May 23, 1988

The President today announced his intention to nominate John P. LaWare, of Massachusetts, District 1, to be a member of the Board of Governors of the Federal Reserve System for a term of 14 years from February 1, 1988. He would succeed Henry C. Wallich.

Since 1978 Mr. LaWare has been chairman and director of Shawmut National Corp. and Shawmut Bank in Boston, MA. He was named chairman and chief executive officer of both the corporation and the bank in 1980. Mr. LaWare joined Chemical Bank & Trust Co. in 1953, serving in various capacities: senior vice president, vice president, assistant vice president and assistant secretary.

Mr. LaWare graduated from Harvard University (B.A., 1950) and the University of Pennsylvania (M.A., 1951). He was born February 20, 1928, in Columbus, WI. He served in the United States Air Force, 1951 - 1953, and the New York Air National Guard, 1954 - 1959. He is married, has two children, and resides in Brookline, MA.