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Last Updated: 02/18/04

News Release

Richard D. Porter Named Senior Policy Advisor at Chicago Fed

CHICAGO - The board of directors of the Federal Reserve Bank of Chicago announced today the appointment of Richard D. Porter as senior policy advisor.

Mr. Porter will assume leadership of the Bank's payments study group in May and will report to Senior Vice President and Director of Research Charles L. Evans. He will also serve as senior advisor to Chicago Fed President Michael H. Moskow on payments system policy, supporting Moskow's role as a member of the Federal Reserve's Payments System Development Committee.

Mr. Porter currently serves as a senior adviser at the division of monetary affairs at the Board of Governors of the Federal Reserve System in Washington. In that position, he has responsibility for the division's automation, economist recruiting and the research program.

Mr. Porter will succeed Senior Vice President Edward J. Green, who is leaving the Bank later this year to assume a teaching position at Pennsylvania State University in State College. Green currently leads the Chicago Fed's payments study group. He also oversees the financial markets and payments system risk group, which is being merged immediately with the banking and financial regulation group led by Vice President Douglas D. Evanoff.

Until December 2001, Mr. Porter was line officer for the monetary studies section at the Board of Governors, the Board's primary research section on monetary policy issues. From 1994 to 2001, he was a deputy associate director overseeing that section. Before that, he was assistant director and chief of the monetary studies and the econometric and computer applications sections. He joined the Federal Reserve Board's division of research and statistics in 1973 after serving two years as a visiting professor at the Board.

Prior to joining the Federal Reserve Board, Mr. Porter was an assistant professor of economics at Ohio State University in Columbus, Ohio.

Mr. Porter received a bachelor's degree in history and master's and doctorate degrees in economics from the University of Wisconsin-Madison.

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participating in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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