Full text of Mimeograph Letters and Statements of the Board : Statement for the Press Announcing Appointment of Owen D. Young as Director and Acting Chairman, Federal Reserve Bank of New York, Number X-9621, Volume 44, Page 708

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X-9621
BOARD OF GOVERNORS
Of THE
FEDERAL RESERVE SYSTEM
Statement for the Press
For immediate release.

June 17, 1956.

Mr. Owen D, Young has been appointed by the Board of Governors as a
Class C Director of the Federal Reserve Bank of New York for the unexpired
portion of the term ending December 31, 1937, and has been designated as
Deputy Chairman for the remainder of the current year, in which capacity he
will act as Chairman of the New York Bank pending the filling of the
vacancy in that position by the Board of Governors in accordance with its
procedure initiated last March.
In addition to his broad experience in the business and industrial
life of the country and in public affairs, Mr. Young has an intimate knowledge
of the Federal Reserve System through his previous service as a Class B and
Class C Director of the Federal Reserve Bank of New York.
The Board of Governors was unanimous in its request to Mr. Young to
resume his official connection with the System to which he has long rendered
distinguished service.