The Federal Reserve Bank of New York is set to tap Executive Vice-President William J. McDonough to succeed retiring President E. Gerald Corrigan. McDonough, 59, a former vice-chairman of First Chicago, handles the bank's domestic and foreign financial-market operations. Unlike other regional Fed presidents, the head of the New York bank is a permanent member of the Fed's policymaking Open Market Committee. McDonough is seen as a centrist but hasn't made his views publicly known. The Fed Board of Governors in Washington is expected to formally approve the choice in mid-July.

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