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                      Office of the Press Secretary
                             (Warsaw, Poland)
For Immediate Release                                    July 10, 1997
                       TO FEDERAL RESERVE BOARD

Today, the President announced his intent to nominate Edward M. Gramlich and Roger W. Ferguson, Jr., to the Board of Governors of the Federal Reserve System.

Dr. Gramlich is an economics professor and Dean of the School of Public Policy at the University of Michigan. He holds a B.A. from Williams College, and an M.A. and Ph.D. in economics from Yale University. He has written nine books and numerous journal articles. He has previously worked at the Federal Reserve, the Office of Economic Opportunity, and the Brookings Institution. He served as the Deputy Director and then the Acting Director of the Congressional Budget Office in 1986 and 1987. He was also the Chair of the Quadrennial Advisory Council on Social Security from 1994 until 1996.

Dr. Ferguson is a partner and Director of Research and Information Systems at McKinsey & Company in New York. He holds a B.A., a J.D., and a Ph.D. in economics, all from Harvard University. After completing his formal education, Dr. Ferguson spent three years as a securities and banking lawyer at Davis Polk & Wardwell before joining McKinsey. At McKinsey, he has specialized in financial issues. His consulting experiences have included designing a super-regional bank strategy for a money center bank; a post-acquisition strategy and consolidation for a California thrift; and an information technology strategy for a full-line brokerage house. As Director of Research and Information Systems at McKinsey, Dr. Ferguson has first-hand experience applying information technology to improve productivity in a service organization.

The Federal Reserve Board's primary function is the formulation of monetary policy. In addition, the Board has broad supervisory and regulatory responsibilities over the activities of various banking institutions and the operations of the Federal Reserve Banks. The Board also has responsibilities in monitoring the nation's payments mechanism and federal consumer credit regulations. The Board consists of seven members appointed by the President and confirmed by the Senate.