Board organizational and staff changes. (Announcements).

The Board has approved the following organizational changes, changes in officer assignments, and officer appointments, effective December 17, 2001.

Management Division

The Division of Support Services will merge with the Management Division. Mr. William R. Jones has been appointed director of the newly constituted division.

The EEO Programs Office will be transferred from the Management Division to the Office of the Staff Director for Management.

Office of Board Members

Mr. Donald Winn, Assistant to the Board, will assume the role of division director. Ms. Michelle Smith, Assistant to the Board, has been promoted and will continue to manage the Public Affairs Office. She will become Senior Adviser to the Board for communications policy and serve as assistant secretary to the FOMC.

Ms. Lynn Fox, Assistant to the Board, will assume responsibility for coordinating projects under way within the Office of Board Members and the Office of Staff Director for Management related to internal communications, Board publications, and recruitment.

Division of Monetary Affairs

Mr. James Clouse has been appointed Assistant Director and Chief of Monetary and Financial Market Analysis, and Mr. William English has been appointed Assistant Director.

Mr. Clouse has oversight responsibility for the Monetary and Financial Market Analysis Section. He joined the Board in 1989 in the Money and Reserve Projections Section, where he moved up to the position of senior economist. In 1998, he became Chief of the Monetary and Financial Market Analysis Section. Mr. Clouse holds a bachelor's degree in economics from Princeton University and master's and doctoral degrees in economics from Northwestern University.

Mr. English is responsible for overseeing the work of the Banking Analysis Section. This includes overseeing the construction, projection, publication, interpretation, and seasonal adjustment of bank credit aggregates and monitoring developments in commercial banking. Coming from the faculty of the University of Pennsylvania, Mr. English joined the Board in 1992 as an economist in the Banking and Money Market Statistics Section. Mr. English has a bachelor's degree in mathematics and economics from Yale College and a doctorate in economics from MIT.

Mr. William Whitesell has been promoted to Deputy Associate Director over Money and Reserve Analysis and Monetary Studies.

Mr. Richard Porter will become Senior Adviser, responsible for overseeing the recruitment of economists and planning and budgeting of information resources.

Reorganization of the Division of Reserve Bank Operations and Payment Systems

A new section, Clearance and Settlement, has been created in the Division of Reserve Bank Operations and Payment Systems. The section will develop and shape policies that foster sound risk controls, promote efficiency, and serve as a source of technical and policy expertise on clearing and settlement issues. Mr. Jeff Stehm, Assistant Director, will provide oversight of the new section.

Mr. Jack Walton has been appointed Assistant Director. He will have oversight responsibility for the division's Retail Payments and Wholesale Payments Programs. Since 1999, Mr. Walton has been the manager of the Retail Payments Program. He joined the Board in 1977 as an economist in the Division of Research and Statistics. He moved to the Division of Reserve Bank Operations in 1982 to assist in the implementation of the priced-services requirements of the Monetary Control Act. In 1994, he became manager of the Check Payments Section. Mr. Walton received his bachelor's degree in economics and mathematics from Rockhurst College and his master's degree in economics from the University of Maryland.

Division of Information Technology

Mr. Robert Taylor has been appointed Assistant Director and will be responsible for planning and managing program resources of the Supervisory Systems Branch, including statistical data collection, information systems development for the National Information Center (NIC), and Banking Organization National Desktop (BOND) programs. Mr. Taylor joined the Board in 1970 and has managed various sections in the Division of Information Technology. He has managed the development of many of the Board's most complex and critical software development projects. Mr. Taylor holds a bachelor's degree in economics from Dickinson College.

Ms. Tillena Clark, Assistant Director, will complete her rotational assignment in the Division of Reserve Bank Operations and Payment Systems. She will return to the division and assume responsibility of the Financial Systems Branch and the division's administrative function.

Ms. Sharon Mowry, Assistant Director, will begin a rotational assignment in February 2002 to the Office of the Secretary as Visiting Assistant Secretary.

On November 26, 2001, the Board announced that Raymond H. Massey, associate director in the Division of Information Technology, would retire on December 3, 2001, after more than twenty-nine years of service at the Federal Reserve Board.