Key Fed Unit to Get a New Chief

A Federal Reserve division that helps shape interest-rate policy is getting a new chief.

Fed official William English will be promoted to director of the division of monetary affairs on July 23. He will succeed Brian Madigan, a seasoned veteran of the Fed. Madigan plans to retire later this year, after more than 30 years of service, including three years as head of the influential division.

In his new job, English will advise Fed Chairman Ben Bernanke, members of the Federal Reserve Board in Washington and members of the Fed's chief policymaking group, called the Federal Open Market Committee, on interest-rate policy.