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For immediate release October 21, 1999

ATLANTA FED NAMES CHAIRMAN AND DEPUTY CHAIRMAN

John Wieland, chief executive officer and chairman of John Wieland Homes and Neighborhoods, has been reappointed chairman of the board of directors of the Federal Reserve Bank of Atlanta. Paula Lovell, president of Lovell Communications Inc., has been reappointed deputy chairman. Their terms as chairman and deputy chairman begin Jan. 1, 2000, and run through Dec. 31, 2000. Wieland was also reappointed to a second three-year term as a board member, beginning Jan. 1, 2000, and ending Dec. 31, 2003.

Wieland founded John Wieland Homes and Neighborhoods, based in Atlanta, in 1970. The company now has more than 900 employees in offices throughout the Southeast. In 1994 Wieland was named National Builder of the Year by Professional Builders magazine, and his company received the National Housing Quality Award in 1995. Wieland was appointed to the board of the Federal Reserve Bank of Atlanta in 1997 and was named chairman for 1999.

Wieland is chairman of the Advisory Council for the Emory University Center for Ethics in Public Policy and the Professions. Additionally, he serves as a trustee of the Woodruff Arts Center and is a former chairman of the Emory University Board of Visitors and of Atlanta’s High Museum of Art.

Lovell founded Lovell Communications Inc. of Nashville, Tenn., in 1988 after working in the communications field as a publicist, a feature writer for the Nashville Banner and a television producer and writer. She was named to the board of the Federal Reserve Bank of Atlanta in 1998. She was named deputy chairman for 1999 prior to being reappointed for 2000. Previously, she served as a member of the board of directors of the Nashville Branch of the Atlanta Fed.

Lovell has served on many community and civic boards, including the executive committees of the Nashville Area Chamber of Commerce, the Nashville Ballet and the Middle Tennessee Boy Scouts Council. She is a member of the International Women’s Forum, the Nashville Rotary Club and many professional organizations.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors represent national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are elected by these banks but represent commerce, industry, agriculture, labor and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington, D.C.

The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank’s operations and recommends changes in the discount rate. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank’s president.

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