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Summer 2005458Federal Reserve Bulletin Summer 2005Federal Reserve Board of Governorsand Official StaffAugust 16,2005ALAN GREENSPAN, ChairmanROGER W. FERGUSON, JR., ViceChairmanSUSAN SCHMIDT BIESMARK W. OLSONOFFICE OF BOARD MEMBERSDIVISION OF BANKING SUPERVISIONMICHELLE A. SMITH, DirectorAND REGULATION—CONTINUEDWINTHROP P. HAMBLF.Y, Assistant to the Board andSTACY COLEMAN, Assistant DirectorDirector for Congressional LiaisonROSANNA PIANALTO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMORE, Special Assistant to the BoardLARICKE D. BLANCH ARD, Special Assistant to the Boardfor Congressional LiaisonROBERT M. PRIBBI.E, Special Assistant to the Boardfor Congressional LiaisonJON D. GREENLF.E, Assistant DirectorLEGAL DIVISIONTHOMAS A. CONNORS, Senior Associate DirectorSCOTT G. ALVAREZ, General CounselRICHARD T. FREEMAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserWALT H. MILES, Assistant DirectorWILLIAM F. TREACY, Assistant DirectorSTEPHEN M. ROBERTS, AdviserDIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, DirectorDAVID H. HOWARD, Deputy DirectorRICHARD M. ASHTON, Deputy General CounselKATHLEEN M. O'DAY, Deputy General CounselSTEPHANIE MARTIN, Associate General CounselANN E. MISBACK, Associate General Counsel{CATHERINE H. WHEATLEY, Associate General CounselKIERAN J. FALLON, Assistant General Counsel.STEPHEN HORACE MEYER, Assistant General CounselPATRICIA A. ROBINSON, Assistant General CounselCARY K. WILLIAMS, Assistant General CounselJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorMICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant DirectorDIVISION OF RESEARCH AND STATISTICSOFFICE OF THE SECRETARYJENNIFER J. JOHNSON, Secretary'DAVID J. STOCKTON, DirectorPATRICK M. PARKINSON, Deputy DirectorDAVID W. WILCOX, Deputy DirectorROBERT DEV. FRIERSON, Deputy SecretaryMARGARET M. SHANKS, Associate SecretaryMYRON L. KWAST, Senior Associate DirectorDIVISION OF BANKING SUPERVISIONAND REGULATIONSTEPHEN D. OLINER, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorRICHARD SPILLENKOTHEN, DirectorALICE PATRICIA WHITE, Associate DirectorSTEPHEN M. HOFFMAN, JR., Deputy DirectorJOYCE K. ZICKLER, Associate DirectorROGER T. COLE, Senior Associate DirectorS. WAYNE PASSMORE, Deputy Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorJANICE SHACK-MARQUEZ, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJACK P. JENNINGS, Associate DirectorROBIN L. LUMSDAINE, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM C. SCHNEIDER, JR., Deputy Associate DirectorWILLIAM G. SPANIEL, Deputy Associate DirectorDigitized for FRASERhttp://fraser.stlouisfed.org/Federal Reserve Bank of St. LouisMICHAEL S. CRINGOLI, Assistant DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorROBIN A. PRAGER, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior AdviserTHOMAS D. SIMPSON, Senior Adviser

Summer 2005459DONALD L. KOHNDIVISION OF MONETARY AFFAIRSDIVISION OF INFORMATION TECHNOLOGYVINCENT R. REINHART, DirectorMARIANNE M. EMERSON, DirectorBRIAN F. MADIGAN, Deputy DirectorMAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH,'AssistantDirectorATHANASIOS ORPHANIDES, AdviserDEBORAH J. DANKER, Special Assistant to the BoardDIVISION OF CONSUMERAND COMMUNITY AFFAIRSSANDRA F. BRAUNSTEIN, DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant DirectorDIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMSGLENN E. LONEY, Deputy DirectorLOUISE L. ROSEMAN, DirectorADRIENNE D. HURT, Associate Counsel and AdviserJEFFREY C. MARQUARDT, Deputy DirectorPAUL W. BETTGE, SR., Associate DirectorKENNETH D. BUCKLEY, Associate DirectorJACK K. WALTON II, Associate DirectorIRENE SHAWN MCNULTY, Senior AdviserMARY T. JOHNSEN, Associate DirectorTONDA E. PRICE, Associate DirectorSUZANNE G. KILLIAN, Assistant DirectorJAMES A. MICHAELS, Assistant DirectorOFFICE OF STAFF DIRECTORFOR MANAGEMENTSTEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior AdviserDOROTHY LACHAPELLE, Deputy Associate DirectorGREGORY L. EVANS, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorMICHAEL J. LAMBERT, Assistant DirectorJEFF J. STEHM, Assistant DirectorOFFICE OF THE INSPECTOR GENERALBARRY R. SNYDER, Inspector GeneralMANAGEMENT DIVISIONH. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPICER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant DirectorDigitized for FRASERhttp://fraser.stlouisfed.org/Federal Reserve Bank of St. LouisDONALD L. ROBINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURANCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

Fall 2005532Federal Reserve Bulletin Autumn 2005Federal Reserve Board of Governorsand Official StaffNovember 1,2005ALAN GREENSPAN, ChairmanROGER W. FERGUSON, JR., ViceChairmanSUSAN SCHMIDT BIESMARK W. OLSONOFFICE OF BOARD MEMBERSDIVISION OF BANKING SUPERVISIONMICHELLE A. SMITH, DirectorAND REGULATION—CONTINUEDWINTHKOP P. HAMBLEY, Assistant to the Board andWILLIAM G. SPANIEL, Deputy Associate DirectorDirector for Congressional LiaisonROSANNA PIANAI.TO-CAMERON, Special Assistant to the BoardDAVID W. SKIDMOKE, Special Assistant to the HoardLARICKE D. BLANCHARD, Special Assistant to the Boardfor Congressional LiaisonBRIAN J. GROSS, Special Assistant to the Boardfor Congressional LiaisonROBERT M. PRIBBLE, Special Assistant to the Boardfor Congressional LiaisonLEGALDIVISIONSCOTT G. ALVAREZ, General CounselRICHARD M. ASHTON, Deputy General CounselKATHLEEN M. O'DAY, Deputy General CounselSTEPHANIE MARTIN, Associate General CounselANN E. MISBACK, Associate General CounselKATHERINK H. WHEATI.EY, Associate General CounselKIERAN J. FAI.LON, Assistant General CounselSTACY COLEMAN, Assistant DirectorJON D. GREP.NI.EE, Assistant DirectorWALT H. MILES, Assistant DirectorWILLIAM F. TRF.ACY, Assistant DirectorSTEPHEN M. ROBERTS, AdviserDIVISION OF INTERNATIONAL FINANCEKAREN H. JOHNSON, DirectorTHOMAS A. CONNORS, Senior Associate DirectorRICHARD T. FREE.MAN, Associate DirectorSTEVEN B. KAMIN, Associate DirectorWILLIAM L. HELKIE, Senior AdviserDALE W. HENDERSON, Senior AdviserJON W. FAUST, Assistant DirectorJOSEPH E. GAGNON, Assistant DirectorMICHAEL P. LEAHY, Assistant DirectorD. NATHAN SHEETS, Assistant DirectorRALPH W. TRYON, Assistant DirectorSTEPHEN HORACE MEYER, Assistant General CounselPATRICIA A. ROBINSON, Assistant General CounselCARY K. WILLIAMS, Assistant General CounselDIVISION OF RESEARCH AND STATISTICSOFFICE OF THE SECRETARYPATRICK M. PARKINSON, Deputy DirectorDAVID W. WILCOX, Deputy DirectorJENNIFER J. JOHNSON, SecretaryMYRON L. KWAST, Senior Associate DirectorROBERT DEV. FRIERSON, Deputy SecretaryMARGARET M. SHANKS, Associate SecretarySTEPHEN D. OI.INER, Associate DirectorLAWRENCE SLIFMAN, Associate DirectorCHARLES S. STRUCKMEYER, Associate DirectorDIVISION OF BANKING SUPERVISIONAND REGULATIONALICE PATRICIA WHITE, Associate DirectorRICHARD SPILLENKOTHEN, DirectorSTEPHEN M. HOFFMAN, JR., Deputy DirectorROGER T. COLE, Senior Associate DirectorMICHAEL G. MARTINSON, Senior AdviserDEBORAH P. BAILEY, Associate DirectorNORAH M. BARGER, Associate DirectorBETSY CROSS, Associate DirectorGERALD A. EDWARDS, JR., Associate DirectorJACK P. JENNINGS, Associate DirectorROBIN L. LUMSDAINE, Associate DirectorPETER J. PURCELL, Associate DirectorMOLLY S. WASSOM, Associate DirectorDAVID M. WRIGHT, Associate DirectorBARBARA J. BOUCHARD, Deputy Associate DirectorANGELA DESMOND, Deputy Associate DirectorJAMES A. EMBERSIT, Deputy Associate DirectorCHARLES H. HOLM, Deputy Associate DirectorWILLIAM C. SCHNEIDER, JR., Deputy Associate DirectorDigitized for FRASERhttp://fraser.stlouisfed.org/Federal Reserve Bank of St. LouisDAVID J. STOCKTON, DirectorJOYCE K. ZICKLER, Associate DirectorS. WAYNE PASSMORE, Deputy Associate DirectorDAVID L. REIFSCHNEIDER, Deputy Associate DirectorJANICE SHACK-MARQUEZ, Deputy Associate DirectorWILLIAM L. WASCHER III, Deputy Associate DirectorMICHAEL S. CRINGOLI, Assistant DirectorDOUGLAS ELMENDORF, Assistant DirectorMICHAEL GIBSON, Assistant DirectorDIANA HANCOCK, Assistant DirectorJ. NELLIE LIANG, Assistant DirectorROBIN A. PRAGHR, Assistant DirectorDANIEL SICHEL, Assistant DirectorMARY M. WEST, Assistant DirectorGLENN B. CANNER, Senior AdviserDAVID S. JONES, Senior AdviserTHOMAS D. SIMPSON, Senior Adviser

Fall 2005533DONALD L. KOHNDIVISION OF MONETARY AFFAIRSDIVISION OF INFORMATION TECHNOLOGYVINCENT R. RHINHART, DirectorMARIANNE M. EMERSON, DirectorBRIAN F. MADIGAN, Deputy DirectorMAUREEN T. HANNAN, Deputy DirectorTILLENA G. CLARK, Assistant DirectorGEARY L. CUNNINGHAM, Assistant DirectorWAYNE A. EDMONDSON, Assistant DirectorJAMES A. CLOUSE, Deputy Associate DirectorWILLIAM C. WHITESELL, Deputy Associate DirectorCHERYL L. EDWARDS, Assistant DirectorWILLIAM B. ENGLISH, Assistant DirectorATHANASIOS ORPHANIDF.S, AdviserDEBORAH J. DANKER, Special Assistant to the BoardDIVISION OF CONSUMERAND COMMUNITY AFFAIRSSANDRA F. BRAUNSTEIN, DirectorGLENN E. LONEY, Deputy DirectorPo KYUNG KIM, Assistant DirectorSUSAN F. MARYCZ, Assistant DirectorSHARON L. MOWRY, Assistant DirectorRAYMOND ROMERO, Assistant DirectorJILL ROSEN, Assistant DirectorDIVISION OF RESERVE BANK OPERATIONSAND PAYMENT SYSTEMSADRIENNE D. HURT, Associate Counsel and AdviserLOUISE L. ROSEMAN, DirectorIRENE SHAWN MCNULTY, Senior AdviserJEFFREY C. MARQUARDT, Deputy DirectorLEONARD CHANIN, Associate DirectorMARY T. JOHNSEN, Associate DirectorTONDA E. PRICE, Associate DirectorSUZANNE G. KILLIAN, Assistant DirectorSHEILA F. MAITH, Assistant DirectorJAMES A. MICHAELS, Assistant DirectorPAUL W. BETTGE, Senior Associate DirectorOFFICE OF STAFF DIRECTORFOR MANAGEMENTSTEPHEN R. MALPHRUS, Staff DirectorSHEILA CLARK, EEO Programs DirectorLYNN S. FOX, Senior AdviserKENNETH D. BUCKLEY, Associate DirectorDOROTHY LACHAPEI.LE, Associate DirectorJACK K. WALTON II, Associate DirectorGREGORY L. EVANS, Assistant DirectorJOSEPH H. HAYES, JR., Assistant DirectorLISA HOSKINS, Assistant DirectorMICHAEL J. LAMBERT, Assistant DirectorMICHAEL J. STAN, Assistant DirectorJEFF J. STEIIM, Assistant DirectorOFFICE OF THE INSPECTOR GENERALBARRY R. SNYDER, Inspector GeneralMANAGEMENT DIVISIONH. FAY PETERS, DirectorDARRELL R. PAULEY, Deputy DirectorSTEPHEN J. CLARK, Senior Associate DirectorCHRISTINE M. FIELDS, Associate DirectorMARSHA W. REIDHILL, Associate DirectorBILLY J. SAULS, Associate DirectorDONALD A. SPICER, Associate DirectorCHARLES O'MALLEY, Assistant DirectorJAMES RIESZ, Assistant DirectorDigitized for FRASERhttp://fraser.stlouisfed.org/Federal Reserve Bank of St. LouisDONALD L. ROHINSON, Deputy Inspector GeneralELIZABETH A. COLEMAN, Assistant Inspector GeneralLAURENCE A. FROEHLICH, Assistant Inspector GeneralWILLIAM L. MITCHELL, Assistant Inspector General

STEVEN B. KAMIN, Associate Director WILLIAM L. HELKIE, Senior Adviser DALE W. HENDERSON, Senior Adviser JON W. FAUST, Assistant Director JOSEPH E. GAGNON, Assistant Director WILLENE A. JOHNSON, Adviser MICHAEL P. LEAHY, Assistant Director D. NATHAN SHEETS, Assistant Director RALPH W. TRYON, Assistant Director DIVISION OF RESEARCH AND STATISTICS