Nomination of Richard T. Pratt To Be a Member of the Federal Home Loan Bank Board, and Designation as Chairman

The President today announced his intention to nominate Richard T. Pratt to be a member of the Federal Home Loan Bank Board for the remainder of the term expiring June 30, 1981. In addition, Mr. Pratt will be nominated for a new term of 4 years expiring June 30, 1985. Upon confirmation, the President intends to designate Mr. Pratt as Chairman.

Since 1970 Mr. Pratt has served as president of Richard T. Pratt Associates, Inc. He has also been a partner with the firm of Johnson, Pratt and Stewart since 1975. He is a professor of finance, College of Business, University of Utah, and has served in that position since 1973.

Mr. Pratt has consulted with many businesses and the government on financial matters. He was public interest director of the Seattle Federal Home Loan Bank and a member of its Executive Bank Board in 1970-79. He was associate professor of finance, College of Business, University of Utah, in 1966-73 and assistant professor of finance, University of Iowa, in 1965-66.

Mr. Pratt was graduated from the University of Utah (B.S., M.B.A.) and Indiana University (Ph.D.). He was in the Air Force Reserve in 1959. Mr. Pratt is married and has four children. He resides with his family in Salt Lake City, Utah. Mr. Pratt was born in Salt Lake City on February 5, 1937.