Federal Reserve Board of Governors and Official Staff Reserve Board of Governors and Official Staff...

102 Federal Reserve Bulletin • Winter 2005

Federal Reserve Board of Governorsand Official Staff

ALAN GREENSPAN, ChairmanROGER W. FERGUSON, JR., Vice Chairman

EDWARD M. GRAMLICHSUSAN SCHMIDT BIES

OFFICE OF BOARD MEMBERSMICHELLE A. SMITH, Director

WINTHROP P. HAMBLEY, Assistant to the Board andDirector for Congressional Liaison

ROSANNA PIANALTO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMORE, Special Assistant to the BoardLARICKE D. BLANCH ARD, Special Assistant to the Board

for Congressional Liaison

LEGAL DIVISIONSCOTT G. ALVAREZ, General CounselRICHARD M. ASHTON, Associate General CounselSTEPHANIE MARTIN, Associate General CounselKATHLEEN M. O'DAY, Associate General CounselANN E. MISBACK, Assistant General CounselKATHERINE H. WHEATLEY, Assistant General CounselCARY K. WILLIAMS, Assistant General Counsel

OFFICE OF THE SECRETARY

JENNIFER J. JOHNSON, Secretary

ROBERT DEV. FRIERSON, Deputy SecretaryMARGARET M. SHANKS, Assistant Secretary

DIVISION OF BANKING SUPERVISIONAND REGULATION

RICHARD SPILLENKOTHEN, Director

STEPHEN M. HOFFMAN, JR., Deputy DirectorHERBERT A. BIERN, Senior Associate DirectorROGER T. COLE, Senior Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJAMES V. HOUPT, Associate DirectorJACK P. JENNINGS, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM G. SPANIEL, Deputy Associate DirectorSTACY COLEMAN, Assistant DirectorJON D. GREENLEE, Assistant DirectorWALT H. MILES, Assistant DirectorWILLIAM C. SCHNEIDER, JR., Assistant DirectorWILLIAM F. TREACY, Assistant Director

DIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, Director

DAVID H. HOWARD, Deputy DirectorTHOMAS A. CONNORS, Senior Associate DirectorRICHARD T. FREEMAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorWILLENE A. JOHNSON, Adviser

MICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant Director

DIVISION OF RESEARCH AND STATISTICS

DAVID J. STOCKTON, Director

EDWARD C. ETTIN, Deputy DirectorDAVID W. WILCOX, Deputy DirectorMYRON L. KWAST, Associate DirectorSTEPHEN D. OLINER, Associate DirectorPATRICK M. PARKINSON, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorALICE PATRICIA WHITE, Deputy Associate DirectorJOYCE K. ZICKLER, Deputy Associate DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorS. WAYNE PASSMORE, Assistant DirectorJANICE SHACK-MARQUEZ, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior AdviserTHOMAS D. SIMPSON, Senior Adviser

DIVISION OF MONETARY AFFAIRS

VINCENT R. REINHART, Director

BRIAN F. MADIGAN, Deputy DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH, Assistant DirectorATHANASIOS ORPHANIDES, Adviser

DEBORAH J. DANKER, Special Assistant to the Board

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Winter 2005

103

MARK W. OLSONBEN S. BERNANKE

DONALD L. KOHN

DIVISION OF CONSUMERAND COMMUNITY AFFAIRS

SANDRA F. BRAUNSTEIN, Director

GLENN E. LONEY, Deputy DirectorADRIENNE D. HURT, Associate DirectorIRENE SHAWN MCNULTY, Associate Director

JAMES A. MICHAELS, Assistant DirectorTONDA E. PRICE, Assistant Director

OFFICE OFSTAFF DIRECTOR FOR MANAGEMENT

STEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior Adviser

MANAGEMENT DIVISION

H. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPJCER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant Director

DIVISION OF INFORMATION TECHNOLOGY

MARIANNE M. EMERSON, Director

MAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant Director

DIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMS

LOUISE L. ROSEMAN, Director

PAUL W. BETTGE, Associate DirectorJEFFREY C. MARQUARDT, Associate DirectorKENNETH D. BUCKLEY, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorDOROTHY LACHAPELLE, Assistant DirectorJEFF J. STEHM, Assistant DirectorJACK K. WALTON II, Assistant Director

OFFICE OF THE INSPECTOR GENERAL

BARRY R. SNYDER, Inspector GeneralDONALD L. ROBINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURANCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Winter 2005

304 Federal Reserve Bulletin • Spring 2005

Federal Reserve Board of Governorsand Official StaffApril 15, 2005

ALAN GREENSPAN, Chairman

ROGER W. FERGUSON, JR., Vice ChairmanEDWARD M. GRAMLICHSUSAN SCHMIDT BIES

OFFICE OF BOARD MEMBERS

MICHELLE A. SMITH, Director

WINTHROP P. HAMBLEY, Assistant to the Board andDirector for Congressional Liaison

ROSANNA PIANALTO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMORE, Special Assistant to the BoardLARICKE D. BLANCHARD, Special Assistant to the Board

for Congressional LiaisonROBERT M. PRIBBLE, Special Assistant to the Board

for Congressional Liaison

LEGAL DIVISION

SCOTT G. ALVAREZ, General CounselRICHARD M. ASHTON, Deputy General CounselKATHLEEN M. O'DAY, Deputy General CounselSTEPHANIE MARTIN, Associate General CounselANN E. MISBACK, Associate General CounselKATHERINE H. WHEATLEY, Associate General CounselKIERAN J. FALLON, Assistant General CounselSTEPHEN HORACE MEYER, Assistant General CounselPATRICIA A. ROBINSON, Assistant General CounselCARY K. WILLIAMS, Assistant General Counsel

OFFICE OF THE SECRETARYJENNIFER J. JOHNSON, Secretary

ROBERT DEV. FRIERSON, Deputy Secretary

MARGARET M. SHANKS, Associate Secretary

DIVISION OF BANKING SUPERVISIONAND REGULATION

RICHARD SPILLENKOTHEN, Director

STEPHEN M. HOFFMAN, JR., Deputy DirectorHERBERT A. BIERN, Senior Associate DirectorROGER T. COLE, Senior Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJAMES V. HOUPT, Associate DirectorJACK P. JENNINGS, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM G. SPANIEL, Deputy Associate DirectorSTACY COLEMAN, Assistant Director

DIVISION OF BANKING SUPERVISIONAND REGULATION—CONTINUEDJON D. GREENLEE, Assistant DirectorWALT H. MILES, Assistant DirectorWILLIAM C. SCHNEIDER, JR., Assistant DirectorWILLIAM F. TREACY, Assistant DirectorSTEPHEN M. ROBERTS, Adviser

DIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, Director

DAVID H. HOWARD, Deputy DirectorTHOMAS A. CONNORS, Senior Associate DirectorRICHARD T. FREEMAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorMICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant Director

DIVISION OF RESEARCH AND STATISTICSDAVID J. STOCKTON, Director

EDWARD C. ETTIN, Deputy DirectorDAVID W. WILCOX, Deputy DirectorMYRON L. KWAST, Associate DirectorSTEPHEN D. OLINER, Associate DirectorPATRICK M. PARKINSON, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorALICE PATRICIA WHITE, Deputy Associate DirectorJOYCE K. ZICKLER, Deputy Associate DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorS. WAYNE PASSMORE, Assistant DirectorJANICE SHACK-MARQUEZ, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior Adviser

THOMAS D. SIMPSON, Senior Adviser

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Spring 2005

305

MARK W. OLSONBEN S. BERNANKE

DONALD L. KOHN

DIVISION OF MONETARY AFFAIRS

VINCENT R. REINHART, Director

BRIAN F. MADIGAN, Deputy DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH, Assistant DirectorATHANASIOS ORPHANIDES, Adviser

DEBORAH J. DANKER, Special Assistant to the Board

DIVISION OF CONSUMERAND COMMUNITY AFFAIRS

SANDRA F. BRAUNSTEIN, Director

GLENN E. LONEY, Deputy DirectorADRIENNE D. HURT, Associate Counsel and AdviserIRENE SHAWN MCNULTY, Senior Adviser

MARY T. JOHNSEN, Associate DirectorTONDA E. PRICE, Associate DirectorSUZANNE G. KILLIAN, Assistant DirectorJAMES A. MICHAELS, Assistant Director

OFFICE OFSTAFF DIRECTOR FOR MANAGEMENT

STEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior Adviser

MANAGEMENT DIVISION

H. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPICER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant Director

DIVISION OF INFORMATION TECHNOLOGY

MARIANNE M. EMERSON, Director

MAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant Director

DIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMS

LOUISE L. ROSEMAN, Director

JEFFREY C. MARQUARDT, Deputy DirectorPAUL W. BETTGE, SR., Associate DirectorKENNETH D. BUCKLEY, Associate DirectorJACK K. WALTON II, Associate DirectorDOROTHY LACHAPELLE, Deputy Associate DirectorGREGORY L. EVANS, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorMICHAEL J. LAMBERT, Assistant DirectorJEFF J. STEHM, Assistant Director

OFFICE OF THE INSPECTOR GENERAL

BARRY R. SNYDER, Inspector GeneralDONALD L. ROBINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURANCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Spring 2005

458 Federal Reserve Bulletin • Summer 2005

Federal Reserve Board of Governorsand Official StaffAugust 16,2005

ALAN GREENSPAN, ChairmanROGER W. FERGUSON, JR., Vice Chairman

SUSAN SCHMIDT BIESMARK W. OLSON

OFFICE OF BOARD MEMBERSMICHELLE A. SMITH, Director

WINTHROP P. HAMBLF.Y, Assistant to the Board andDirector for Congressional Liaison

ROSANNA PIANALTO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMORE, Special Assistant to the BoardLARICKE D. BLANCH ARD, Special Assistant to the Board

for Congressional LiaisonROBERT M. PRIBBI.E, Special Assistant to the Board

for Congressional Liaison

LEGAL DIVISIONSCOTT G. ALVAREZ, General CounselRICHARD M. ASHTON, Deputy General CounselKATHLEEN M. O'DAY, Deputy General CounselSTEPHANIE MARTIN, Associate General CounselANN E. MISBACK, Associate General Counsel{CATHERINE H. WHEATLEY, Associate General CounselKIERAN J. FALLON, Assistant General Counsel.STEPHEN HORACE MEYER, Assistant General CounselPATRICIA A. ROBINSON, Assistant General CounselCARY K. WILLIAMS, Assistant General Counsel

OFFICE OF THE SECRETARYJENNIFER J. JOHNSON, Secretary'

ROBERT DEV. FRIERSON, Deputy Secretary

MARGARET M. SHANKS, Associate Secretary

DIVISION OF BANKING SUPERVISIONAND REGULATIONRICHARD SPILLENKOTHEN, Director

STEPHEN M. HOFFMAN, JR., Deputy DirectorROGER T. COLE, Senior Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJACK P. JENNINGS, Associate DirectorROBIN L. LUMSDAINE, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM C. SCHNEIDER, JR., Deputy Associate DirectorWILLIAM G. SPANIEL, Deputy Associate Director

DIVISION OF BANKING SUPERVISIONAND REGULATION—CONTINUEDSTACY COLEMAN, Assistant DirectorJON D. GREENLF.E, Assistant DirectorWALT H. MILES, Assistant DirectorWILLIAM F. TREACY, Assistant DirectorSTEPHEN M. ROBERTS, Adviser

DIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, Director

DAVID H. HOWARD, Deputy DirectorTHOMAS A. CONNORS, Senior Associate DirectorRICHARD T. FREEMAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorMICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant Director

DIVISION OF RESEARCH AND STATISTICSDAVID J. STOCKTON, Director

PATRICK M. PARKINSON, Deputy DirectorDAVID W. WILCOX, Deputy DirectorMYRON L. KWAST, Senior Associate DirectorSTEPHEN D. OLINER, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorALICE PATRICIA WHITE, Associate Director

JOYCE K. ZICKLER, Associate DirectorS. WAYNE PASSMORE, Deputy Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorJANICE SHACK-MARQUEZ, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorMICHAEL S. CRINGOLI, Assistant DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorROBIN A. PRAGER, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior AdviserTHOMAS D. SIMPSON, Senior Adviser

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summer 2005

DONALD L. KOHN

459

DIVISION OF MONETARY AFFAIRS

VINCENT R. REINHART, Director

BRIAN F. MADIGAN, Deputy DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH,'AssistantDirector

ATHANASIOS ORPHANIDES, Adviser

DEBORAH J. DANKER, Special Assistant to the Board

DIVISION OF CONSUMERAND COMMUNITY AFFAIRS

SANDRA F. BRAUNSTEIN, Director

GLENN E. LONEY, Deputy DirectorADRIENNE D. HURT, Associate Counsel and AdviserIRENE SHAWN MCNULTY, Senior Adviser

MARY T. JOHNSEN, Associate DirectorTONDA E. PRICE, Associate DirectorSUZANNE G. KILLIAN, Assistant DirectorJAMES A. MICHAELS, Assistant Director

OFFICE OF STAFF DIRECTORFOR MANAGEMENT

STEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior Adviser

MANAGEMENT DIVISION

H. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPICER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant Director

DIVISION OF INFORMATION TECHNOLOGY

MARIANNE M. EMERSON, Director

MAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant Director

DIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMS

LOUISE L. ROSEMAN, Director

JEFFREY C. MARQUARDT, Deputy DirectorPAUL W. BETTGE, SR., Associate DirectorKENNETH D. BUCKLEY, Associate DirectorJACK K. WALTON II, Associate DirectorDOROTHY LACHAPELLE, Deputy Associate DirectorGREGORY L. EVANS, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorMICHAEL J. LAMBERT, Assistant DirectorJEFF J. STEHM, Assistant Director

OFFICE OF THE INSPECTOR GENERAL

BARRY R. SNYDER, Inspector GeneralDONALD L. ROBINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURANCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summer 2005

532 Federal Reserve Bulletin • Autumn 2005

Federal Reserve Board of Governorsand Official StaffNovember 1,2005

ALAN GREENSPAN, ChairmanROGER W. FERGUSON, JR., Vice Chairman

SUSAN SCHMIDT BIESMARK W. OLSON

OFFICE OF BOARD MEMBERSMICHELLE A. SMITH, Director

WINTHKOP P. HAMBLEY, Assistant to the Board andDirector for Congressional Liaison

ROSANNA PIANAI.TO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMOKE, Special Assistant to the HoardLARICKE D. BLANCHARD, Special Assistant to the Board

for Congressional LiaisonBRIAN J. GROSS, Special Assistant to the Board

for Congressional LiaisonROBERT M. PRIBBLE, Special Assistant to the Board

for Congressional Liaison

LEGAL DIVISIONSCOTT G. ALVAREZ, General CounselRICHARD M. ASHTON, Deputy General CounselKATHLEEN M. O'DAY, Deputy General CounselSTEPHANIE MARTIN, Associate General CounselANN E. MISBACK, Associate General CounselKATHERINK H. WHEATI.EY, Associate General CounselKIERAN J. FAI.LON, Assistant General CounselSTEPHEN HORACE MEYER, Assistant General CounselPATRICIA A. ROBINSON, Assistant General CounselCARY K. WILLIAMS, Assistant General Counsel

OFFICE OF THE SECRETARY

JENNIFER J. JOHNSON, Secretary

ROBERT DEV. FRIERSON, Deputy SecretaryMARGARET M. SHANKS, Associate Secretary

DIVISION OF BANKING SUPERVISIONAND REGULATIONRICHARD SPILLENKOTHEN, Director

STEPHEN M. HOFFMAN, JR., Deputy DirectorROGER T. COLE, Senior Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJACK P. JENNINGS, Associate DirectorROBIN L. LUMSDAINE, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM C. SCHNEIDER, JR., Deputy Associate Director

DIVISION OF BANKING SUPERVISIONAND REGULATION—CONTINUEDWILLIAM G. SPANIEL, Deputy Associate DirectorSTACY COLEMAN, Assistant DirectorJON D. GREP.NI.EE, Assistant DirectorWALT H. MILES, Assistant DirectorWILLIAM F. TRF.ACY, Assistant DirectorSTEPHEN M. ROBERTS, Adviser

DIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, Director

THOMAS A. CONNORS, Senior Associate DirectorRICHARD T. FREE.MAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorMICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant Director

DIVISION OF RESEARCH AND STATISTICS

DAVID J. STOCKTON, Director

PATRICK M. PARKINSON, Deputy DirectorDAVID W. WILCOX, Deputy DirectorMYRON L. KWAST, Senior Associate DirectorSTEPHEN D. OI.INER, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorALICE PATRICIA WHITE, Associate Director

JOYCE K. ZICKLER, Associate DirectorS. WAYNE PASSMORE, Deputy Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorJANICE SHACK-MARQUEZ, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorMICHAEL S. CRINGOLI, Assistant DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorROBIN A. PRAGHR, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior AdviserTHOMAS D. SIMPSON, Senior Adviser

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fall 2005

DONALD L. KOHN

533

DIVISION OF MONETARY AFFAIRS

VINCENT R. RHINHART, Director

BRIAN F. MADIGAN, Deputy DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH, Assistant DirectorATHANASIOS ORPHANIDF.S, Adviser

DEBORAH J. DANKER, Special Assistant to the Board

DIVISION OF CONSUMERAND COMMUNITY AFFAIRS

SANDRA F. BRAUNSTEIN, Director

GLENN E. LONEY, Deputy DirectorADRIENNE D. HURT, Associate Counsel and AdviserIRENE SHAWN MCNULTY, Senior Adviser

LEONARD CHANIN, Associate DirectorMARY T. JOHNSEN, Associate DirectorTONDA E. PRICE, Associate DirectorSUZANNE G. KILLIAN, Assistant DirectorSHEILA F. MAITH, Assistant DirectorJAMES A. MICHAELS, Assistant Director

OFFICE OF STAFF DIRECTORFOR MANAGEMENT

STEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior Adviser

MANAGEMENT DIVISION

H. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPICER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant Director

DIVISION OF INFORMATION TECHNOLOGY

MARIANNE M. EMERSON, Director

MAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant DirectorJILL ROSEN, Assistant Director

DIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMS

LOUISE L. ROSEMAN, Director

JEFFREY C. MARQUARDT, Deputy DirectorPAUL W. BETTGE, Senior Associate DirectorKENNETH D. BUCKLEY, Associate DirectorDOROTHY LACHAPEI.LE, Associate DirectorJACK K. WALTON II, Associate DirectorGREGORY L. EVANS, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorMICHAEL J. LAMBERT, Assistant DirectorMICHAEL J. STAN, Assistant DirectorJEFF J. STEIIM, Assistant Director

OFFICE OF THE INSPECTOR GENERAL

BARRY R. SNYDER, Inspector GeneralDONALD L. ROHINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURENCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fall 2005