For immediate release

The Federal Reserve Board today announced the appointment of Chairmen and Deputy Chairmen of the 12 Federal Reserve Banks for 2000. 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 the next year: Boston -- William C. Brainard, Professor, Department of Economics, Yale University, New Haven, CT, renamed Chairman. William O. Taylor, Chairman Emeritus, The Boston Globe, Boston, MA, renamed Deputy Chairman. New York -- Peter G. Peterson, Chairman, The Blackstone Group, New York, NY, named Chairman. Deputy Chairman -- To be announced. Philadelphia -- Joan Carter, President and Chief Operating Officer, UM Holdings Ltd., Haddonfield, NJ, renamed Chairman. Charisse R. Lillie, Partner, Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia, PA, renamed Deputy Chairman. Cleveland -- David H. Hoag, Former Chairman, The LTV Corporation, Cleveland, OH, named Chairman. Deputy Chairman -- To be announced. Richmond -- Jeremiah J. Sheehan, Chairman and Chief Executive Officer, Reynolds Metals Company, Richmond, VA, named Chairman. Wesley S. Williams, Jr., Partner, Covington & Burling, Washington, DC, named Deputy Chairman. Atlanta -- John F. Wieland, Chief Executive Officer and Chairman, John Wieland Homes and Neighborhoods, Inc., Atlanta, GA, renamed Chairman. Paula Lovell, President, Lovell Communications, Inc., Nashville, TN, renamed Deputy Chairman. Chicago -- Arthur C. Martinez, Chairman and Chief Executive Officer, Sears, Roebuck and Co., Hoffman Estates, IL, named Chairman. Robert J. Darnall, President and Chief Executive Officer, Ispat North America, Chicago, IL, named Deputy Chairman. St. Louis -- Susan S. Elliott, Chairman and Chief Executive Officer, Systems Service Enterprises, Inc., St. Louis, MO, renamed Chairman. Charles W. Mueller, Chairman, President and Chief Executive Officer, Ameren Corporation, St. Louis, MO, renamed Deputy Chairman. Minneapolis -- James J. Howard, Chairman, President, and Chief Executive Officer, Northern States Power Company, Minneapolis, MN, named Chairman. Ronald N. Zwieg, President, United Food & Commercial Workers, Local 653, Plymouth, MN, named Deputy Chairman. Kansas City -- Jo Marie Dancik, Area Managing Partner, Ernst & Young LLP, Minneapolis, MN, renamed Chairman. Terrence P. Dunn, President and Chief Executive Officer, J.E. Dunn Construction Company, Kansas City, MO, renamed Deputy Chairman. Dallas -- Roger R. Hemminghaus, Chairman, Ultramar Diamond Shamrock Corp., San Antonio, TX, renamed Chairman. H.B. Zachry, Jr., Chairman and Chief Executive Officer, H.B. Zachry Company, San Antonio, TX, named Deputy Chairman. San Francisco -- Gary G. Michael, Chairman and Chief Executive Officer, Albertson's, Inc., Boise, ID, renamed Chairman. Nelson C. Rising, President and Chief Executive Officer, Catellus Development Corporation, San Francisco, CA, renamed Deputy Chairman.

1999 Other announcements