December 20, 2000

CONTACTS:	Elizabeth Masten Federal Reserve Bank of San Francisco	(415) 974-2133
	Greg Gable Vice President, Corporate Communications Charles Schwab Corporation San Francisco	(415) 636-5847

DEILY TO REPRESENT FED DISTRICT IN WASHINGTON, D.C.

SAN FRANCISCO, December 20, 2000 – Charles Schwab Corporation executive, Linnet F. Deily, has been selected by the directors of the Federal Reserve Bank of San Francisco to serve as the bank's member of the Federal Advisory Council in Washington, D.C. for 2001. She succeeds Walter A. Dods, Jr. of BancWest Corp, Honolulu, Hawaii.

The Council is comprised of a representative from each of the twelve Reserve Bank districts, and meets quarterly with the Board of Governors of the Federal Reserve System. The members provide the System with an evaluation of the state of business on a regional basis, and serve as a sounding board for various System ideas and proposals.

Mrs. Deily, 54, joined Schwab in 1997 as Enterprise President of Schwab Institutional Services for Investment Managers, following twenty-three years in banking. In 1998, she was elected President of the Retail Group, and then this year, as Vice Chairman, Office of the President, and Member of the Executive Committee. Mrs. Deily’s current responsibilities include helping to lead Schwab’s strategic direction and facilitating client-focused, company-wide integration of the corporation’s various enterprises and acquisitions. Among those acquisitions this year was U.S. Trust Corporation which operates bank, thrift and trust subsidiaries in several states, and this decision resulted in the Charles Schwab Corporation becoming a financial holding company with a Federal Reserve supervisory relationship.

A fourth generation Texan, Mrs. Deily is a graduate of the University of Texas at Austin, and received a master’s degree in international management from the University’s campus in Dallas. She began her banking career with Republic National Bank of Dallas in 1974, and joined First Interstate Bancorp in 1981. Following a number of successful assignments, Mrs. Deily was appointed President of First Interstate Bank of Texas in 1988, and subsequently was elected Chief Executive Officer and Chairman, positions which she held until 1996. During this time, she also carried responsibility for the line management of First Interstate’s branches throughout the Western United States, the corporation’s government affairs, and other duties as a member of its Executive Operating Committee.

Active in community and business affairs, Mrs. Deily is a past National President of the Committee of 200, a former Regent of the University of Texas System, past Chairman of Central Houston, former member of The Bankers Roundtable and director of the Consumer Bankers Association. Currently, she is a trustee of the Museum of Fine Arts in Houston, and a director of the Women’s Museum in Dallas, Catalyst in New York, the American Conservatory Theater in San Francisco, and Reliant Energy, one of the nation’s major utility companies.

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.