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November 15, 2006

Richmond Fed Directors Re-appoint Federal Advisory Council Member

Richmond, VA

The Federal Reserve Bank of Richmond's Board of Directors has made the following re-appointment, effective Jan. 1, 2007:

G. Kennedy Thompson — Chairman, President and Chief Executive Officer, Wachovia Corp., Charlotte, N.C. — was re-appointed to a third term as the Fifth Federal Reserve District's representative on the Federal Advisory Council.

The Federal Advisory Council, composed of a representative from each of the 12 Federal Reserve Districts, confers periodically with the Board of Governors of the Federal Reserve System on business conditions and issues related to the banking industry. It also makes recommendations regarding System policies. Representatives are selected annually by the board of directors of each Reserve Bank.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.


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Jim Strader
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