Magazine article American Banker

Morgan Chase Man Said Up for Fed Seat

Magazine article American Banker

Morgan Chase Man Said Up for Fed Seat

Article excerpt

The Bush administration is considering nominating Texas banker Alfonso Martinez-Fonts Jr. to the Federal Reserve Board of Governors, sources close to the White House confirmed Tuesday.

The chairman and chief executive officer of J.P. Morgan Chase Bank of Texas in El Paso is said to be on the shortlist of candidates to fill two current vacancies on the seven-person board. The White House is expected to expedite the appointment process, given Fed Governor Edward W. Kelley Jr.'s announcement Monday that he will resign as soon as one of the vacancies is filled.

A spokesman for Mr. Martinez-Fonts declined to comment.

Mr. Martinez-Fonts, who immigrated with his family from Cuba to New York in 1960, when he was 11, began his career there with Chemical Bank. It sent him to the Philippines in 1976; to Mexico, where he became regional manager, in 1982; and to San Antonio in 1988 as president of subsidiary Texas Commerce Bank-San Antonio, which was merged into what is now J.P. Morgan Chase Bank of Texas.

A self-described "Cuban refugee capitalist" and "nonconventional conventional banker," according to reports in Texas newspapers, Mr. Martinez-Fonts personifies the compassionate conservative theme on which President Bush campaigned.

The San Antonio Business Journal reported in 1993: "Mr. Martinez-Fonts says that his time in the Philippines and Mexico brought home to him firsthand the tremendous differences in the lifestyles of the poor and rich. …

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