Financial Update (First Quarter 2007)

Vol. 20, No. 1,
First Quarter 2007


Dennis Lockhart Named
Atlanta Fed President

Fed to Study Nation’s
Payment Habits

Check 21 Continues
Brisk Growth

Atlanta Fed Joins
Poverty Research

Agencies Update Brochure
on Nontraditional Mortgages

Guidelines on Commercial
Real Estate Loans Issued

Bernanke Focuses on
Fed’s Supervisory Role

New Atlanta Fed
Directors Named

$1 Presidential Coin
Program Begins

Fed Turns Money
Over to Treasury


Did You Know?

Data Bank

Circular Letters


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Dennis P. Lockhart Named Atlanta Fed President and Chief Executive Officer

Dennis Lockhart Dennis P. Lockhart will become president and chief executive officer of the Federal Reserve Bank of Atlanta effective March 1, 2007. Lockhart, 60, succeeds Jack Guynn, who retired from the Atlanta Fed on Oct. 1, 2006.

Currently a faculty member of Georgetown University’s Walsh School of Foreign Service, Lockhart chairs concentrations in International Business–Government Relations and Global Commerce and Finance in the master’s degree program. He is also an adjunct professor in the economics department at Johns Hopkins University’s Nitze School of Advanced International Studies, where he teaches a course in international business.

“A seasoned and versatile leader”
“We are very pleased that Dennis Lockhart will be joining the Atlanta Fed as its president and chief executive,” said Larkin Martin, chairman of the Federal Reserve Bank of Atlanta and the managing partner of Martin Farm in Courtland, Ala. “Dennis is a seasoned and versatile leader, bringing with him a wealth of experience in banking, finance, and international business.

Press release
Dennis P. Lockhart biography

“He also has significant experience in leading large, diverse organizations as well as experience in academia,” Martin added. “All of his background will serve him well as he leads the Bank forward and helps shape important decisions relating to the nation’s economy and financial system.”

A veteran in global finance, venture capital
Lockhart, 60, held a variety of international and domestic positions with Citibank/Citicorp (now Citigroup) from 1971 to 1988, including assignments in the Middle East, Latin America, New York, and Atlanta. While in Atlanta between 1978 and 1986, he served as Citibank’s senior corporate officer for the Southeast. From 1988 to 2001, he served as president of Heller International Group Inc. After that service, Lockhart was managing partner at Zephyr Management, a private equity firm in New York City.

Relishing new horizons
Lockhart said he looks forward to leading the Atlanta Fed. “I’m very excited about the opportunity to return to the Atlanta area and to work with the Bank’s well-respected staff in advancing the excellent reputation this organization has built over many years,” he said. “In my role as president of the Atlanta Reserve Bank, I also look forward to confronting the challenges the Federal Reserve faces in today’s increasingly global and rapidly changing economy.”