For Immediate Release: May 26, 2004
FORMER ATLANTA FED PRESIDENT ROBERT P. FORRESTAL DIES
The Federal Reserve Bank of Atlanta today announced the death of former Atlanta Fed President and Chief Executive Officer Robert P. Forrestal, who passed away today at 72. Forrestal served as Atlanta Fed president from 1983 until 1995.
In a statement, Jack Guynn, Atlanta Fed president and chief executive officer, praised Forrestal’s leadership of the Atlanta Bank. “Bob led the Federal Reserve Bank of Atlanta through a very challenging period, when both the banking industry and the economy were going through profound changes,” Guynn said. “He instituted many changes to deal with these challenges, including his work to ensure that our directors and management better reflected the diversity of our communities. However, I think his most lasting legacy comes out of his broad efforts to raise awareness and understanding of globalization’s effects on the economy and the financial system.”
As Atlanta Fed president and CEO, Forrestal was responsible for all the Bank’s activities, including monetary policy, bank supervision and financial services operations. In addition, he served on the Federal Reserve System’s chief monetary policymaking body, the Federal Open Market Committee. Prior to being named president, Forrestal served as the Atlanta Fed’s first vice president and chief operating officer and as general counsel. He joined the Atlanta Fed in 1970 from the legal department of the Federal Reserve’s Board of Governors in Washington, D.C. After retiring from the Bank, Forrestal worked with the Atlanta law firm of Smith, Gambrell & Russell and served on several corporate boards. Throughout his career, he also served on numerous community service-oriented boards, including those of hospitals, universities and nonprofit organizations.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee. In addition to Atlanta, the Bank has branch offices in Birmingham, Jacksonville, Miami, Nashville and New Orleans. As part of the nation’s central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks and provides a variety of financial services to depository institutions and the U.S. government.