Board of Governors of the Federal Reserve System

Dennis P. Lockhart will become president and chief executive officer of the Federal Reserve Bank of Atlanta effective March 1, 2007, announced Larkin Martin, chairman of the board of the Federal Reserve Bank of Atlanta. Lockhart, 60, succeeds Jack Guynn, who retired from the Atlanta Fed on Oct. 1, 2006.

Lockhart is currently a faculty member of Georgetown University’s Walsh School of Foreign Service. In the master’s program there, he chairs concentrations in International Business–Government Relations and Global Commerce and Finance. He also serves as an adjunct professor in the economics department at Johns Hopkins University’s Nitze School of Advanced International Studies, where he teaches a course in international business.

“We are very pleased that Dennis Lockhart will be joining the Atlanta Fed as its president and chief executive,” said Martin, who is also managing partner of Martin Farm in Courtland, Ala. “Dennis is a seasoned and versatile leader, bringing with him a wealth of experience in banking, finance and international business. He also has significant experience leading large, diverse organizations as well as experience in academia. All of his background will serve him well as he leads the Bank forward and helps shape important decisions relating to the nation’s economy and financial system.”

From 1971 to 1988, Lockhart held a variety of international and domestic positions with Citibank/Citicorp (now Citigroup), including assignments in the Middle East, Latin America, New York and Atlanta. While in Atlanta between 1978 and 1986, he served as Citibank’s senior corporate officer for the Southeast and was active in educational and civic affairs. From 1988 to 2001, he served as president of Heller International Group Inc. Following that service, Lockhart was managing partner at the private equity firm Zephyr Management in New York City.

Lockhart currently serves as chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds focused on the small and mid-sized company sector. He also serves on three for-profit corporate boards. He will resign from these involvements as he joins the Bank. (See the attached biography for additional information.)

Commenting on his selection, Lockhart said, “The Federal Reserve and the Reserve Banks are vital contributors to our nation’s economic and financial success. I’m very excited about the opportunity to return to the Atlanta area and to work with the Bank’s well-respected staff in advancing the excellent reputation this organization has built over many years. In my role as president of the Atlanta Reserve Bank, I also look forward to confronting the challenges the Federal Reserve faces in today’s increasingly global and rapidly changing economy.”

Lockhart earned a bachelor’s degree in political science and economics at Stanford University and a master’s degree in international economics and American foreign policy at the Johns Hopkins University School of Advanced International Studies. He also attended the senior executive program at the Sloan School of Management at the Massachusetts Institute of Technology.

As president of the Atlanta Fed, Lockhart will lead one of the 12 regional Reserve Banks, which, with the Board of Governors, make up the Federal Reserve System, the nation’s central bank. The Atlanta Fed is responsible for the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and portions of Louisiana, Mississippi and Tennessee. As its key functions, the Atlanta Fed participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payment services to financial institutions and the U.S. government. Lockhart will have overall responsibility for these functions and will represent the Sixth Federal Reserve District at meetings of the Federal Open Market Committee, the policymaking body within the Federal Reserve that sets monetary policy for the nation.

DENNIS P. LOCKHART
BIOGRAPHICAL INFORMATION
Dennis P. Lockhart was born on Feb. 1, 1947, in Bakersfield, Calif. He earned a B.A. in political science and economics from Stanford University in 1968 and an M.A. in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies in 1971. He also served as a lieutenant in the U.S. Marine Corps Reserve from 1968 to 1974.

Since 2003 Lockhart has served on the faculty of Georgetown University’s Walsh School of Foreign Service, teaching in the master’s program. In this role, he chairs the program’s concentrations in International Business–Government Relations and Global Commerce and Finance and teaches courses in International Investment, Global Business Strategy and other subjects. He also has been an adjunct professor at Johns Hopkins University’s Nitze School of Advanced International Studies since 2001.

He is a member of the board of directors of several companies, including CapitalSource Inc., a REIT/finance company; Tri-Valley Corp., an independent oil, gas and mining exploration firm; and Greenfield Holdings Credit Ltd., a joint venture agribusiness finance subsidiary of DuPont Corp. and Bunge Corp. in Brazil. In addition, Lockhart is currently chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds focused on the small and mid-sized company sector.

From 2001 to 2003, Lockhart was managing partner at the private equity firm Zephyr Management, L.P., based in New York with activity in Africa and Latin America. In this role, he worked on strategy, new fund development, and investor account management and operations. Prior to joining Zephyr, Lockhart worked for 13 years at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group, which, through joint ventures or wholly owned operating companies, had activities in commercial banking, finance, and merchant banking in North and South America, Europe and Asia.

Lockhart held various positions, both domestic and international, with Citicorp/Citibank (now Citigroup) between 1971 and 1988. Early in his career with Citibank he worked in the Middle East, first in Saudi Arabia as head of infrastructure project financing and then in Greece as training director for credit and managerial staff serving the Middle East. Finally, he served in Iran as chief operating officer of a commercial and consumer banking joint venture between Citibank and an Iranian affiliate. From 1978 to 1986, he served as senior corporate officer of the Southeast office of Citibank, which was part of a regionalization initiative. And from 1987 to 1988 he was head of the firm’s Latin American debt-to-equity swap investment program, designed to restructure sovereign debt.

In addition to his professional activities, he is a member of the advisory committee of the Emerging Markets Private Equity Association, a broad-based membership organization founded in 2004 to focus on the emerging private equity markets of Africa, Asia, Europe, Latin America, the Middle East and Russia. He has also served on the advisory council of the Export-Import Bank.

FEDERAL RESERVE BANK OF ATLANTA
FACT SHEET
The Federal Reserve Bank of Atlanta is one of 12 regional Reserve Banks in the United States that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System—the nation’s central bank. Since its establishment by an act of Congress in 1913, the Federal Reserve System’s primary goal has been to foster a sound financial system and a healthy economy. To advance this goal, the Atlanta Fed works with the other regional Reserve Banks to help formulate monetary policy, supervise and regulate banks and bank holding companies, and provide payment services to financial institutions and the federal government.

For more information, see the Atlanta Fed’s Web site at http://www.frbatlanta.org/.