The board of directors at the Federal Reserve Bank of New York formed a search committee to find a new president to succeed Timothy Geithner, President-elect Barack Obama's nominee as Treasury secretary.

The New York Fed's chairman, Stephen Friedman, and two other board members, Charles Wait and Denis Hughes, will comprise the search committee. Mr. Friedman is the chairman of Stone Point Capital LLC while Mr. Wait is the president and chief executive of The Adirondack Trust Co. and Mr. Hughes is the president of the New York State AFL-CIO.

In a press release, the New York Fed said the "committee will try to complete its work as promptly as it prudently can."

While the search gets underway, Mr. Geithner will remain at the New York Fed "for the next several weeks" though he will not work with the central bank's policy making committee.

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