Tony Chase Resigns Federal Reserve Bank to Focus on U.S. Economy with Barack Obama

Business Wire, July 7, 2008

HOUSTON -- Tony Chase announced his resignation today as Deputy Chairman & Director of the Federal Reserve Bank of Dallas to campaign more actively for Democratic presidential candidate Barack Obama.

In a letter to Federal Reserve Chairman Ben Bernanke, Chase states he can make an even greater contribution toward restoring America's economic stability and promoting job growth through active participation in the general election campaign.

Federal Reserve System guidelines prohibit directors from participating in partisan political activity. Former Fed Deputy Chairman Henry Cisneros resigned in 1992 prior to Bill Clinton's election and Dallas oilman Ray L. Hunt resigned prior to the election of George W. Bush.

Chase was a Federal Reserve Bank Director for approximately seven years. After serving with the Houston Branch, in 2004, he joined the Dallas Board and was appointed Deputy Chairman by the Board of Governors in 2006.

Chase owns ChaseSource, a Houston-based staffing & recruiting firm, and sold ChaseCom to AT&T Corporation in 2007. He is also a Professor of Law at the University of Houston Law Center.