In Brief: N.Y. Fed President to Lead Basel Committee

The governors of the central banks of the world's top 10 industrialized nations have appointed William J. McDonough, president of the New York Federal Reserve Bank, chairman of the Basel Committee on Banking Supervision.

The committee, which operates under the auspices of the Bank for International Settlements, serves as the top international advisory forum for setting global bank regulatory standards.

Mr. McDonough succeeds Tom de Swaan, who recently joined Holland's ABN Amro as a member of its board of management.

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