In naming William J. McDonough as the new president of the Federal Reserve Bank of New York, the bank's search committee picked a banker very much in the mold of his predecessor, E. Gerald Corrigan.

The appointment of Mr. McDonough, 59, to the second-most-powerful position in the Federal Reserve System, was announced on Friday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.