For immediate release

Jeffrey M. Lacker has been appointed President of the Federal Reserve Bank of Richmond, effective August 1, 2004. He succeeds J. Alfred Broaddus, Jr., who in November announced his intention to retire. Lacker is currently Senior Vice President and Director of Research at the Federal Reserve Bank of Richmond.

The appointment was made by the Board of Directors of the Federal Reserve Bank of Richmond and approved by the Board of Governors of the Federal Reserve System in Washington, D.C. Wesley S. Williams, Jr., Chairman of the Federal Reserve Bank of Richmond's Board of Directors, made the announcement this morning.

Commenting on the announcement, Williams said, "After conducting a nationwide search, I am pleased to say that Jeff Lacker, the Bank's current Director of Research, proved to be a natural choice to lead the Federal Reserve Bank of Richmond. Jeff is a respected economist with sound knowledge of monetary policy, the nation's banking system and the Federal Reserve's role in the payments system. Jeff has the rare combination of knowledge and Federal Reserve experience to provide the vision needed in facing the challenges of the future. Additionally, he is a brilliant manager, and is uniquely attuned to the community development responsibilities of the Federal Reserve Banks and System. My colleagues on the Richmond Fed board concluded that Jeff was clearly the best possible choice to carry forward the laudable traditions of this great institution, and to serve our Fifth District communities."

Williams also expressed appreciation to Al Broaddus for his 34 years of service to the Federal Reserve Bank of Richmond, and for his countless contributions to the Federal Reserve System. Broaddus turns 65 in July, the age at which Fed presidents usually retire.

"It has been a great pleasure working with Al Broaddus," Lacker said. "He leaves behind an outstanding legacy of contributions to monetary policy, the Richmond Fed, and the Federal Reserve System. I am honored to have been chosen for this post, and I look forward to working with community, business, and banking leaders around the District." Lacker is only the seventh person to lead the Richmond Fed in its 90-year history.

"I have known and worked closely with Jeff for many years," Broaddus said. "He is a strong and collegial leader and an excellent economist. He is a superb choice to lead our Bank on the next stage of its long journey of distinguished public service."

Jeff Lacker, 48, is a graduate of Franklin and Marshall College and received a Ph.D. in economics from the University of Wisconsin. Lacker was an Assistant Professor of economics at the Krannert School of Management, Purdue University, from 1984 to 1989. He joined the Bank in 1989 as an Economist in the banking area of the Research Department. Lacker was named Research Officer in 1994, Vice President in 1996, and Senior Vice President and Director of Research in May 1999.

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