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Office of the Press Secretary

For Immediate Release April 21, 1993


(Washington, DC) The President announced today that he intends to nominate John Dalton, an Annapolis graduate and former Chairman of the Federal Home Loan Bank Board, to be Secretary of the Navy.

"Throughout his distinguished Navy career, and his equally distinguished civilian career in public service and private industry, John Dalton has displayed true leadership ability," said the President. "I am proud that he has agreed to serve with me, and confident that he will work with Secretary Aspin and the Navy to adjust to the new security realities that we face."

Dalton graduated with distinction from the U.S. Naval Academy in 1964, having served as Deputy Brigade Commander, the Academy's number two ranking position. During his service in the Navy he graduated from two Naval nuclear schools, was assigned duty on two submarines and held various managerial posts in engineering, operations and supply. He received several commendations and awards for superior performance of duty.

Since leaving the service, Dalton has been and active member of the business community, initially with the investment banking firm of Goldman, Sachs & Company in Dallas, TX. He also served as managing director of Best Associates and Mason Best Company, merchant banking firms headquartered in Houston and Dallas, respectively. He served as Chief Executive Officer of Freedom Capital Corporation from 1984-88 and as President of the Real Estate Division of the Gill Companies of San Antonio. Currently, he represents Stephens Inc. of Little Rock, AR.

In addition to his service as Chairman of the Federal Home Loan Bank Board, Dalton was previously President of the Government National Mortgage Association in the U.S. Department of Housing and Urban Development.