From the Boardroom
|Clockwise, from top: John F. Moore, First
Vice President (standing); Robert T. Parry, President; George M. Scalise,
Deputy Chairman; Nelson C. Rising, Chairman
The world changed on September 11, 2001. On that day we bore witness
to the worst and best of the human condition, as wanton destruction gave
way to bravery and heroism. The events of September 11 will continue to
affect us, personally and professionally, long into the future.
We recognize that those events affected every area of this Bank and its
employees, from the Protection officers who instituted additional security
measures, to the employees who transported checks or coordinated cash
shipments without benefit of air travel, to those who operated the discount
window for extended periods. Across the Bank, no less than across the
Federal Reserve System, individual upon individual ensured that the monetary
system remained stable and operational. We take this opportunity to thank
our employees for their exemplary service, both in a time of crisis and
throughout the year.
Even before September 11, an escalating rate of change was a familiar
aspect of our environment. It seems fitting, then, that our annual report
for the year 2001 should examine the effects of change on the world "Inside
the San Francisco Fed." It is especially fitting that the report
should include comments from our employees on how they adapt to change
as well as initiate it. We also asked our staff a simple question, "Why
do you work here?" Their responses echoed with the words "service,"
"challenge," and "meaningful work." Our employees
know that their work matters, and that they can make a difference in a
We also would like to extend our thanks and appreciation to our Twelfth
District directors for their invaluable counsel during 2001. The directors'
independent assessment of economic and financial conditions throughout
our nine western states is critical to the formulation of monetary policy.
In particular, we acknowledge the many contributions of Warren K.K. Luke
(Chairman, President, and Chief Executive Officer, Hawaii National Bank,
Honolulu, Hawaii) who completed his term of service on the Head Office
Board during 2001, after serving nine years in that capacity.
In addition, we would like to express our sincere thanks and appreciation
to the other directors who completed their terms of service during 2001:
on the Seattle Branch Board, Richard R. Sonstelie (Chairman of the Board
(Retired), Puget Sound Energy, Inc., Bellevue, Washington) who served
five years as Chairman of the Seattle Branch Board and Helen M. Rockey
(President and Chief Executive Officer (Retired) Just for Feet, Inc.,
Seattle, Washington); and on the Twelfth District Advisory Council, Walter
F. Payne, Jr. (President Emeritus, Blue Diamond Growers, Sacramento, California)
who served as Chairman of the Advisory Council the final two years of
|Nelson C. Rising
||Robert T. Parry