 During the negotiations, the Swiss banks agreed to pay for another audit—headed by ex Federal Reserve chairman Paul Volcker—of wartime accounts.This audit committee consisted of three representatives from the banks, and three representatives from the Jewish groups.NY City Comptroller Alan G. Hevesi played a crucial role in the negotiations, convening a meeting in December 1997 with Swiss bank executives and Democratic Party state treasurers to discuss sanctions such as divesting state funds from Swiss banks and withholding licenses.