NEW YORK - J. Carter Bacot, chairman and chief executive of Bank of New York Co., and Eugene R. McGrath, chairman and chief executive of Consolidated Edison Company of New York, have been elected directors of the Federal Reserve Bank of New York.

The two were chosen by the largest member banks in the Second Federal Reserve District, those with capital and surplus of more than $1 billion. Mr. Bacot's and Mr. McGrath's terms of three years will run through 1997. Both ran unopposed in the balloting, which closed Jan. 4.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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