Financial Update (Second Quarter 2004)



FEATURES

 Deterring Money
 Laundering

 Gramm-Leach-Bliley’s
 Surprising Effects

 Conference Eyes
 Wall Street's Future

 Guynn Discusses
 Growth, Policy

 Fed Guidance
 on Fair Banking

 Check Processing
 Consolidates

 Mortgage Market
 Hits Record

 New Call Report
 Web Site

 Do Markets Reveal
 Their Future Activity?

 New $50 Unveiled

 Davis Joins
 Atlanta Fed Board

 Atlanta Fed Hosts
 ACH Conference

 Atlanta Fed Issues
 2003 Annual Report

 EconSouth
 Redesigned

 New Atlanta Fed
 Subscriber Service

DEPARTMENTS

 Data Bank

 Circular Letters

STAFF

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Davis Joins Atlanta Fed’s Board

Scott Davis, chief financial officer of United Parcel Service (UPS), has been appointed to the Federal Reserve Bank of Atlanta’s board of directors. His term began March 1, 2004, and ends Dec. 31, 2006.

A member of the UPS management committee, Davis acts as a liaison to the finance, investor, and analyst communities. He is responsible for all activities related to accounting, auditing, finance, financial planning, taxes, and treasury.

Davis joined UPS in 1986 when the company acquired II Morrow, where he served as chief financial officer and chief executive officer. From 1998 to 2000 he was chief executive officer of Overseas Partners Ltd. He then rejoined UPS as vice president of finance.

He serves on the finance committee of the Georgia Council on Economic Education and recently completed a term on the accounting and finance committee of the American Trucking Association.

Davis received a bachelor of science degree in finance from Portland State University. He also completed the Advanced Management Program at the University of Pennsylvania’s Wharton School and is a certified public accountant.

The Atlanta Fed’s board of directors 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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