He was instrumental in develop the US’s emergency measures, but he won’t be around to see them to their end, at least not in his current role.
Brian F. Madigan, the Federal Reserve’s director of monetary affairs, will resign from his post at the Fed in July, the US central bank said in a statement today.
Mr Madigan, who served as director for three years, helped develop the emergency lending programmes which bolstered the financial system in the wake of Lehman Brother’s collapse, and was a long-time student of Zirp – the zero-interest rate policy the bank plans to continue for an “extended period.”
Mr Madigan won’t follow in his sometime predecessor Donald Kohn’s footsteps and join the Federal Reserve Board. Instead, he will serve as senior advisor to the board and be replaced by the division’s deputy, William B. English, currently the department’s deputy.