Clinton Selects Bank Executive for Fed Post

As expected, President Clinton chose Carol Parry, a bank executive with a experience in community development issues key to his economic agenda, for a seat on the Federal Reserve’s board of governors. Parry, 58, would take the position vacated by Susan Phillips, one of two open seats on the seven-member board. Parry would be the first banker to sit on the board since John LaWare stepped down in April 1995. “I’m delighted to be nominated . . . and I hope I can bring some banking expertise to the Federal Reserve Board,” Parry said. She declined to discuss her views of U.S. interest rate policy. Parry retired in June as executive vice president at Chase Manhattan Corp. She was head of Chase’s Community Development Group and had headed bank divisions lending to small and medium-sized businesses. Parry’s nomination will require Senate confirmation.