September 25, 2003

San Francisco Fed President to Retire Next Year

SAN FRANCISCO, September 25, 2003 — Robert T. Parry, President and CEO of the Federal Reserve Bank of San Francisco, announced today that he plans to retire from his position as of June 1, 2004. Dr. Parry, who has headed the San Francisco Fed since February 1986, turns 65 next May. He is currently a voting member of the Federal Open Market Committee, the nation's monetary policymaking body.

"It has been a great honor to serve in the making of monetary policy by the Federal Reserve," he said. "During my tenure, the Fed has faced a number of remarkable challenges, and I feel privileged to have contributed to its success in meeting them. I think one word can sum up my experience of working with the talented people throughout the institution-at the Board of Governors, at the other Federal Reserve Banks, and especially here at the San Francisco Fed and its branches—'superb.'"

George M. Scalise, president of the Semiconductor Industry Association and chairman of the Board of Directors of the Federal Reserve Bank of San Francisco, said, "Bob's leadership of the Bank, his contributions to the communities we serve, and his monetary policy expertise will be greatly missed. He has garnered tremendous respect as the representative of the Twelfth District—the largest in the Fed System—both here at home and abroad. This is particularly true in the Asia Pacific region, which is a large and growing trade and financial market for businesses and organizations throughout our District."

Scalise indicated that the SF Fed Board of Directors has formed a search committee, which, with the assistance of an outside firm, will conduct a nationwide search for candidates.

PARRY BACKGROUND
Throughout his career, in the spirit of public service, Dr. Parry has served in leadership roles in community and professional organizations. He is a director of the National Bureau of Economic Research. During 2001-2003 he was the chairman of the Bay Area Council, a business-sponsored, CEO-led public policy organization representing employers dedicated to promoting economic prosperity and quality of life in the region. He is a member of the executive committee of the Bay Area Economic Forum, where he was a founding member and served as the organization's first chairman. He serves on the executive committee of the San Francisco Bay Area Council Boy Scouts of America, and is a past director of the United Way of the Bay Area. He is a past president of the National Association for Business Economics and a member of the advisory board of the Pacific Rim Bankers Program.

A native of Harrisburg, Pennsylvania, Parry received a B.A. degree from Gettysburg College, where he was elected to Phi Beta Kappa. He earned an M.A. and a Ph.D. in economics from the University of Pennsylvania and holds honorary doctorates from Gettysburg College and Southern Utah University.

Dr. Parry first joined the Federal Reserve System at the Board of Governors in Washington, D.C., where he worked as a research economist for several years. He left the Fed to join Security Pacific National Bank as vice president, where he moved up through the ranks to become executive vice president and chief economist of Security Pacific Corporation and its principal subsidiary, Security Pacific National Bank. He held that position until he accepted his present post at the Federal Reserve Bank of San Francisco, where he will retire as its longest-serving president.

He has received numerous awards for his commitment to the community, including a Lifetime Achievement Award in 1998 from the Los Angeles Neighborhood Housing Services, an award for Outstanding Leadership and Innovation in Community Development in 2001 from the California Economic Development Lending Initiative, and a Good Scout Award last year from the San Francisco Bay Area Council Boy Scouts of America.

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