[18327]
December 14, 2004
TO: BOARD OF GOVERNORS No. 84-04
CEOS
INDEPENDENT DIRECTORS COUNCIL No. 15-04
PRIMARY CONTACTS - MEMBER COMPLEX No. 104-04
RESEARCH COMMITTEE No. 28-04
RE: CHIEF ECONOMIST
I am writing to inform you that John Rea, Vice President and Chief Economist, will be
retiring at the end of the year. John joined the Institute in 1994. During his tenure at the
Institute, John has built an outstanding Research Department that is widely recognized for the
quality, integrity and credibility of its research in support of our policy and public
communications activities.
I am pleased to announce that Brian Reid, currently Assistant Vice President and Deputy
Chief Economist, will succeed John as Chief Economist. Brian has a Ph.D. in economics from
the University of Michigan and joined the Institute in 1996 from the Monetary Affairs Division
of the Federal Reserve Board staff. Brian has been integral to the Research Department’s
activities for many years and is well positioned to build upon its success.
Please join me in wishing John the very best upon his retirement and congratulating
Brian on his new responsibilities.
Paul Schott Stevens
President