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December 11, 2006
| Contacts: |
Lily
Ruiz
Federal Reserve Bank of San Francisco |
(415) 974-3240 |
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Carol
Eckert
Federal Reserve Bank of San Francisco |
(415) 977-3853 |
The San Francisco Fed Announces 2007 Board of Directors and the Reappointment
of Richard M. Kovacevich to the Federal Advisory Council
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David K.Y. Tang
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San Francisco, December 12, 2006 – The Federal Reserve Bank of
San Francisco today announced the re-designation of David K.Y. Tang,
partner with Seattle-based law firm Preston Gates & Ellis LLP as
chairman of the Federal Reserve Bank of San Francisco’s board of
directors, and T. Gary Rogers, chairman and CEO of Dreyer’s Grand
Ice Cream, Inc. in Oakland, as deputy chairman. Their one-year terms
as chairman and deputy chairman begin on January 1, 2007.
David K.Y. Tang joined Preston Gates in 1979. Mr. Tang is also the
current chair of the American Bar Foundation and sits on the boards
of the National
Bureau of Asian Research and the Pacific Council on International
Policy. Mr. Tang joined the SF Fed’s board of directors in 2003.
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T. Gary Rogers
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T. Gary Rogers purchased Dreyer’s Grand Ice Cream, Inc. in 1977
with his partner. The company went public in 1981, and in 2003
merged with the Nestlé Ice Cream Company, L.L.C. Mr. Rogers also
sits on the boards of Levi Strauss & Co., the Shorenstein Company,
L.L.C., and Stanislaus Food Products, and is a member and former
chairman of
the Bay Area Council. Mr. Rogers joined the SF Fed’s board
of directors in January 2005. In addition to his re-designation
as deputy chairman,
he was re-appointed by the Board of Governors to a three-year
term beginning January 1, 2007.
The remainder of the board includes:
Karla S. Chambers, vice president and co-owner of Stahlbush Island
Farms, Inc., Corvallis, Oregon
Richard W. Decker, Jr., chairman and co-founder of Belvedere Capital
Partners LLC, San Francisco, California
Jack McNally, principal with JKM Consulting, Sacramento, California
Blake W. Nordstrom, president of Nordstrom, Inc., Seattle, Washington
Charles H. Smith, former president and CEO of AT&T West, San Ramon,
California
Candace H. Wiest, president and CEO of West Valley National Bank (in
organization), Avondale, Arizona
Kenneth P. Wilcox, president and CEO of SVB Financial Group, Santa Clara,
California
Each of the nation’s twelve Federal Reserve Banks has a nine-member
board of directors. Three Class A directors represent national and state-chartered
banks that are members of the Federal Reserve System. Three Class B directors
are elected by these banks but represent commerce, industry, agriculture,
services, labor, and consumers. Three Class C directors represent the
same broad array of public interests, but are appointed by the Board
of Governors in Washington, D.C.
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. Reserve
Bank directors also recommend changes in the discount rate.
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Richard M. Kovacevich
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The San Francisco Fed also announced that Richard M. Kovacevich, chairman
and CEO of Wells Fargo and Company has been re-appointed to the
Federal Advisory Council. The Federal Advisory Council, which is composed
of one representative from each of the twelve Federal Reserve Districts
of the banking industry, consults with and advises the Board of
Governors
in Washington D.C. on economic and banking matters within the Board’s
jurisdiction. The council ordinarily meets a minimum of four times
a year, as required by the Federal Reserve Act.
Mr. Kovacevich became president and CEO of Wells Fargo & Company
in 1998 after the Wells Fargo-Norwest merger. In April 2001 he
was designated chairman. Mr. Kovacevich is also a member of the board
of directors of
Cargill, Inc. and Target Corporation, chairman of the San Francisco
Committee on JOBS and the California Business Roundtable.
Mr. Kovacevich was first appointed to the Federal Advisory Council
in 2005.
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