NEWS RELEASE 4/14/06

The Financial Accounting Foundation Appoints Susan M. Phillips, Dean of The George Washington University School of Business and Former Federal Reserve Governor, to FAF Board of Trustees

Norwalk, CT, April 14, 2006—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF), today announced that Susan M. Phillips has been appointed to the FAF Board of Trustees. Dr. Phillips is Dean of The George Washington University (GW) School of Business, where she also is a professor of finance. Dr. Phillips is a former member of the Board of Governors of the Federal Reserve System and former chair of the Commodities Futures Trading Commission.

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation also is responsible for selecting the members of both Boards and their respective Advisory Councils.

Dr. Phillips has been Dean and Professor of Finance at the GW School of Business since 1998. Her area of specialization includes monetary policy, regulation and supervision of financial institutions, derivatives, financial management, and economic theory of regulation. She serves on the Boards of Directors of the State Farm Mutual Automobile Insurance Company, the Kroger Company, the Chicago Board of Options Exchange, and the National Futures Association.

”We are very pleased to appoint Susan Phillips to the FAF Board of Trustees,” said Robert E. Denham, Chairman of the FAF Board of Trustees. ”Susan joins the FAF with distinguished academic and professional credentials and superb insight into the functioning of our economy. She will be a valued resource to the FASB and GASB in their mission to improve financial reporting.”

Prior to joining GW in 1998, Dr. Phillips was a member of the Board of Governors of the Federal Reserve System from December 1991 through June 1998. Before that, she served as Vice President for Finance and University Services and as Professor of Finance at the University of Iowa. In 1981, Dr. Phillips was appointed to membership on the Commodity Futures Trading Commission, becoming chair of that organization in 1983.

Dr. Phillips is the winner of several awards for her research, including the Chicago Board of Options Exchange Pomerance Prize for outstanding research in options. She also has served as a Brookings Economic Policy Fellow and as an SEC Economic Policy Fellow.

The FAF Board of Trustees is comprised of 16 members: 3 with experience as certified public accountants, 2 as financial executives, 1 as an investment professional, 1 as an accounting educator, 1 as an investment banker, 3 as state and local governmental officials, and 5 "at-large" Trustees. Dr. Phillips will serve as an "at-large" Trustee.

Nominating organizations to the FAF include the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Institute of Management Accountants, (IMA), the CFA Institute, the American Accounting Association, the Securities Industry Association (SIA), the National Association of State Auditors, Comptrollers, and Treasurers (NASACT), and the Government Finance Officers Association (GFOA).

Other FAF Trustees include:

Robert E. Denham
Chairman, FAF

Senior Partner
Munger, Tolles & Olson LLP

Frank C. Minter
Retired Vice President and Chief Financial Officer
AT&T International

Douglas R. Ellsworth
Director of Finance
Village of Schaumburg, Illinois

W. Steve Albrecht
Associate Dean of the Marriott School of Management and Professor
Brigham Young University

Philip D. Ameen
Vice President and Comptroller, General Electric

Rick Anderson
Chairman
Moss Adams LLP

William H. Hansell
Executive Director Emeritus
International City/County Management Association

Timothy P. Flynn
Chairman and CEO
KPMG LLP

Richard D. Johnson
Former Auditor of State, Iowa

Edward W. Kelley, Jr.
Retired Governor
Federal Reserve System

Duncan M. McFarland
Former Chairman and Chief Executive Officer
Wellington Management Company

Lee N. Price
President and Chief Executive Officer
Price Performance Measurement Systems, Inc.

James H. Quigley
Chief Executive Officer
Deloitte & Touche USA LLP

Ned V. Regan
University Professor
The City University of New York

Paul C. Wirth
Global Controller
Morgan Stanley

About The George Washington University School of Business

GW's School of Business prepares students for professional management careers. The depth and variety of its academic and professional programs, including five specialized master's programs, provide rich opportunities for students in the school's core Bachelor of Business Administration, Master of Business Administration, and doctoral programs. GW's undergraduate- and graduate-level international business programs rank among the world's best. To learn more about the GW School of Business, visit www.business.gwu.edu.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation also is responsible for selecting the members of both Boards and their respective Advisory Councils.