June 28, 2001

CONTACTS:	Elizabeth Masten Federal Reserve Bank of San Francisco	(415) 974-2133
	Greg Gable The Charles Schwab Corporation	(415) 636-5847

Scheid to Represent Fed District in Washington, D.C.

SAN FRANCISCO, June 28, 2001—Charles Schwab & Company executive, Steven L. Scheid, 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 the remainder of 2001. He succeeds Linnet Deily, also of Schwab, who recently was appointed Deputy U.S. Trade Representative.

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.

Mr. Scheid, 48, is Vice Chairman and President of Schwab Retail Group for Charles

Schwab & Co., Inc. where he is responsible for the general investment services, including the

Schwab branch network and call centers, retail specialized services, and electronic brokerage. He joined The Charles Schwab Corporation in 1996 as Chief Financial Officer, and was appointed Vice Chairman and Executive Vice President of Financial Products and Services in 1999.

Previously, Mr. Scheid served as Executive Vice President of Finance and principal financial officer for the former First Interstate Bancorp.

A graduate of Michigan State University and the University of Wisconsin’s

Graduate School of Banking, Mr. Scheid is a director of the Depository Trust & Clearing Corporation, Requisite Technology, Inc., and the New Century Chamber Orchestra of San Francisco. He has served as a director of ten of the thirteen First Interstate Banks, as a member of the Private Sector Council, and the Conference Board’s Council of Financial Services CFOs, and on the advisory board to Texas Southern University’s Business School.

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.

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