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Federal Reserve Bank of New York president Gerald Corrigan announced his resignation last week. Corrigan, who has headed the New York Fed since 1985, is set to leave August 20. Corrigan will also give up his role as chairman of the Basel Committee on Banking Supervision. Although no successor has been named to either post, talk is already circulating that William McDonough, who was brought to the Fed last year to head its foreign exchange operation, is on the short list to fill the post
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