THE WHITE HOUSE

Office of the Press Secretary

             PRESIDENT CLINTON NAMES CAROL PARRY AS MEMBER OF
           THE BOARD OF GOVERNORS FOR THE FEDERAL RESERVE SYSTEM

The President today announced his intent to nominate Carol J. Parry to serve as a member of the Board of Governors for the Federal Reserve System.

Ms. Carol J. Parry recently retired as Executive Vice President and member of the Policy Council of the Chase Manhattan Bank and Director of the Chase Community Development Group. Ms. Parry had been at Chase (and its predecessor banks) for twenty years and directed a number of major bank divisions that served consumers and small and mid-sized companies. Before becoming head of the Community Development Group, Ms. Parry directed the Business Banking Group at Manufactures Hanover Trust Co. and headed the Private Bank and the Middle Market Banking Division at Chemical Bank. She also served on the Chemical Bank Credit Policy Committee and was named one of Chemical's first women Senior Vice Presidents in 1981.

Ms. Parry received a B.A. from Tufts University and a Masters in Social Work from the University of Connecticut. In addition, she attended the Advanced Management Program, at the Harvard Business School.

The Federal Reserve System's primary function is the formulation of monetary policy. The System consists of a seven member Board of Governors with headquarters in Washington, D.C. and twelve Reserve Banks located in major cities throughout the United States. In addition to monetary policy responsibilities, the Federal Reserve Board has supervisory and regulatory responsibilities over various banking organizations and plays a key role in assuring the smooth functioning and continued development of the nation's payments systems.

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