1996 Annual Report
From the Boardroom
From left, James A. Vohs, 1996 Deputy Chairman; Robert T. Parry, President;
Judith M. Runstad, Chairman; John F. Moore, First Vice President; and Gary
G. Michael, 1997 Deputy Chairman.
This Report takes a look at one of the innovative ways we are using to
serve our customers. We in the Twelfth Federal Reserve District have always
felt a special challenge in finding efficient ways to serve constituents
spread over 1.3 million square miles, 35 percent of the nation's area.
In addition to covering these vast geographical expanses, we enjoy a diverse
client base which ranges from rural to urban locations, small to large
institutions, with varying needs and opportunities for interaction with
the Federal Reserve. The World Wide Web gives us yet another vehicle for
interacting with and providing timely information to many of these people.
It is a medium which lets us, and our customers, react quickly to changing
events. The site can be continually evolving and changing, making it a
more dynamic medium than traditional publishing.
In a District as large and varied as this, we place a strong reliance
on the input of our directors to keep us in tune with their areas and
industries as we perform the important tasks of formulating monetary policy
and managing the nation's financial system. We would like to thank all
Twelfth District directors for their invaluable counsel and assessments
of economic and financial conditions throughout the West during 1996.
We want to express our sincere thanks and appreciation to those directors
who completed their terms of service during 1996: on the San Francisco
Head Office Board, 1996 Deputy Chairman and immediate past Chairman of
the Board, James A. Vohs (Chairman, Retired, Kaiser Foundation Health
Plan, Inc., and Kaiser Foundation Hospitals, Oakland, CA), and Richard
L. Mount (Chairman, President and CEO, Saratoga Bancorp, Saratoga, CA);
on the Los Angeles Branch Board, Chairman, Anita E. Landecker (Western
Regional Vice President, Local Initiatives Support Corporation, Los Angeles,
CA), William S. Randall (President, Retired, the former First Interstate
Bancorp, Los Angeles, CA), and Thomas L. Stevens, Jr. (President, Retired,
Los Angeles Trade-Technical College, Los Angeles, CA); on the Portland
Branch Board, Chairman, Ross R. Runkel (Professor of Law, Willamette University,
Salem, OR), Cecil W. Drinkward (President and CEO, Hoffman Corporation,
Portland, OR), Elizabeth (Betsy) K. Johnson (President, TransWestern,
Inc., Scappoose, OR), and Marvin R. O'Quinn (Chief Operating Officer,
Providence Portland Medical Center, Portland, OR); on the Salt Lake City
Branch Board, Constance G. Hogland (Executive Director, Boise Neighborhood
Housing Services, Inc., Boise, Idaho); and, on the Seattle Branch Board,
Chairman, George F. Russell, Jr. (Chairman, Frank Russell Company, Tacoma,
WA), and Thomas E. Cleveland (Chairman and CEO, Access Business Finance,
Bellevue, WA). We also note here, with much sadness, the untimely loss
in 1996 of a good and gifted friend and counselor, Seattle Branch Director
Dr. William R. Wiley (Senior Vice President, Science and Technology Policy,
Battelle Memorial Institute, Richland, WA).
Robert T. Parry, President
Judith M. Runstad, Chairman