December 19, 2000

CONTACTS:	Elizabeth Masten Federal Reserve Bank of San Francisco	(415) 974-2133
	Pamela Matthews Catellus Development Corporation	(415) 974-4616
	Molly Marr Semiconductor Industry Association	(408) 573-6612

Rising, Scalise, Named To Top Leadership At San Francisco Fed

SAN FRANCISCO, December 19, 2000 - California real estate developer, Nelson C. Rising, and semiconductor industry executive, George M. Scalise, have been designated Chairman of the Board and Deputy Chairman, respectively, of the Federal Reserve Bank of San Francisco for 2001 by the central bank's Board of Governors in Washington, D.C.

Mr. Rising, 59, is Chairman and Chief Executive Officer of San Francisco-based Catellus Development Corporation, one of the nation's largest real estate operating companies. Catellus develops and manages industrial, office, retail, residential, and mixed-use properties, the majority of which are located in California, and others in Chicago, Dallas, Denver, Phoenix, and Portland.

Mr. Rising was first appointed to the Reserve Bank's board in 1998, and was named Deputy Chairman in 1999 and 2000. He succeeds Gary G. Michael, Chairman and Chief Executive Officer, Albertson's, Inc., Boise, Idaho, who served as the Bank's Chairman of the Board since 1998.

Mr. Scalise, 66, is President of the Semiconductor Industry Association in San Jose, a trade association for more than 80-member companies which comprise 90% of U.S.-based semiconductor production. Mr. Scalise was elected by Fed member banks to the Reserve Bank's board this year, and now has been appointed by the Board of Governors to fill an unexpired term through 2002. Mr. Scalise succeeds Mr. Rising as the Bank's Deputy Chairman.

Mr. Rising graduated in economics from the University of California at Los Angeles, and received a juris doctor from UCLA's School of Law, where he also was managing editor of its law review. He had spent the majority of his career in real estate development and management, mainly in Southern California, before being named head of Catellus Development Corporation in 1994. Active in business and community affairs, Mr. Rising currently is Chairman of the Real Estate Roundtable, on the Executive Committee of the Bay Area Council and the San Francisco Partnership, and has served as Chairman of the Los Angeles Central City Association.

Following thirty years in the electronics industry at such industry giants as Motorola, Fairchild Semiconductor, Advanced Micro Devices, Maxtor, and Apple Computer, Mr. Scalise was elected in 1997 to lead the Semiconductor Industry Association. A graduate of Purdue University in mechanical engineering, he is a director of Cadence Design Systems and Network Equipment Technology, and has served as Chairman of the Secretary of Energy's Advisory Board, and a director of Sematech, the Foreign Policy Association, the Bay Area Economic Forum, and the San Jose Cleveland Ballet.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices at Los Angeles, Portland, Salt Lake City, and Seattle. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government. Head office directors are responsible for overseeing Reserve Bank operations, selecting the Reserve Bank president, providing details of economic trends in their regions, and advising the Bank's president and Board of Governors of the Federal Reserve System on the general direction of monetary policy by establishing the Bank's discount rates.