No. 2166

MONDAY, NOVEMBER 3, 1997

WHITEHEAD REAPPOINTED N.Y. FED CHAIRMAN AND
JONES REDESIGNATED DEPUTY CHAIRMAN

NEW YORK -- John C. Whitehead, former Deputy Secretary of State and currently chairman of AEA Investors Inc., has been redesignated chairman of the New York Federal Reserve Bank's board of directors and Federal Reserve Agent for 1998 by the Board of Governors of the Federal Reserve System.

Mr. Whitehead has been serving as a Class C director since January 1995 and chairman since January 1996.

The Board of Governors also redesignated Thomas W. Jones, who is vice chairman, Travelers Group Inc., and chairman and chief executive officer, Smith Barney Asset Management, as deputy chairman of the bank's board of directors for the coming year. He has been serving as a Class C director and deputy chairman since January 1996.

The Board of Governors names the three Class C directors of the Federal Reserve Bank of New York and designates the chairman and deputy chairman annually. The three Class A and three Class B directors, completing the nine-person board, are elected by depository institutions in the New York Fed's district that are members of the Federal Reserve System.