The Federal Reserve Bank of San Francisco Announces Its 2010 Board of Directors

December 17, 2009
Federal Reserve Bank of San Francisco

SAN FRANCISCO--(BUSINESS WIRE)--The Board of Governors of the Federal Reserve System redesignated T. Gary Rogers and Douglas W. Shorenstein chairman and deputy chairman of the board of directors of the Federal Reserve Bank of San Francisco for 2010. Mr. Rogers was also reappointed to the San Francisco Fed's board by the Board of Governors to the first year of a three year term for 2010. Mr. Rogers is the recently retired chairman of Levi Strauss & Co. and serves as a director of several other local companies. He has served as a director of the Fed since 2005. Mr. Shorenstein is chairman and CEO of Shorenstein Properties LLC. He joined the board in 2007.

Blake W. Nordstrom, president of Nordstrom, Inc., and Kenneth P. Wilcox, president and CEO of SVB Financial Group, have been reelected to the board of directors of the Federal Reserve Bank of San Francisco for a three-year term ending in December 2012. Mr. Nordstrom joined the San Francisco Fed board in 2007. He previously served on the Seattle branch board in 2005 and 2006. Mr. Wilcox joined the board in 2006.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by the District’s member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. The board of directors of the Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank’s president. Russell Goldsmith was reappointed by the Federal Reserve Bank of San Francisco's board of directors to represent the 12th District on the Federal Advisory Council for a one-year term beginning 2010. Mr. Goldsmith is chairman and CEO of City National Bank. He has served on the Federal Advisory Council since 2008.

The Federal Advisory Council, a body created by the Federal Reserve Act, consists of one member – generally from the commercial banking industry – from each of the twelve Reserve Bank Districts. The council ordinarily meets four times a year with the Board of Governors in Washington, D.C., to discuss economic and banking matters. Members customarily serve three one-year terms.

The full membership of the Federal Reserve Bank of San Francisco board includes:

• T. Gary Rogers (chairman), recently retired chairman, Levi Strauss & Co., San Francisco, CA. Mr. Rogers is a class C director.
• Douglas W. Shorenstein (deputy chairman), chairman and CEO, Shorenstein Properties LLC, San Francisco, CA. Mr. Shorenstein is a class C director.
• Dann H. Bowman, president and CEO, Chino Commercial Bank, N.A., Chino, CA. Mr. Bowman is a class A director.
• Karla S. Chambers, vice president and co-owner, Stahlbush Island Farms, Inc., Corvallis, OR. Mrs. Chambers is a class B director.
• Arnold T. Grisham, president and CEO, Alta Alliance Bank, Oakland, CA. Mr. Grisham is a class A director.
• William D. Jones, president and CEO, CityLink Investment Corporation, San Diego, CA. Mr. Jones is a class B director.
• Blake W. Nordstrom, president, Nordstrom, Inc., Seattle, WA. Mr. Nordstrom is a class B director.
• Kenneth P. Wilcox, president and CEO, SVB Financial Group, Santa Clara, CA. Mr. Wilcox is a class A director.
• Patricia E. Yarrington, vice president and CFO, Chevron Corporation, San Ramon, CA. Ms. Yarrington is a class C director.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. 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. Learn more about the economy, financial crisis and road ahead at http://frbsf.org/econanswers

Contact:
Federal Reserve Bank of San Francisco
Lily Ruiz, 415-974-3240
lily.ruiz@sf.frb.org
Carol Eckert, 415-977-3853
carol.a.eckert@sf.frb.org

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