(The news featured below is a selection from the news covered in the Federal Securities Report Letter, which is distributed to subscribers of the Federal Securities Law Reports.)

McDonough Unanimously Approved to Chair PCAOB

William J. McDonough was unanimously approved by the SEC to serve as chairman of the Public Company Accounting Oversight Board. Mr. McDonough will officially assume the position on June 11, 2003. "The accounting profession, corporate America and American investors will be well served by Bill McDonough's dedication and strong leadership as he and the other members of the PCAOB work to promote integrity, honesty, and transparency throughout American business," said William H. Donaldson, chairman of the SEC.

Mr. McDonough is currently the president of the Federal Reserve Bank of New York, a post he has held since 1993. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee. Prior to joining the Federal Reserve Bank, Mr. McDonough had spent 22 years at First Chicago Corp. and its bank, First National Bank of Chicago.