No. 2192

November 10, 1998

WHITEHEAD REAPPOINTED N.Y. FED CHAIRMAN

NEW YORK -- John C. Whitehead, former U.S. Deputy Secretary of State and former chairman of Goldman, Sachs & Co., has been redesignated chairman of the New York Federal Reserve Bank’s board of directors and Federal Reserve Agent for 1999 by the Board of Governors of the Federal Reserve System.

Mr. Whitehead has been serving as a Class C director since January 1995 and chairman since January 1996.

The Board of Governors names the three Class C directors of the Federal Reserve Bank of New York and designates the chairman and deputy chairman annually. The three Class A and three class B directors, completing the nine-person board are elected by depository institutions in the New York Fed’s district that are members of the Federal Reserve Systems.