Contact: Media Representative 612-204-5261 Date: December 22, 1999 FOR IMMEDIATE RELEASE

Whitman Named to Minneapolis Fed
Board of Directors

MINNEAPOLIS—Linda Hall Whitman, president, Ceridian Performance Partners, Minneapolis, Minn., was named Class C director of the Federal Reserve Bank of Minneapolis, beginning Jan. 1, 2000.

Whitman has been president of Ceridian Performance Partners since 1996. Prior to that position, she was vice president of business integration for Ceridian Corp. in 1995. For the previous 14 years she held various management positions at Honeywell Inc., including vice president of the consumer business group from 1990-1995. She serves on the boards of MTS Systems Corp., the Science Museum of Minnesota and the Minnesota Visiting Nurse Association. She is also a member of the Minnesota Women's Economic Roundtable and the Committee of 200. She has a doctorate in educational administration and a master's degree in social work from the University of Minnesota. She also holds a bachelor's degree in special education and a master's degree in psychology and education from the University of Michigan.

The Minneapolis Fed's nine-member board is grouped into three classes. Class A and B directors are elected by member banks. The Board of Governors of the Federal Reserve System in Washington, D.C., appoints three Class C directors and designates one of its appointees as chairman and a second as deputy chairman. Three directors are bankers while the other six represent large corporations, small business, education, industry, agriculture or consumer interests.

The responsibilities of directors are broad, ranging from overseeing the general operations of the Reserve bank to reporting on district economic conditions. This information helps prepare the Reserve bank president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.

As one of the 12 Federal Reserve Banks, the Federal Reserve Bank of Minneapolis contributes to a variety of Federal Reserve System functions, including operation of a nationwide payments system, distribution of the nation’s currency and coin, supervision and regulation of member banks and bank holding companies, and serving as a fiscal agent for the U.S. Treasury. Additionally, the president of Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors. Together with its branch in Helena, Mont., the Minneapolis Fed serves the Ninth Federal Reserve District, which includes Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.

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