No. 2211

FRIDAY, OCTOBER 29, 1999

RUTLEDGE TO SUCCEED FELDBERG AS HEAD
OF N.Y. FED BANKING SUPERVISION

NEW YORK -- The Federal Reserve Bank of New York today announced that its board of directors has approved the promotion of William L. Rutledge to executive vice president, Bank Supervision. He will succeed Chester B. Feldberg who is retiring as head of Bank Supervision at year end.

New York Fed President William McDonough said, "In his 35-year career with the New York Fed, Chet Feldberg has made a unique and lasting contribution to the Federal Reserve System over a broad range of issues. His professionalism and wise counsel, especially in regards to the work of the Basel Committee on Banking Supervision, have been a great resource to me personally and to the international financial community as a whole."

Mr. Rutledge, a 25-year veteran at the New York Fed, will continue his current responsibilities through year-end, although he will become a member of the bank's Management Committee immediately.

Mr. Rutledge had been a senior vice president in the bank supervision area of the Federal Reserve Bank of New York since 1992. Since becoming senior vice president, he has had a wide range of management responsibilities in bank supervision, including banking applications, specialized examinations, compliance examinations, supervision support, community affairs, and the foreign banking organization supervision program.

Beginning in December 1995, he assumed responsibility within financial examinations for the supervision of a portfolio of domestic and foreign banking organizations.

Mr. Rutledge joined the New York Fed in 1974 as an economist in the banking studies department. In 1976, he was named chief in the domestic banking applications area and in 1978 he became an officer of the bank. He became an assistant vice president in 1983, and was promoted to vice president 1985.

Mr. Rutledge has a Masters degree in economics from Yale University and a Bachelor of Art degree in economics from Clark University in Worcester, Massachusetts.