WASHINGTON (MNI) – The following was issued Wednesday morning by
the Federal Reserve:

The Federal Reserve Board on Wednesday announced the appointment of
Michael S. Gibson as director of the Division of Banking Supervision and
Regulation, effective January 1, 2012.

Gibson, a deputy director in the Boards Division of Research and
Statistics with an expertise in risk management and financial markets,
succeeds Patrick M. Parkinson. Parkinson is retiring after more than 30
years of service with the Board.

The division develops regulatory policy and oversees the
supervision of state member banks; bank, financial, and savings and loan
holding companies and their subsidiaries; and U.S. branches and agencies
of foreign banking organizations. The director of the division
represents the Federal Reserve on the Basel Committee on Banking
Supervision and works closely with officials from other U.S. and
international government agencies on bank oversight issues.

Gibson is an economist who began his career at the Federal Reserve
in 1992 in the Banking Section of the Division of International Finance.
He moved to the Trading Risk Analysis Section in the Division of
Research and Statistics in 1999 and was selected chief of that section
in 2000. Earlier this year, Gibson was promoted to deputy director, with
responsibility for the division’s financial functions.

Gibson represents the Basel Committee as co-chair of a working
group that is developing a proposal for globally consistent margin
requirements on uncleared derivatives and has also participated in a
U.S. interagency group working on margin requirements for uncleared
swaps. During the past several years he has coordinated the Federal
Reserve staffs support for the Boards participation on the Financial
Stability Board.

Gibson holds a Ph.D. in economics from the Massachusetts Institute
of Technology and a B.A. in economics from Stanford University.

“Mike’s expert knowledge of risk management and financial markets
make him an excellent choice at a time when we are drawing on a wide
range of expertise in bank supervision and regulation to focus not just
on the health of individual institutions, but on the financial system as
a whole,” Federal Reserve Board Chairman Ben S. Bernanke said.

Parkinson joined the Board in 1980 as an economist in the Division
of International Finance and served in a number of senior positions in
other divisions, including in Research and Statistics and in Banking
Supervision and Regulation. In those roles, he made a number of
important contributions, including being a key player in the development
of liquidity facilities set up by the Federal Reserve to help stabilize
financial markets during the recent financial crisis. He served as an
adviser to the Chairman on issues considered by the Presidents Working
Group on Financial Markets from 1993 until 2009, when Parkinson was
named the director of the Division of Banking Supervision and
Regulation.

“Pat has been an exemplary leader, helping to build a more
multidisciplinary and analytical approach to supervision and regulation,
including instituting annual capital planning and stress tests for major
financial institutions and helping to forge strong international
agreements on bank capital through his participation on the Basel
Committee,” Chairman Bernanke said. “His important contributions during
the past two years have added to an already distinguished career at the
Federal Reserve.”

** Market News International Washington Bureau: 202-371-2121 **

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