December 23, 2004

Federal Reserve Bank of San Francisco Announces 2005 Board of Directors

San Francisco, December 23, 2004 – The Federal Reserve Bank of San Francisco announced today the appointment of three directors to its board of directors, with terms beginning January 2005. The board of directors provides the Federal Reserve System with industry and regional economic information that is used by the FOMC and Board of Governors in reaching decisions about monetary policy. Information from directors and other sources gathered by the Reserve Banks is also shared with the public in a special report—informally called the Beige Book. Reserve Bank directors also recommend changes to the discount rate.

Karla S. Chambers – Ms. Chambers is vice president and co-owner of Stahlbush Island Farms, Inc., a 2,500-acre farming and food processing company based in Corvallis, Oregon. The organization uses “sustainable farming practices” to raise over 15 agricultural crops, which are then shipped to 15 export countries and 42 states for the industrial, retail, foodservice, and export markets. Ms. Chambers previously served on the board of the Portland Branch of the Federal Reserve Bank of San Francisco (2003-2004) and was vice chair of the Twelfth District Advisory Council (1992-1995).

Richard W. Decker, Jr. – Mr. Decker is chairman and co-founder of Belvedere Capital Partners, L.L.C., a financial services investment group headquartered in San Francisco, specializing in providing capital and advisory services to community banks and financial services companies in the nine western states. He is serving his second three-year term.

Jack McNally – Mr. McNally is a principal with JKM Consulting, a Sacramento-based organization that provides consulting expertise on energy and labor issues. His prior professional affiliations include the California Labor and workforce Development Agency and the International Brotherhood of electrical Workers, Local Union 1245. Mr. McNally is serving his second three-year term.

The balance of the Board includes: George M. Scalise, (chairman) Semiconductor Industry Association, David Tang, (deputy chairman) Preston Gates & Ellis LLP, Richard C. Hartnack, Union Bank of California, Gary Rogers, Dreyer’s Grand Ice Cream Holdings, Inc., Candace H. Wiest, Inland Empire National Bank, Barbara Wilson, Qwest Corporation (retired).

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.

# # #