E. GERALD "JERRY" CORRIGAN

1941 - 2022

CORRIGAN, E. Gerald "Jerry" A towering figure in the world of monetary policy and national and international finance from the late 1970's to 2016, Jerry died on May 17, 2022. He was 80 and had suffered a long battle with Alzheimer's disease. He graduated from Fairfield University and held a PhD in economics from Fordham. Jerry served as President of the Federal Reserve Bank of Minneapolis from 1980-1984, and then as President of the Federal Reserve Bank of New York and Vice Chair of the Federal Open Market Committee from 1984-1993. As a senior officer of the Federal Reserve Bank of New York, Jerry worked closely with Paul Volcker then Chair of the Federal Reserve on addressing the high rates of inflation at the time, implementing significant changes in the formation of monetary policy. He was also a significant force in the formation and implementation of the Monetary Control Act of 1980. Jerry's stock in trade was crisis management. He was the Federal Reserve's point man for the resolution of the debacle in the silver markets in 1980. Later in the 80's, he was influential in resolving the financial difficulties of the third world debt crisis with then Secretary of the Treasury Nicholas Brady and implemented what came to be known as the Brady Plan, a significant step toward resolving the emerging market debt issues of the time. He was a well-known figure in international financial circles, attending meetings of the Bank for International Settlements and a member of the Trilateral Commission and the Group of Thirty. Jerry was the principal architect of the original Basel Accords, an international regulatory framework for managing credit risk. He was a critical player in resolving numerous disruptive market issues, in particular the failure of Drexel Burnham Lambert and the demise of Solomon Brothers. Jerry retired from the Federal Reserve in 1993. In 1994, he joined Goldman Sachs, and was named partner in 1996, three years prior to that firm becoming a public company. He was a significant contributor to the formation and evolution of the firm's risk management processes and a member of many of its most important internal committees. He was chairman of the firm's International Advisors. In 2010, Jerry was appointed the co-chair of Goldman Sachs' Business Standards Committee, and was instrumental in defining the necessary steps to strengthen the company's culture and service to its customers in the wake of the 2008-2009 financial crisis. Jerry also served as the first non-executive Chairman of the firm's commercial bank, now known as Goldman Sachs Bank. Jerry retired from Goldman in 2016. On a more personal note, Jerry was the lead trustee of the Challenger Foundation which is active philanthropically especially in both New York and Boston. He was focused on giving back largely in the areas of higher education and health care. Jerry is survived by his loving family, including his wife, Cathy Minehan, his sister Patricia Carlascio, his two daughters Elizabeth Corrigan and her husband Karl Beinkampen, and Karen Corrigan Tate and her husband Gerry. He is also survived by Cathy's children, Melissa Minehan Walters and her husband Anthony, and Brian Minehan and his wife Cheri. He also cherished his grandchildren, Emily and Kate Beinkampen, Mackenzie and Maxwell Minehan and Isabelle Walters. Jerry will be remembered at a service at St. Cecilia's Church in Boston on Monday, May 23, 2022 at 10:00 A.M. Family and close friends will be invited to attend in person; viewing will also available virtually using the following link, https://youtu.be/2BqsL9vxdNU There will also be a Memorial Service at a later date. In lieu of flowers, donations in Jerry's memory may be made to Alzheimer's disease research at Massachusetts General Hospital, https://giving.massgeneral.org/donate/corrigan. Checks can be mailed to Rachel Mastone, MGH Development Office, 125 Nashua Street, Suite 540, Boston, MA 02114. For guestbook, please visit www.jmurphyfh.com. Arrangements by the Murphy Funeral Home, DORCHESTER.

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