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Rubin Names 1998 U.S. Savings Bonds Volunteer Committee

FOR IMMEDIATE RELEASE

January 15, 1998

Treasury Secretary Robert E. Rubin Thursday named Metropolitan Life Insurance Chairman and CEO Harry P. Kamen National Chair of the 1998 U.S. Savings Bonds Committee.

“Volunteers play a crucial role in educating the public about the benefits of savings and Savings Bonds have long helped Americans prepare for the future,” said Secretary Rubin.

Leading the national volunteer effort, Kamen will head the 1998 savings bonds campaign through a committee of 51 business and government executives representing major American industries and metropolitan areas. About seven million individuals buy bonds through the payroll savings plan.

Savings bonds offer all Americans a safe, convenient way to save. Available for as little as $25, bonds pay market-based interest, enjoy federal tax deferral on earnings and are free from state and local income taxes. Some 55 million Americans own savings bonds worth $186 billion. The current interest rate for bonds purchased on or after November 1, 1997 is 5.59%.

The Treasury Department improved Series EE Savings Bonds last May when calculation of interest rates was changed from 85% to 90% of the average yields on five-year Treasury securities for the preceding six months. Series EE bonds purchased after May 1, 1997, increase in value every month rather than every six months and the interest rate is semiannually compounded. Bonds cashed before five years are subject to a three-month interest penalty.

Kamen joined MetLife as an attorney in 1959. He worked in increasingly responsible positions until his appointment as Chairman of the Board and Chief Executive Officer in April 1993. He serves on the Boards of Trustees of Smith College, Carnegie Hall, the American Museum of Natural History, the Jewish Museum and on the Board of Overseers of the School of Arts and Sciences at the University of Pennsylvania. Kamen also serves on the Mayor's Advisory Council of the City of New York.

Kamen succeeds the 1997 National Chair Kenneth T. Derr, Chairman and CEO of the Chevron Corporation.

Following is a list of members of the 1998 U.S. Savings Bonds Volunteer Committee.

NATIONAL CHAIR Harry P. Kamen Chairman and CEO Metropolitan Life Insurance Company One Madison Avenue New York, NY 10010-3690

ADVANCED TECHNOLOGY George M.C. Fisher Chairman and CEO Eastman Kodak Company 343 State Street Rochester, NY 14650-0229

ADVERTISING/PUBLIC RELATIONS John P. McGarry, Jr. President Young & Rubicam Inc. 285 Madison Avenue New York, NY 10017-6486

AEROSPACE Vance D. Coffman CEO and Vice Chairman Lockheed Martin 6801 Rockledge Drive Bethesda, MD 20817

ASSOCIATIONS Daniel J. Maddux Executive Director American Payroll Association 30 East 33rd Street New York, NY 10016-5386

ASSOCIATIONS Donald G. Ogilvie Executive Vice President American Bankers Association 1120 Connecticut Avenue, NW Washington, DC 20036

AUTOMOTIVE *Alexander J. Trotman Chairman of the Board Ford Motor Company The American Road Dearborn, MI 48121

U.S. CHAMBER OF COMMERCE Thomas J. Donohue President and CEO U.S. Chamber of Commerce 1615 H Street, N.W. Washington, DC 20062-2000

CHEMICALS *William H. Joyce Chairman, President and CEO Union Carbide Corporation 39 Old Ridgebury Road Danbury, CT 06817-0001

CITY GOVERNMENT *The Honorable Willie Brown Mayor City of San Francisco City Hall San Francisco, CA 94102

COUNTY GOVERNMENT *The Honorable Chris Hart County Commissioner Hillsborough County Florida Box 1110 Tampa, FL 33601

EDUCATION The Honorable Richard W. Riley Secretary Department of Education 600 Independence Avenue SW Room 6161 Washington, DC 20202

ELECTRONICS *Victor A. DeMarines President and CEO The MITRE Corporation Burlington Road Bedford, MA 01730

FEDERAL GOVERNMENT The Honorable Andrew M. Cuomo Secretary Department of Housing and Urban Development 451 7th Street, SW Washington, DC 20410

HEALTH SERVICES Dennis A. Hall President and CEO Baptist Health System, Inc. 3500 Blue Lake Drive Birmingham, AL 35823

HIGHER EDUCATION *Dr. William H. Cunningham Chancellor The University of Texas System 601 Colorado Street Suite 405, O'Henry Hall Austin, TX 78701-2982

INDUSTRIAL MANUFACTURING *Richard L. Bready Chairman and CEO Nortek, Inc. 50 Kennedy Plaza Providence, RI 02903

LABOR *John J. Sweeney President American Federation of Labor Congress of Industrial Organizations 815 16th Street, NW Washington, DC 20006

MEDIA David Lawrence, Jr. Publisher and Chairman The Miami Herald 1 Herald Plaza Miami, FL 33132

PHARMACEUTICAL Charles A. Heimbold Jr. Chairman and CEO Bristol-Myers Squibb Company 345 Park Avenue New York, NY 10154-0037

PROFESSIONAL SPORTS Tom Lasorda Vice President The Los Angeles Dodgers 1000 Elysian Park Avenue Los Angeles, CA 90012-1199

PUBLIC TRANSPORTATION *Patrick J. Moynihan Secretary of Transportation and MBTA Chairman Commonwealth of Massachusetts 10 Park Plaza Boston, MA 02116-3974

SCHOOLS Dr. Cleveland Hammonds, Jr. Superintendent St. Louis Public Schools 911 Locust Street St. Louis, MO 63101

SENIOR CITIZENS Horace B. Deets Executive Director American Association of Retired Persons 601 E Street, NW Washington, DC 20049

SPECIAL MARKETS-PUERTO RICO OUTREACH Agnes B. Suarez, CPA President Economic Development Bank for Puerto Rico P.O. Box 195009 San Juan, PR 00919-5009

STATE GOVERNMENT *The Honorable Lincoln Almond Governor State of Rhode Island Capitol Hill Providence, RI 02903-1196

STEEL *Paul J. Wilhelm President US Steel Group 600 Grant Street Pittsburgh, PA 15219

VETERANS W. Benny Bachand Assistant Adjutant General Veterans of Foreign Wars of the United States Broadway at 34th Street Kansas City, MO 64111

UTILITIES Craven Crowell Chairman/Board of Directors Tennessee Valley Authority 400 W. Summitt Hill Drive Knoxville, TN 37902

GEOGRAPHIC

ATLANTA Allen Born Chairman and CEO Alumax Inc. 3424 Peachtree Road Atlanta, GA 30309

BALTIMORE **Ivan M. Stern Chairman of the Board and President AlliedSignal Technical Services One Bendix Road Columbia, MD 21045

BOSTON *John P. Hamill President Fleet Bank - Massachusetts 1 Federal Street, 37th Floor Boston, MA 02110

CHICAGO Jerry D. Choate Chairman and CEO The Allstate Corporation 2775 Sanders Road Northbrook, IL 60062-6127

CINCINNATI *William R. Burleigh President and CEO The E.W. Scripps Company 312 Walnut Street, 28th Floor Cincinnati, OH 45202

COLUMBUS *William J. Lhota Executive Vice President American Electric Power 1 Riverside Plaza Columbus, OH 43215-2373

DALLAS Ronald G. Steinhart Chairman and CEO Banc One National Commercial Banking Group P.O. Box 655415 Dallas, TX 75265-5415

DENVER *Richard D. McCormick Chairman and CEO U.S. West, Inc. 7800 E. Orchard Road Englewood, CO 80155

DETROIT Harry Pearce Vice Chairman General Motors Corporation GM Global Headquarters 100 Renaissance Center/P.O. Box 431301 Detroit, MI 48265

FT. WORTH Larry E. Duckworth President and CEO OmniAmerican Federal Credit Union 7800 White Settlement Ft. Worth, TX 76108

KANSAS CITY P.J. Adam Chairman Black & Veatch 1500 Meadowlake Kansas City, MO 64114

MIAMI Roger C. Cuevas Superintendent Dade County Public Schools 1450 N.E. Second Avenue, Suite 923 Miami, FL 33132

MILWAUKEE Roger L. Fitzsimonds Chairman and CEO Firstar Corporation 777 E. Wisconsin Avenue Milwaukee, WI 53202

NEW JERSEY John M. Brophy President and CEO Lockheed Martin IMS Glenpointe Centre East Teaneck, NJ 07666

NEW YORK Frank N. Newman Chairman of the Board and CEO Bankers Trust Company 130 Liberty Street, 34th Floor New York, NY 10006

PHILADELPHIA Benjamin Fiore Vice President and General Manager Raytheon Engineers & Constructors, Inc. 30 S. 17th Street Philadelphia, PA 19101

PITTSBURGH *Thomas W. Golonski President and CEO National City Bank of Pennsylvania National City Bank Center, 20 Stanwix St. Pittsburgh, PA 15222-4802

PORTLAND Larry B. Ogg Area Executive Bank of America Bank of America Financial Center 121 Southwest Morrison Street Portland, OR 97204

SAN FRANCISCO James N. Sullivan Vice Chairman Chevron Corporation 575 Market Street, 40th Floor San Francisco, CA 94105

ST. LOUIS **Nicholas L. Reding Vice Chairman Monsanto Company 800 N. Linbergh Blvd. St. Louis, MO 63167

SEATTLE James A. Washam District President Seattle/Bellevue District Keybank 700 Fifth Avenue Seattle, WA 98111-0090

TAMPA BAY Kenneth E. Hyatt Chairman, President and CEO Walter Industries, Inc. 1500 N. Dale Mabry Highway Tampa, FL 33607

WASHINGTON, DC Paul V. Lombardi President and CEO DynCorp 2000 Edmund Halley Drive Reston, VA 20191

*Second-year on Committee **Third-year on Committee