January 21, 1987

The President today announced his intention to nominate Edward W. Kelley, Jr., of Texas, District 11, to be a member of the Board of Governors of the Federal Reserve System for the unexpired term of 14 years from February 1, 1976. He would succeed Emmett John Rice.

Since 1981 Mr. Kelley has been chairman of the board, Investment Advisors, Inc., in Houston, TX. In addition, he currently is chairman of the board of the Shoreline Companies, Inc., and director of Texas Industries, Inc. Previously he was president and chief executive officer of Kelley Industries, Inc., 1959 - 1981. Mr. Kelley has served as a director of the following banks: Southern National Bank, 1961 - 1972; Westwood Commerce Bank, 1974 - 1982; and West Belt National Bank, 1982 - 1984.

Mr. Kelley graduated from Rice University (B.A., 1954) and Harvard Business School (M.B.A., 1959). He is married, has three children, and resides in Houston, TX. Mr. Kelley was born January 27, 1932, in Eugene, OR.