Financial Update (First Quarter 2004)


 Directors Under
 More Scrutiny

 Fed Studies Checks
 and E-payments

 Mexican Secondary
 Mortgage Market

 Fed Emphasizes
 CIBCA Compliance

 Guynn Stresses
 Long-Term Policy

 Kohn Says U.S. Is
 Key in World

 New Tool for

 New Sixth
 District Directors

 Two Newsletters


 Did You Know?

 Data Bank

 Circular Letters



New Board Members at
Atlanta Fed and Branches

Teri G. Fontenot

The board of directors of the Federal Reserve Bank of Atlanta and the board of directors of the branches of the Federal Reserve Bank of Atlanta welcomed new board members in January 2004.

New Atlanta Fed director
The Federal Reserve Bank of Atlanta has welcomed a new member to its board. Teri G. Fontenot, president and CEO of Woman’s Hospital in Baton Rouge, La., began her term on the Atlanta Fed’s board in January 2004. Her term runs through December 2009.

Branch boards of directors add new members
The Atlanta Fed’s five branch boards of directors also added new members.

Bobby Bradley, a group manager in Science Application International Corp., and Samuel Dodson, business manager of International Union of Operating Engineers Local 312 and president of Central Alabama Building and Construction Trades Council, were appointed to the bank’s Birmingham branch board of directors.

New Chairman Steps Up at Atlanta Fed (Q4 2003)

Linda Sherrer, president and CEO of Prudential Network Realty, and Ellen Titen, president of E.T. Consultants, were appointed to the board of the Jacksonville branch.

David Williams, who serves Vanderbilt University as vice chancellor for student life and university affairs, general counsel, secretary, and professor of law, was appointed to the Nashville branch board.

Lawrence Kurzius, president and CEO of Zatarain’s, and Christel Slaughter, co-owner of SSA Consultants LLC, were appointed to the board of the New Orleans branch.

The terms of the branch boards of directors began in January 2004 and run through December 2006.

Federal Reserve head office directors
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. Fontenot is a Class B director.

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.

Federal Reserve branch directors
Federal Reserve Bank of Atlanta branch directors provide economic information from the branch territory to the district bank’s president and head office directors, who use the information in formulating monetary policy and making discount rate recommendations. The Board of Governors appoints three of the directors of at each branch, and the Atlanta head office directors appoint four. Sherrer and Williams were appointed by the Board of Governors. Bradley, Dodson, Titen, Kurzius, and Slaughter were appointed by the Atlanta head office’s board of directors.

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