Staff changes.

The Board of Governors has approved the promotion of James A. Clouse to Deputy Associate Director, and the appointments of Cheryl L. Edwards to Assistant Director and Athanasios Orphanides to Adviser in the Division of Monetary Affairs.

James A. Clouse will continue to have oversight responsibility for the Money and Financial Market Analysis Section, including its work on systemic risk monitoring, the functioning of financial markets, and discount window policies. In addition, Mr. Clouse will take a more active role in the management of the division.

Cheryl L. Edwards will be responsible for the System's Statistics and Reserves application (STAR), the function that coordinates the uniform implementation and reporting of reserve requirements throughout the System. Ms. Edwards joined the Federal Reserve Bank of New York in 1987 as an economist in the Research Department. From 1988 through 1992, she was an economist and then senior economist in the Open Market Group. She joined the Board's staff in 1993 as an economist in the Monetary and Reserve Analysis Section. Ms. Edwards holds a Ph.D. in economics from the University of Michigan.

Athanasios Orphanides will take an active role in recruiting professional staff, participating in preparing material for FOMC meetings and shaping the division's research agenda. Mr. Orphanides joined the Board in 1990 as an economist in the Monetary Studies Section and was promoted to senior economist in 1996. In recent years, he has focused his work on monetary policy issues, and his papers relying on real-time data have had an important influence on the economic profession's thinking about the conduct of monetary policy in the 1970s. Mr. Orphanides holds a Ph.D. in economics from the Massachusetts Institute of Technology.

The Board of Governors has approved the following changes of assignments in the Office of Board Members and the Office of the Staff Director for Management (OSDM), effective June 29, 2003.

Lynn Fox will become Senior Adviser in the Office of the Staff Director. She will work on a part-time basis for OSDM and the Management Division.

Michelle A. Smith, Assistant to the Board, will assume the role of Acting Division Director for the Office of Board Members. She will continue in her role as head of the Public Affairs Office.

The Division of Reserve Bank Operations and Payment Systems announced the appointments of Dorothy B. LaChapelle and Lisa Hoskins to Assistant Director.

Dorothy B. LaChapelle will lead the division programs responsible for overseeing Reserve Bank financial and cost accounting functions and Reserve Bank budgets. Ms. LaChapelle joined the Board in 1977 as a statistical clerk in the then Division of Data Processing. She resigned from the Board staff in 1979 to pursue her bachelors in business administration from George Mason University, which she received in 1983. She returned to the Board in 1983 and has had positions of increasing responsibility in RBOPS' Information Systems and Reserve Bank Planning and Control sections. She became manager of the Reserve Bank Planning and Control Section in 1999. Ms. LaChapelle is a two-time recipient of the Board's Special Achievement Award for exemplary performance.

Lisa Hoskins will oversee the division's Administration and Information Systems functions. Ms. Hoskins began working in the System in 1985, as a management intern with the New Orleans Branch of the Federal Reserve Bank of Atlanta. She joined the Board in 1988 as a financial services analyst in RBOPS. Over the years, she has had positions of increasing responsibility in the Fiscal Agency and Wholesale Payments sections. Since May 1998, Ms. Hoskins has served as Assistant to the Director, with responsibility for the division's administrative function and various special projects. During this time she also has served as Co-Secretariat to the Committee on Employee Benefits. Ms. Hoskins received a bachelor's degree and master's degree in management from Loyola University in New Orleans.

William R. Jones, Director of the Management Division, retired on Friday, August l, 2003, after thirty years of service to the Board.

John H. Lopez, Special Assistant to the Board in the Office of Board Members, retired on Friday, August 1, 2003, after four and one-half years of service to the Board and more than thirty-four years of government service.