Changes in Board staff.

Herbert A. Biern, senior associate director, in the Division of Banking Supervision and Regulation, retired from the Board on May 13, 2005, after twenty-five years of service.

The Board of Governors approved on May 4, 2005, the appointment of Robin L. Lumsdaine as associate director for Quantitative Risk Management, Division of Banking Supervision and Regulation. Ms. Lumsdaine will now report to Deputy Director Stephen M. Hoffman. In her new position, Ms. Lumsdaine will establish a Quantitative Risk Management section that will work with Reserve Banks and other financial market authorities to implement Basel II and oversee advanced risk-management and risk-measurement techniques.

Ms. Lumsdaine recently served as director, Global Real Rates and Agency Strategist and Global Econometric Strategist for Deutsche Bank. Previously, she was a senior economist at the White House Council of Economic Advisers and a professor of economics at Brown University. Earlier in her career, she was an assistant professor at Princeton University. Ms. Lumsdaine holds a BS in mathematics from Brown University and a master's degree and doctorate in economics from Harvard University.

After forty-one years of service with the Federal Reserve Board, including thirty-four years as a member of the Board's official staff, Mr. Edward Ettin retired on July 29, 2005.

The Board of Governors approved on June 16, 2005, the following officer actions in the Division of Research and Statistics in conjunction with a reorganization of the division:

Patrick M. Parkinson was promoted to deputy director. He will have oversight responsibilities for the micro-financial functions of the division and play a leadership role throughout the Board and the System on issues relating to financial regulations and financial stability. Mr. Parkinson joined the Board in 1980 as an economist in the Division of International Finance and moved to the Division of Research and Statistics in 1984. In 1986 he joined the Division of Banking Supervision and Regulation as the manager of the Financial Analysis section. He returned to Research and Statistics in 1988 as chief of the Capital Markets section. He was promoted to assistant director in 1989 and to associate director in 1994. Mr. Parkinson received his PhD in economics from the University of Wisconsin-Madison.

Myron L. Kwast was promoted to senior associate director. He will share responsibility with Mr. Parkinson for the Division's work on issues related to financial regulations and financial stability, with a special focus on banking analysis and competition policy. Mr. Kwast joined the Board in 1978 as an economist in the Financial Studies section. He was promoted to chief of that section in 1985, to assistant director in 1987, and to associate director in 1994. Mr. Kwast received his PhD in economics from the University of Wisconsin-Madison.

A. Patricia White was promoted to associate director for the Risk Analysis, Microstatistics, and Financial Reports sections. Ms. White joined the Board in 1979 as an economist in the Financial Structure section. She served as special assistant to Governor Wallich in 1982 and then returned to the Division of Research and Statistics. She was promoted to chief of the newly created Trading Risk Analysis section in 1993, to assistant director in 2000, and to deputy associate director in 2004. Ms. White received her PhD in economics from Yale University.

S. Wayne Passmore was promoted to deputy associate director of the Financial Studies and the Financial Structure sections. In 1984 Mr. Passmore began his career at the Federal Reserve Bank of New York. He worked briefly at the Board as a staff economist in 1987 before taking a management position with the Federal Home Loan Bank in San Francisco. Mr. Passmore returned to the Board in 1990 as a senior economist in the Capital Markets section. He was promoted to chief of the newly formed Household and Real Estate Finance section in 1997 and, in 2000, was promoted to assistant director and chief. Mr. Passmore received a PhD in economics from the University of Michigan.

Janice Shack-Marquez was promoted to deputy associate director. She will continue to provide oversight for the Research Library, the Automation and Research Computing (ARC) section, and Administration. Ms. Shack-Marquez joined the Board in 1986 as an economist in the Economic Activity section (now Macroeconomic Analysis). She was promoted to chief of the ARC section in 1994 and to assistant director in 1997. In 2001 she assumed responsibility for the Research Library. Ms. Shack-Marquez received her PhD in public policy analysis from the University of Pennsylvania.

Robin A. Prager was appointed assistant director and chief of the Financial Structure section. Ms. Prager joined the Board in 1994 as an economist in the Financial Structure section. She was promoted to senior economist in 1998 and to chief in 2000. Before joining the Board, she taught in the business schools of Vanderbilt University, Boston University, and the Massachusetts Institute of Technology (MIT). Ms. Prager received her PhD in economics from MIT.

Michael S. Cringoli was appointed assistant director and chief of the Automation and Research Computing (ARC) section. Mr. Cringoli began his career at the Board in 1983 as a computer applications programmer in the Division of Data Processing. In 1985 he transferred to the Division of Research and Statistics as part of the new ARC section that designed and built the original Unix network that supported the computing work of the division. Mr. Cringoli was promoted to chief of the ARC section in 2000. Before joining the Board, he worked as a project planner for the Maryland National Capital Park and Planning Commission and as a manager with Dames and Moore Engineering Consultants. Mr. Cringoli received his bachelor's degree in geography from Rutgers University.

Jim Houpt, associate director in the Division of Banking Supervision and Regulation, retired from the Board at the end of August after thirty-two years of service and nearly four years in the United States Army.

Irene (Shawn) McNulty, senior adviser in the Division of Consumer and Community Affairs, will retire on September 30, 2005, after more than thirty-three years of service.