Regional Update (January-March 1997)

Index The state of the states Views from the region Southeastern manufacturing survey Southeastern economic indicators

Cover Story - Environmental, Social Issues Change Florida Cane Growing

Five Members Appointed to Atlanta Fed Board of Directors

Five Members Appointed to
Atlanta Fed Board of Directors

T he Federal Reserve System, established more than 75 years ago, is a central bank with a decentralized structure—having 12 Reserve Banks, 25 branches, and the 238 directors that serve on their boards. The regional structure of the Federal Reserve facilitates the incorporating of "grass roots" information drawn from the experiences of a broad cross section of regional business and community leaders into the nation's monetary policymaking process.

At each of the monthly meetings of the Atlanta Fed's head office board of directors, members spend about one and a half hours hearing economic reports from branch directors, exchanging views of what is going on in the economy, and discussing such questions as whether growth is slowing and prices increasing. Then Atlanta Fed president and CEO Jack Guynn shares this information with other Reserve Bank presidents and the seven members of the Board of Governors, including Chairman Alan Greenspan, at the Federal Open Market Committee (FOMC) meetings held every six weeks or so in Washington, D.C. Thus, the information from the Sixth District's directors is an important part of what goes into the nation's economic policymaking. The head office board of directors also oversees the management of the bank's operations and recommends changes in the discount rate.

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

Brown Reappointed Board Chairman

The Sixth Federal Reserve District recently announced the appointment of five members to its head office Board of Directors.

Hugh M. Brown, president and chief executive officer of BAMSI Inc. of Titusville, Fla., has been reappointed chairman of the board of directors of the Federal Reserve Bank of Atlanta. David R. Jones, president and chief executive officer of AGL Resources Inc., has been named deputy chairman. Their terms as chairman and deputy chairman began Jan. 1, 1997, and run through Dec. 31 of the current year.

Brown founded BAMSI Inc., an engineering and technical services company, in 1978. Prior to that, he was executive vice president and cofounder of New World Services Inc. Earlier in his career, Brown served as a senior field engineer for ITT Corporation in Europe and also served four years in the U.S. Air Force.

A leader in civic affairs, Brown is chairman of the Board of Supervisors of the Spaceport Florida Authority; in addition, he serves on the Clark Atlanta University National Business Advisory Committee and on the boards of many other organizations. Brown has recently been appointed to serve on the Governor's Commission on Education. He was presented with Ernst & Young's Entrepreneur of the Year award in 1993; in 1996 he was honored with the Award for Entrepreneurial Excellence by the Jim Moran Institute at Florida State University.

A graduate of Central State University in Ohio with a bachelor's degree in mathematics and industrial technology, Brown pursued graduate studies in business administration at American Graduate University in California.

Deputy Chairman Jones was recently named president and CEO of AGL Resources Inc., the holding company for Atlanta Gas Light Company. Prior to that, he served as president and CEO of Atlanta Gas Light Company from February 1988 to March 1996. Since joining the company in 1960 as a junior engineer, he has held a number of other positions, including vice president and division manager in both Macon and Atlanta and senior vice president of corporate services.

A registered professional engineer, Jones has been active with numerous civic and professional organizations. He is currently chairman of the Southern Gas Association and serves on the boards of the Georgia Chamber of Commerce, the Atlanta Chamber of Commerce, Wesleyan College, the Georgia 4-H Foundation, the Woodruff Arts Center, the Ivan Allen College of the Georgia Institute of Technology, the Atlanta Rotary Club, the Institute of Gas Technology, and the Gas Research Institute, as well as on the Board of Trustees of Literacy Action.

Jones received a bachelor's degree in industrial management from the Georgia Institute of Technology; he also received an honorable discharge from the U. S. military.

Branches of Atlanta Fed
Welcome New Board Members

New directors appointed to the five branches of the Federal Reserve Bank of Atlanta include V. Larkin Martin and W. Charles Mayer III for the Birmingham branch; Marsha G. Rydberg at the Jacksonville branch; D. Keith Cobb, James W. Moore, and Mark T. Sodders at the Miami branch; L.A. Walker Jr. at the Nashville branch; and R. Glenn Pumpelly at the New Orleans branch. Their appointments run through Dec. 31, 1999.

Martin is managing partner of Martin Farm in Courtland, Ala.; previously, she was confidential assistant, Office of the Secretary, U.S. Treasury, and legislative assistant, Office of the Secretary, U.S. Department of Treasury. Mayer is senior executive vice president and Alabama Banking Group head of the AmSouth Bank of Alabama in Birmingham; previously he was chairman, president, and CEO of AmSouth Bank of Tennessee in Chattanooga.

Rydberg is president of Rydberg & Goldstein P.A. in Tampa; previously, she was associated with Taub & Williams and Gibbons, Tucker, McEwen, Smith, Cofer & Taub.

Cobb is past vice chairman and CEO of Alamo Rent A Car Inc. in Fort Lauderdale, Fla.; prior to joining Alamo, he was national managing partner of financial services for KPMG Peat Marwick. Moore is president of Gulf Utility Co. in Estero, Fla.; previously, he served as chairman and CEO of Coastland Corp. of Florida and corporate lending officer of the Citizens and Southern National Bank in Atlanta. Sodders is president of Lakeview Farms Inc. in Pahokee, Fla.; he is on the board of directors of the Sugarcane Growers Cooperative of Florida.

Walker is chairman, president, and CEO of the First National Bank and Trust Co. in Athens, Tenn.; he is a past member of the American Bankers Association Advisory Board and past president of the Tennessee Bankers Association.

Pumpelly is president and CEO of Pumpelly Oil Co. in Westlake, La.; he serves on the board of directors for the Petroleum Marketers Association of America and the Louisiana Oil Marketers Association of America.

Three-Year Appointments

Recently elected to three-year terms are Juanita Baranco, chief legal counsel and executive vice president of Baranco Automotive Group; John F. Wieland, president of John Wieland Homes Inc.; and Howard L. McMillan Jr., president and chief operating officer of Deposit Guaranty National Bank, Jackson, Miss. Their terms also began Jan. 1, 1997.

Baranco's business accomplishments have earned her numerous awards, including recognition from the Dow Jones Company and the First Trumpet Award from Turner Broadcasting System, both for entrepreneurial excellence. Baranco is also active in the community; she currently serves as a member of the Association of Governing Boards of Universities and Colleges and as chair of the Board of Regents for the University System of Georgia. She has also served as chairman of the Education Committee for the 1996 Olympics, as trustee for the High Museum of Art in Atlanta and for Clark Atlanta University, and as a member of the boards of the John Harland Company, First Union Bank, and the Atlanta, DeKalb, and Georgia Chambers of Commerce. Baranco earned her Bachelor of Science and Juris Doctor degrees from Louisiana State University.

Wieland began his career as a home builder in 1970 when he founded his company, which now has more than 800 employees in offices in Atlanta, Jacksonville, Nashville, Raleigh, and Charleston. John Wieland Homes Inc. has garnered more than 250 awards for home design, construction, and other residential housing services. In 1994 Wieland was named National Builder of the Year by Professional Builder magazine. In 1995 his firm earned the National Housing Quality Award.

Wieland is also active in the community, currently serving as chairman of Atlanta's High Museum of Art, vice chairman of the Woodruff Arts Center, as a member of the Carter Center Board of Councilors and of the Emory University Center for Ethics in Public Policy and the Professions. He is a graduate of Amherst College and of Harvard Business School.

Howard L. McMillan Jr. has held various positions with Deposit Guaranty National Bank since 1960 and is immediate past president of the American Bankers Association; he has been a leader in business and civic affairs in greater Jackson and elsewhere in the state. His affiliations have included the Chamber of Commerce, United Way, Millsaps College, the University of Mississippi, and the Mississippi Baptist Medical Center. He is a graduate of Harvard University's Advanced Management Program, of the School of Banking of the South at Louisiana State University, and of the University of Mississippi at Oxford.