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William Joseph McDonough Edit Profile

diversified financial services company executive

William J. McDonough, American Banker. Board of directors New York Philharmonic Orchestra; Member New York Academy Sciences (member county on foreign relations, member of the Board of Governors, trilateral commission), Economics Club of New York (chairman), Foreign Policy Association (Board of Governors).


McDonough, William Joseph was born on April 21, 1934 in Chicago, Illinois, United States.


Bachelor of Science, College of Holy Cross, 1956. Master of Arts, Georgetown University, 1962.


He retired 12/31/2009. From 2003 to 2005, he was chairman of the Public Company Accounting Oversight Board, a private-sector, not-for-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies. From July 1993 to July 2003, McDonough served as president and chief executive officer of the Federal Reserve Bank of New York.

McDonough also served on the board of directors of the Bank for International Settlements and as chairman of the Basel Committee on Banking Supervision. He joined the Federal Reserve Bank of New York in 1992 as executive vice president, head of the bank's markets group and manager of the FOMC's open market operations. McDonough retired from First Chicago Corporation and its bank, First National Bank of Chicago, in 1989 after a 22-year career there.

He was vice chairman of the board and a director of the corporation from 1986 until his retirement. Before joining the Federal Reserve Bank of New York, McDonough served as an advisor to a variety of domestic and international organizations. Before his career with the First Chicago, McDonough was with the U.S. Navy from 1956 to 1961 and the U.S. State Department from 1961 to 1967.

McDonough earned a Master of Economics degree from Georgetown University in Washington, D.C., and a Bachelor of Economics degree from the College of the Holy Cross in Worcester, Massachusetts. He also served as an advisory board member for the Yale School of Management. He is chairman of the Investment Committee for the United Nations Joint Staff Pension Fund, and is co-chairman of the United Nations Association of the United States of America (UNA-USA).

McDonough has resided in Westchester County, New York since 2005.


As president, he served as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), which formulates U.S. monetary policy. McDonough is a former member of the board of directors of the New York Philharmonic Orchestra. He is also a member of an influential Washington-based financial advisory body called the Group of Thirty, and has been a director of the Council on Foreign Relations since 1995.