For immediate release

General Counsel Virgil Mattingly will retire on June 30 after 30 years of service with the Federal Reserve Board, including 25 years as a member of the Board's official staff.

"Virgil's contributions to important matters of public policy have been immeasurable," Federal Reserve Board Chairman Alan Greenspan said. "His wise counsel, astute judgment and dedicated service to the Federal Reserve and the nation will be sorely missed."

Mr. Mattingly has served as the General Counsel of the Board and of the Federal Open Market Committee since 1989, and was the Deputy General Counsel of the Board for the preceding four years. He managed the Legal Division's Banking Structure section from 1982 to 1989 and, until 1982, he was the Assistant General Counsel for the Litigation and Enforcement section, appearing on behalf of the Board in nearly every federal circuit in the country. Before joining the Board, Mr. Mattingly served four years with the U.S. Army's Judge Advocate General Corps, including a year's tour of duty in Vietnam.

During his tenure at the Board, Mr. Mattingly played an important role in the Federal Reserve's efforts to strengthen and modernize the U.S. banking and financial services system, through his counsel on numerous administrative matters before the Board as well as in the development of many of the major banking statutes enacted during the last 30 years.

2004 Other announcements