CHANGES IN BOARD STAFF.

The Board of Governors approved a restructuring of the Division of Research and Statistics. In conjunction with the reorganization, the Board announced the following official staff appointments and promotions on July 14, 2000:

* The appointment of David Wilcox as deputy director

* The promotions of Stephen D. Oliner and Charles S. Struckmeyer to associate directors and Joyce K. Zickler to deputy associate director

* The appointments of Wayne S. Passmore and David L. Reifschneider as assistant directors.

David Wilcox currently serves as Assistant Secretary of the Treasury. He will join the Board on January 20, 2001. Mr. Wilcox will serve as deputy director and will oversee the macroeconomic and macrofinancial sections of the division. In 1986, Mr. Wilcox joined the Board as an economist in the Economic Activity Section. He was promoted to senior economist in 1991 and transferred to the Monetary Studies Section' in the Division of Monetary Affairs in 1992. In 1994 and 1995, he served as a senior economist with the Council of Economic Advisers. After returning to the Board for two years, Mr. Wilcox was appointed Assistant Secretary of the Treasury for Economic Affairs, where he directs a professional staff responsible for the analysis of a wide range of fiscal and macroeconomic issues. He received a Ph.D. from MIT.

Stephen Oliner will oversee the Capital Markets, Financial Institutions, and Flow of Funds Sections. Mr. Oliner joined the Board in 1984 as an economist in the Economic Activity Section. In 1997, he was appointed to the official staff, with responsibility for the Capital Markets and Financial Institutions Sections. He received a Ph.D. from the University of Wisconsin.

Sandy Struckmeyer will oversee the Economic Activity; the Wages, Prices, and Productivity; and the Macroeconomic and Quantitative Studies Sections. Mr. Struckmeyer joined the Board in 1983. In 1994, he was appointed to the official staff as an assistant director and chief. Mr. Struckmeyer received a Ph.D. from Yale University.

Joyce Zickler joined the Board in 1975. She was named chief of the Wages, Prices, and Productivity Section in 1981 and was appointed assistant director in 1986. In 1987, she was named officer in charge of the Industrial Output and Economic Editing Sections. Ms. Zickler received a Ph.D. from George Washington University.

Wayne Passmore will oversee the Financial Institutions Section. Mr. Passmore joined the Federal Reserve Bank of New York in 1984 after receiving a Ph.D. from the University of Michigan. He briefly joined the Board as a staff economist in 1987 and then took a position as an assistant vice president at the Federal Home Loan Bank of San Francisco from 1987 to 1990. In 1990, Mr. Passmore returned to the Board as a senior economist in the Capital Markets Section. He was promoted to chief of the Financial Institutions Section in 1997.

David Reifschneider will oversee the Macroeconomic and Quantitative Studies Section. Mr. Reifschneider joined the Board as an economist in the National Income Section in 1983. He was promoted to senior economist in 1989 and became chief of the Macroeconomic and Quantitative Studies Section in 1996. Mr. Reifschneider received a Ph.D. from the University of Wisconsin.

The Board of Governors announced on July 14, 2000, its approval of the appointment of David W. Skidmore as Special Assistant to the Board for Media Liaison. In this role, Mr. Skidmore will oversee the work of the Public Affairs Office in responding to media inquiries, publicizing Board actions, and providing strategic media relations advice to Board members and senior staff. In addition, he will oversee the office's plans for technology support related to media relations services and will coordinate and support the media relations programs and activities of the Reserve Banks. Mr. Skidmore joined the Board in 1999 after a career as a journalist covering economic, banking, and tax policy for the Associated Press. He received a B.A. from Pennsylvania State University.