SEATTLE, September 13, 1996 -- Franklin Raines, formerly vice chairman of the Federal National Mortgage Association (Fannie Mae), has resigned as a member of The Boeing Company Board of Directors to become head of the federal Office of Management and Budget (OMB).

Raines was recently confirmed by the U.S. Senate for the OMB post. Boeing Chairman Frank Shrontz said while he regrets Raines leaving the Boeing board, "I am pleased for him and for our country on his appointment. He has been an outstanding director for Boeing, and I know he will continue his record of excellent performance in heading OMB." Raines has been a Boeing board member since 1995.