Fed Announces New Monetary Affairs Chief
Today, the Federal Reserve announced the retirement of Brian Madigan, a longtime Fed economist, an architect of many of the emergency lending programs during the worst of the Great Recession, and the current director of the division of monetary affairs. Replacing him is seasoned Fed economist William English. The role is structurally important. The monetary affairs division advises Fed Chair Ben Bernanke and the Federal Open Markets Committee on monetary policy, and the monetary affairs chief generally drafts the FOMC notes. But as a Fed economist, English’s public paper trail is rather short; he has not published any papers since 2003 or given any recent speeches.