The Federal Reserve Board on Friday announced that Brian F. Madigan has been appointed secretary of the Federal Open Market Committee (FOMC) and deputy director of the Board's Division of Monetary Affairs.
As FOMC secretary, Madigan will direct the work of the FOMC Secretariat, which produces minutes and transcripts of FOMC meetings and maintains the Committee's records. He will also advise the Committee on monetary policy. Madigan will report to Thomas Laubach, whom he succeeds as FOMC secretary. Laubach continues as director of the Division of Monetary Affairs and the Committee's primary adviser on monetary policy.
Madigan was director of the division and FOMC secretary from 2007 to 2010. Most recently, he was visiting professor of economics and director of the master's degree program in applied economics at Georgetown University.
"I am very pleased that Brian has returned to the Fed staff to undertake duties he has performed superbly in the past and for which he is eminently well qualified," Chair Janet L. Yellen said. "Dividing the responsibilities of FOMC secretary and division director will ease the burden of these two senior positions and provide the Board and Committee with sustainable and effective support in their conduct of monetary policy." Madigan began his career at the Board in 1979. He holds an A.B. from St. Joseph's College, an M.A. in mathematics from George Mason University, and a Ph.D. in economics from the Pennsylvania State University.
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