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William J. McDonough '56, president of the Federal Reserve
Bank of New York, delivered the principal address and received
an honorary degree at the 155th Commencement exercises held
on Friday, May 25.
After graduating from Holy Cross and serving in the United States Navy for four
years, McDonough earned a master's degree in economics from Georgetown University.
From 1961 to 1967, he worked at the U.S. State Department.
McDonough enjoyed a 22-year career with First Chicago Corporation and its bank,
First National Bank of Chicago. When he retired in 1989, he was vice chairman
of the board and a director of the bank holding company. After leaving First
Chicago, McDonough served in a variety of executive roles, including adviser
to the World Bank and International Finance Corporation on the selection of outside
auditors, special adviser to the president of the Inter-American Development
Bank, and chairman of the Illinois Commission
on the Future of Public Service.
In 1992, McDonough joined the Federal Reserve Bank of New York. Before his present
appointment, he was executive vice president and head of the financial markets
group of the bank, which includes domestic open market and foreign exchange operations
and U.S. government securities market surveillance.
McDonough has served as chief executive of the Second District Federal Reserve
Bank at New York since 1993. In that capacity, he is vice chairman and permanent
member of the Federal Open Market Committee.
Also receiving honorary degrees at Commencement were Rev. Joseph J. LaBran, S.J.,
retired chaplain at Holy Cross, and JoAnn McGrath, philanthropist and promoter
of Catholic education.
The summer issue of Holy Cross Magazine will include
full coverage of Commencement.
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