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For immediate release Nov. 16, 1998

ATLANTA FED NAMES CHAIRMAN AND DEPUTY CHAIRMAN

John Wieland, chairman and chief executive officer of John Wieland Homes and Neighborhoods, has been appointed chairman of the board of directors of the Federal Reserve Bank of Atlanta. Paula Lovell, president of Lovell Communications Inc., has been named deputy chairman. Their terms as chairman and deputy chairman begin Jan. 1, 1999, and run through Dec. 31, 1999.

Wieland founded John Wieland Homes and Neighborhoods, based in Atlanta, in 1970. The company now has more than 800 employees in offices throughout the Southeast. In 1994 Wieland was named National Builder of the Year by Professional Builders magazine, and his company received the National Housing Quality Award in 1995. Wieland was appointed to the board of the Federal Reserve Bank of Atlanta in 1997 and currently serves as deputy chairman.

Wieland is chairman of the Emory University Center for Ethics in Public Policy and the Professions. Additionally, he has served as chairman of Atlanta's High Museum of Art and vice chairman of the Woodruff Arts Center.

Lovell founded Lovell Communications Inc. of Nashville, Tenn., in 1988 after working in the communications field as a publicist, a feature writer for the Nashville Banner, and a television producer and writer. She was named to the board of the Federal Reserve Bank of Atlanta in 1998. Previously, she served as a member of the board of directors of the Nashville Branch of the Atlanta Fed.

Lovell also serves on the board and the executive committee of the Nashville Area Chamber of Commerce and chairs the communications council. She is a member of the International Women's Forum, the Nashville Rotary Club and the executive committee of the board of Middle Tennessee Boy Scouts Council. She is a former board member of the Nashville Ballet.

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 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.

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.

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