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Former Fed Monetary Chief Madigan Hired by Barclays Capital

May 23 (Bloomberg) -- Brian Madigan, the Federal Reserve’s former top staff adviser on interest-rate policy, was hired by Barclays Capital to provide counsel on economic research and regulation.

Madigan, who ended a three-decade Fed career last year and served from 2007 to 2010 as director of the monetary-affairs division, will be senior policy adviser and based in New York, Head of Research Larry Kantor said today in an internal memo obtained by Bloomberg News. Erica Chase, a Barclays spokeswoman, declined to comment.

The 57-year-old Madigan is a marquee name for a Barclays Plc division where Dean Maki, a former Fed researcher, is chief U.S. economist and two other former researchers, Troy Davig and Michael Gapen, were hired in the past year. Madigan and Federal Reserve Bank of New York President William C. Dudley were the main architects of many emergency-lending programs implemented by the central bank in 2008.

Barclays is the U.K.’s third-largest bank by assets, and Barclays Capital is the investment-banking division. At the Fed, Madigan was succeeded in July, by William English, a former top deputy, ahead of the decision to buy $600 billion of Treasuries in a second round of asset purchases. Madigan retired from the central bank on Sept. 1, said David Skidmore, a Fed spokesman.

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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