December 19, 2002

FEDERAL RESERVE BANK OF SF NAMES NEW ADVISORY COUNCIL MEMBERS

San Francisco - Los Angeles community developer Roberto Barragan and Fresno agriculturalist Manuel F. Cunha, Jr. have been appointed to the Advisory Council of the Federal Reserve Bank of San Francisco. Members of the Advisory Council are from diverse industries and regions, and provide the Federal Reserve System with important grassroots information regarding the District's nine-state economy.

Roberto Barragan is president of Valley Economic Development Center (VEDC), Inc., the largest nonprofit business development corporation in Metropolitan Los Angeles. VEDC offers financial assistance, consulting, training, and workforce solutions to small- and medium-sized businesses throughout Southern California. VEDC serves over 3,000 businesses yearly, and in the past year has originated over 250 loans totaling $20 million in conjunction with local commercial banks and the SBA. Mr. Barragan also serves as president and board director for the East L.A. Community Corporation, treasurer of the California Community Economic Development Association, and vice chair of the California Reinvestment Committee. He serves on the Boards of the Economic Alliance, the Valley Industry and Commerce Association, and the Wells Fargo Bank Community Advisory Board. In addition, He is a member of the Los Angeles Mayor's Housing Trust Fund Taskforce. Mr. Barragan is a graduate of Princeton University and holds an MBA from the University of California at Berkeley.

Manuel F. Cunha, Jr. is president of the Nisei Farmers League (NFL), an agricultural organization that specializes in labor, immigration, housing, transportation, and environmental issues. NFL assists growers with issues such as employee safety, migrant housing, and water and air quality, and coordinates greater understanding of the policies and legislation of various state and federal agencies. Mr. Cunha has also served as executive vice president and as director for the NFL. Prior to joining the Nisei Farmers League he was an agriculture teacher at Reedley College and at California Polytechnic State University. Among his professional and civic affiliations, Mr. Cunha serves as a member of the California Air Resources Board Advisory Committee, the USDA Air Quality Task Force, and the National Council of Ag Employers. He has published several articles focusing on California ag issues and has been recognized numerous times by the USDA Air Quality Task Force. Mr. Cunha also serves on the Board of the Community Medical Centers of Central California, the largest hospital in the Central Valley. He chairs its Finance Committee, which holds responsibility for a budget of $500 million. Mr. Cunha holds an undergraduate degree in crop science and agronomy, a teaching credential in agricultural education, and a master's degree in agricultural education - all from Cal Poly. His family has been in agriculture for two generations. Mr. Cunha farms his own twenty-acre citrus ranch outside of Fresno.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through the head office in San Francisco and branch offices at Los Angeles, Portland, Salt Lake City, and Seattle. 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.