In Brief: Former Reagan Adviser To Lead St. Louis Fed

Brown University economics professor William Poole has been named president of the Federal Reserve Bank of St. Louis.

Mr. Poole, 60, a former member of President Reagan's Council of Economic Advisers, was selected by the St. Louis bank's board of directors and confirmed by the Fed's board of governors in Washington. He is scheduled to take office on March 23.

During a conference call with reporters after his appointment was announced Thursday, he emphasized the Fed's role as a banking superviser and provider of check clearing and other services.

"The Fed is a regulatory agency, but our aim is not to make life difficult for banks," Mr. Poole said.

"The key on the supervisory side is to make sure banks have adequate capital and management and shareholders have the right incentives to run the bank safely and soundly," he said.

Mr. Poole began his career in 1964 with the Federal Reserve Board, where he rose to senior economist in five years. He has been a member of the Shadow Open Market Committee and an adjunct scholar at the Cato Institute.

Mr. Poole plans to begin meeting "as soon as I can" with bankers as well as business and civic leaders in the St. Louis Fed district, which spans seven midwestern and southeastern states.

-Dean Anason

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