No. 2145

FOR RELEASE: TUESDAY , MAY 6, 1997

NEW YORK FED NAMES NEW GENERAL AUDITOR

NEW YORK -- David J. Sheehe, a partner in the business assurance practice in the New York office of Coopers & Lybrand L.L.P., has been named general auditor of the Federal Reserve Bank of New York, effective in July. Mr. Sheehe, 59, will join the bank as a senior vice president.

In his post, he will be responsible for internal auditing of the New York Fed, and report to the bank's board of directors. He also will be the bank's liaison with regard to all matters concerning the Office of the Inspector General of the Board of Governors, which conducts audits and investigations relating to programs and operations of the Board.

Mr. Sheehe brings to the bank more than 30 years of accounting and auditing experience in the financial services industry. He has been with Coopers & Lybrand since 1973 and a partner at the firm since 1978. From 1973-1978, he was a manager in the firm's national banking group in Philadelphia.

Prior to joining Coopers & Lybrand, Mr. Sheehe spent two years as chief financial officer of Alan I.W. Frank, a privately held manufacturer of plastics, in Exton, Pennsylvania. From 1963-1971, he was a manager at Price Waterhouse in Pittsburgh, Pennsylvania.

He graduated summa cum laude, with a B.A. in accounting, from Penn State University in 1963.

Mr. Sheehe will succeed Robert M. Abplanalp, who retired from the New York Fed January 1, 1997.