For immediate release

The Federal Reserve Board today announced the appointment of Chairmen and Deputy Chairmen of the twelve Federal Reserve Banks for 1998. Each Reserve Bank has a Board of Directors of nine members. The Board of Governors in Washington appoints three of these directors and designates one of its appointees as Chairman and a second as Deputy Chairman. Following are the names of the Chairmen and Deputy Chairmen appointed by the Board for next year: Boston -- William C. Brainard, Professor, Department of Economics, Yale University, New Haven, CT, renamed Chairman. Deputy Chairman -- To be announced. New York -- John C. Whitehead, Chairman, AEA Investors Inc., New York, NY, renamed Chairman. Thomas W. Jones, Vice Chairman, Travelers Group Inc., and Chairman and Chief Executive Officer, Smith Barney Asset Management, New York, NY, renamed Deputy Chairman. Philadelphia -- Joan Carter, President and Chief Operating Officer, UM Holdings Ltd., Haddonfield, NJ, Chairman. Charisse R. Lillie, Partner, Ballard Spahr Andrews & Ingersoll, Philadelphia, PA, Deputy Chairman. Cleveland -- G. Watts Humphrey, Jr., President, GWH Holdings, Inc., Pittsburgh, PA, renamed Chairman. David H. Hoag, Chairman and Chief Executive Officer, The LTV Corporation, Cleveland, OH, renamed Deputy Chairman. Richmond -- Claudine B. Malone, President, Financial & Management Consulting, Inc., McLean, VA, renamed Chairman. Robert L. Strickland, Chairman, Lowe's Companies, Inc., Winston-Salem, NC, renamed Deputy Chairman. Atlanta -- David R. Jones, President and Chief Executive Officer, AGL Resources Inc., Atlanta, GA, Chairman. John F. Wieland, President, John Wieland Homes, Inc., Atlanta, GA, Deputy Chairman. Chicago -- Lester H. McKeever, Jr., Managing Partner, Washington, Pittman & McKeever, Chicago, IL, renamed Chairman. Arthur C. Martinez, Chairman and Chief Executive Officer, Sears, Roebuck and Co., Hoffman Estates, IL, renamed Deputy Chairman. St. Louis -- John F. McDonnell, Former Chairman, McDonnell Douglas Corp., St. Louis, MO, renamed Chairman. Susan S. Elliott, President and Chief Executive Officer, Systems Service Enterprises, Inc., St. Louis, MO, renamed Deputy Chairman. Minneapolis -- David A. Koch, Chairman, Graco Inc., Plymouth, MN, Chairman. James J. Howard, Chairman, President, and Chief Executive Officer, Northern States Power Company, Minneapolis, MN, Deputy Chairman. Kansas City -- Jo Marie Dancik, Office Managing Partner, Ernst & Young LLP, Denver, CO, Chairman. Deputy Chairman -- To be announced. Dallas -- Roger R. Hemminghaus, Chairman and Chief Executive Officer, Ultramar Diamond Shamrock Corp., San Antonio, TX, renamed Chairman. James A. Martin, Second General Vice President, International Association of Bridge, Structural, & Ornamental Iron Workers, Austin, TX, Deputy Chairman. San Francisco -- Gary G. Michael, Chairman and Chief Executive Officer, Albertson's, Inc., Boise, ID, Chairman. Cynthia A. Parker, Executive Director, Anchorage Neighborhood Housing Services, Inc., Anchorage, AK, Deputy Chairman.

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