New York Fed may get interim president

The Federal Reserve Bank of New York may install an interim president if a permanent replacement cannot be found immediately. Pete Peterson, chairman of the Bank said "This is an important job in the system and we're going to take all the time needed."

Source: Financial Times

The chairman of the New York Federal Reserve says the bank will take "all the time needed" to find a successor for William McDonough as president, even if that means installing an interim president next month.

Two possible