A Personal Message
This annual report is the last to be published during my tenure at the
Federal Reserve Bank of San Francisco before I retire on June 1, 2004.
It has been a great honor and a great privilege to serve the nation and
the Twelfth Federal Reserve District, the largest, most diverse District
in the Federal Reserve System. I would like to take this opportunity
to acknowledge the tremendous support I have received from the staff
at all levels in this Bank.
During my eighteen years of service, dramatic—even revolutionary—changes
have occurred in the U.S. and global economies and financial markets.
In many respects, these developments challenged us to transform the way
we conduct monetary policy, supervise banks, fulfill our role in the
payments system, and deliver financial services. In every instance, the
employees of this Bank rose to those challenges and met them with intelligence,
commitment, and energy. Their contributions and dedication to the mission
of the Federal Reserve have played a significant role in maintaining
the institution’s integrity and in guaranteeing its success. I
thank them for all of their efforts and wish them well for the future.
I leave deeply enriched by the personal and professional relationships
I have developed with them over the years.
||Robert T. Parry
Chief Executive Officer