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FED ERAL R E SE R V E BAN K O F N E W YO R K r Circular No. 8 7 2 3 1 L December 31, 1979 J Board of Directors T o th e M e m b e r B a n k s o f th e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : 1 he B o a r d o f G o v e rn o rs o f the F e d e r a l R e se r v e S y ste m h a s r e d e sig n a te d R o b e r t H . K n i g h t a s C h a ir m a n o f the B o a r d an d F e d e r a l R e se r v e A g e n t f o r the y e a r 1980. M r. K n ig h t is a p a r tn e r in the N e w Y o r k law firm o f S h e a rm a n & S te r lin g . H e h a s been se r v in g a s a c la s s C d ire c to r sin ce F e b r u a r y 1976 an d a s C h a ir m a n an d F e d e r a l R e se r v e A g e n t sin ce J a n u a r y 1 9 7 8 ; he a lso se rv ed a s D e p u ty C h a ir m a n in 1976 an d 1977. T h e B o a r d o f G o v e rn o rs h a s reap p o in ted B o r i s Y a v i t z a s a c la ss C d ire c to r o f th is B a n k fo r the th re e-y e ar term e n d in g D e ce m b e r 31, 1982 an d a s D e p u ty C h a irm a n fo r the y e a r 1980. D r Y a v itz is D e a n o f the G r a d u a te Sch o o l o f B u sin e ss a t C o lu m b ia U n iv e r sity . H e h a s been s e r v in g a s a c la ss C d ire c to r sin ce Ju n e 1977 an d a s D e p u ty C h a irm a n sin ce J a n u a r y 1978. T h o m a s M. T im l e n , First Vice President.
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