| For immediate release |
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The Federal Reserve Board today announced the appointment of David J. Stockton as Director of the Division of Research and Statistics, effective July 3, 2000. Mr. Stockton, currently Deputy Director of the Division, will succeed Michael Prell, who will retire at the end of June, after 30 years of service in the Federal Reserve System and 13 years as Director of the Research Division.
The Division of Research and Statistics is responsible for the analysis and forecasting of domestic economic and financial developments, supporting the monetary policy work of the Board and the Federal Open Market Committee. In connection with that activity, it produces a variety of statistical series, including the well-known indexes of industrial production and capacity utilization and the nation's flow of funds accounts. The Division also provides support for the formulation of policy in the areas of banking supervision and regulation, consumer protection, and community reinvestment. Mr. Stockton has been a member of the Division since 1981, following his doctoral work at Yale University. In 1987 he was promoted to Assistant Director and Chief of the Economic Activity Section. He subsequently was promoted to Associate Director in 1989 and Deputy Director in 1994. He has also served as Associate Economist to the Federal Open Market Committee for a number of years. |