2003 News Releases

For immediate release:
October 30, 2003

Media contact:
James Hoard
Phone: (214) 922-5307
e-mail: james.hoard@dal.frb.org

Federal Reserve Board Reappoints
Chair and Deputy Chair of Dallas Fed

DALLAS—The Federal Reserve Board of Governors has reappointed Ray L. Hunt chairman and Patricia M. Patterson deputy chairman of the Federal Reserve Bank of Dallas board of directors for 2004. The appointments are effective Jan. 1, 2004.

Each Federal Reserve Bank has a nine-member board. The Board of Governors in Washington, D.C., appoints three of these directors and each year names one of these appointees as chair and a second as deputy chair.

Hunt is chairman of the board, president and CEO of Hunt Consolidated Inc. and chairman and CEO of Hunt Oil Co. In January 2001, Hunt was appointed to serve the unexpired portion of a three-year Dallas Fed board term ending Dec. 31, 2001. After serving that term, he was reappointed for another three-year term. Hunt previously served on the Dallas Fed’s board from 1998 to 1999. He resides in Dallas.

Patterson, president of Patterson Investments Inc., was appointed to the Dallas Fed board in January 2000. Patterson has owned and operated Patterson Investments, a real estate investment firm, since 1981. She also has served on the Bank’s San Antonio Branch board. She resides in Dallas.

The Dallas Fed is one of 12 Federal Reserve Banks that operate independently within the U.S. government. The Dallas Fed serves the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico. Established by Congress in 1913, the Federal Reserve System serves as the nation’s central bank to provide a safe and stable monetary and financial system.

For more information on the Federal Reserve Bank of Dallas, visit the Bank’s web site at www.dallasfed.org.

-30-