Financial Update Volume 19, Number 3 - Guynn Retiring Oct. 1

Financial Update
Vol. 19, No. 3,
Third Quarter 2006


Guynn Retiring
on Oct. 1

Booklet Imparts
Katrina's Lessons

Fed Holds Hearings on
Mortgage Practices

Atlanta Fed Conference
Spotlights Hedge Funds

New Brochure Touts
Bank Account Benefits

Birmingham Branch to
Convert to Cash Depot

Fed Reduces Exposure
to Daylight Credit

Fed Chair Speaks on
Energy Costs' Effects

Schools Gather to Discuss
Community Development

Bills Seek Tougher
Data Security

Fed Gov. Bies Addresses
Mortgage Markets

Olson Resigns Fed to
Lead Pension Board


Data Bank

Circular Letters


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Atlanta Fed President Jack Guynn Announces Retirement

Jack Guynn
In today's fast-paced global economy where businesses come and go, most people don't spend their entire career working for one organization. And that longevity is certainly not what Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, envisioned when he left Virginia Tech in 1964 with an engineering degree.

At the Fed, however, Guynn found deep satisfaction working for an organization that has such a significant impact on the U.S. economy and financial system, and he has remained at the Bank for more than 42 years. In June, Guynn announced his retirement from the Atlanta Fed effective Oct. 1.

An outstanding public servant
Ben Bernanke, chairman of the Federal Reserve's Board of Governors, responded to this announcement by saying that Guynn's career at the Atlanta Fed, which included more than a decade as president, "is an outstanding example of dedicated public service." He added, "Jack worked tirelessly for the betterment of the Federal Reserve System. I will miss his friendship as well as his valued insights at the Federal Open Market Committee table."

During his career, Guynn, who turns 64 later this year, worked in nearly every area of the Atlanta Fed, and he leaves a significant legacy within the organization and the community. Reflecting on Guynn's career, David M. Ratcliffe, chairman, president, and chief executive officer of Southern Co. and chairman of the Atlanta Fed's board of directors, said that "Jack has provided strong leadership both to the Atlanta Fed and within the Fed system, as well as in the communities where he has lived and been an active volunteer."

Press release
Jack Guynn bio

"Early in his career, Jack helped to lead the Federal Reserve in making its payments operations more efficient by leveraging technology and pursuing nationwide strategies for payments processing," Ratcliffe added. "Since becoming president, Jack has promoted better understanding of monetary policy's role in the economy through his extensive interactions with business and community leaders, who provide him with valuable insights on what is happening in the economy."

Continued focus on community
In retirement, Guynn plans to focus more of his energy on the community and civic work in which he has been involved as well as on other interests. Retirement will also allow him more time in the near term to devote to recovery and rehabilitation from arthritis-related surgeries he has undergone in recent years.

"The Atlanta Fed is an outstanding organization, and its employees are truly dedicated to helping ensure the health and stability of the nation's economy and financial system," Guynn said. "I am proud of the work that we have accomplished together, and I feel the Bank is well positioned for the future."

Search for a new president
Ratcliffe is working with his colleagues on the Atlanta Fed's board of directors to conduct a nationwide search for Atlanta Fed presidential candidates. There is no set timetable for naming a new president. Should one not be appointed by Oct. 1, 2006, Patrick K. Barron, the Bank's first vice president, will assume the duties of the president on an interim basis until a permanent president is appointed, in accordance with Section 4 of the Federal Reserve Act.