2002 News Releases

For immediate release:
October 28, 2002

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

Dallas Fed Board of Directors 2003 Chairman and Deputy Chairman Announced

DALLAS—The Federal Reserve Board of Governors has appointed Ray L. Hunt chairman and reappointed Patricia M. Patterson deputy chairman of the Federal Reserve Bank of Dallas board of directors for 2003. The appointments are effective Jan. 1.

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 Jan. 1, 1998, to March 1, 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 served on the Dallas Fed’s San Antonio Branch Board from Jan. 1, 1987, to July 28, 1987. She resides in Dallas.

Each Federal Reserve Bank has a nine-member board of directors. Three members represent commercial banks, three represent the public and three are appointed by the Board of Governors in Washington, D.C. Of the three latter appointees, one is designated chairman and another deputy chairman.

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 our web site at www.dallasfed.org.

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