Last year was an important one for the Federal Reserve Bank of
San Francisco in that we both celebrated our history and looked
toward our future. The year 1998 marked the 85th anniversary of
the establishment of the Federal Reserve System. It was December
23, 1913, when President Woodrow Wilson signed into law the Federal
Reserve Act. The Federal Reserve Act stated that its purposes were
"to provide for the establishment of Federal reserve banks, to furnish
an elastic currency, to afford means of rediscounting commercial
paper, to establish a more effective supervision of banking in the
United States, and for other purposes." Further legislation has
clarified and supplemented these original purposes through the years,
but our underlying goals remain.
|From left, Nelson C. Rising, Deputy Chairman
(1999); Cynthia A. Parker, Deputy Chairman (1998); Robert T.
Parry, President; John F. Moore, First Vice President; and Gary
G. Michael, Chairman.
This Bank has a long history of outstanding accomplishments. During
1998 we once again reached important milestones that you will read
about in this Report, and we assured our operational readiness to
enter the next century.
Our directors provided us with invaluable information and leadership
throughout the year. Their independent assessment and knowledge
of economic and financial conditions throughout our District are
essential to the formulation of monetary policy. We thank them all
for their contributions.
In particular, we want to express our sincere thanks and appreciation
to those directors and advisory council members who retired from
Federal Reserve service at 1998 year end: on the Head Office Board,
its Deputy Chairman, Cynthia A. Parker (Executive Director, Anchorage
Neighborhood Housing Services, Inc., Anchorage, Alaska), and Stanley
T. Skinner (Chairman and CEO [Retired], Pacific Gas and Electric
Co., San Francisco, CA); on the Los Angeles Branch Board, its Chairman,
Anne L. Evans (Chairman, Evans Hotels, San Diego, CA), and Stephen
G. Carpenter (Director, California United Bank, Encino, CA); on
the Portland Branch Board, its Chairman, Carol A. Whipple (Proprietor,
Rocking C Ranch, Elkton, OR), and Thomas C. Young (Chairman, Northwest
National Bank, Vancouver, WA); on the Salt Lake City Branch Board,
its Chairman, Richard E. Davis (President and CEO, Salt Lake Convention
and Visitors Bureau, Salt Lake City, UT), and Roy C. Nelson (President
[Retired], Bank of Utah, Ogden, Utah); on the Seattle Branch Board,
Constance L. Proctor (Partner, Alston, Courtnage, Proctor &
Bassetti, LLP, Seattle, WA); and the Twelfth District Member of
the Federal Advisory Council, David A. Coulter (Chairman and CEO
[Retired], BankAmerica Corporation, San Francisco, CA).