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DIRECTORS CHOSEN TO OVERSEE FEDERAL HOME LOAN BANK SYSTEM OFFICE OF FINANCE

 DIRECTORS CHOSEN TO OVERSEE FEDERAL HOME LOAN BANK SYSTEM
 OFFICE OF FINANCE
 WASHINGTON, Feb. 21 /PRNewswire/ -- The Federal Housing Finance Board has appointed a new, three-member board of directos to govern the business activities of the Federal Home Loan Bank System's Office of Finance (OF). This new board will report directly to the finance board in its capacity as the bank system's safety and soundness regulator.
 Finance Board Chairman Daniel F. Evans Jr. announced James D. Roy, Pittsburgh Home Loan Bank president as chairman; Michael A. Jessee, Boston Home Loan Bank president as vice chairman; and Dr. William Handorf, George Washington University Professor of Finance as a private citizen director.
 "Creating this board of outstanding professionals is a key step in our Office of Finance restructuring. Accountability and good management are critical to ensure that the Office of Finance is carrying out its primary mission ensuring that the Bank System is funded in the most efficient and cost-effective manner," Evans said.
 In addition, the new board will address those issues resulting from the Finance Board's examination which revealed violations by members of the OF selling group. As a result, Evans warned selling group members last month that future violations would mean expulsion from the group.
 "I am confident this new board will keep the Finance Board regularly appraised of OF activities as well as give direction to a streamlined and efficient OF operation," Evans added.
 The directors will serve the following terms:
 James Roy through March 31, 1993;
 Michael Jessee through March 31, 1994;
 William Handorf through March 31, 1994.
 -0- 2/21/92
 /CONTACT: Charles H. Powers of the Federal Housing Finance Board, 202-408-2986/ CO: Federal Housing Finance Board ST: District of Columbia IN: FIN SU: PER


SB-MK -- DC010 -- 1364 02/21/92 11:45 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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