Membership and Leadership Announcements for the Federal Reserve Bank of San Francisco’s Head Office Board of Directors

SAN FRANCISCO – The Federal Reserve Bank of San Francisco has announced Karen Lee, chief executive officer of Pioneer Human Services, in Seattle, Washington, as its newest head office director. She was elected by banks in Group Two to serve as a Class B director for a three-year term.

Karen Lee

Karen Lee

Ms. Lee joined Pioneer Human Services in 2010 and previously served as commissioner of the Washington State Employment Security Department, from 2005 to 2010. She holds a juris doctor degree from the University of Washington School of Law and a bachelor’s degree from the United States Military Academy at West Point.

The Bank also announced two leadership designations. Rosemary Turner, retired president of UPS North California and previous Deputy Chair of the Bank’s head office board, has been designated Chair and Federal Reserve Agent for 2021. Additionally, Tamara Lundgren has been designated Deputy Chair of the San Francisco Board for 2021. After previously serving as a Class B director, Ms. Lundgren has been appointed to a three-year term by the Federal Reserve Board of Governors as a Class C director. Ms. Lundgren is chairman, president, and chief executive officer of Schnitzer Steel Industries, Inc. in Portland, Oregon.

In addition, S. Randolph (Randy) Compton, co-chair of the board, Pioneer Trust Bank, N.A., in Salem, Oregon, was re-elected by banks in Group 3 for a second three-year term as a Class A director.

The remaining San Francisco Head Office Board of Directors includes:

Greg Becker, president and chief executive officer, SVB Financial Group, and chief executive officer, Silicon Valley Bank, Santa Clara, California

Sanford Michelman, chairman, Michelman & Robinson, LLP, Los Angeles, California

Arthur F. (Skip) Oppenheimer, chairman and chief executive officer, Oppenheimer Companies, Inc., and president, Oppenheimer Development Corporation, Boise, Idaho

Richard (Rick) Sanborn, director, Enterprise Financial Services Corp, Clayton, Missouri

David P. White, national executive director, Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA), Los Angeles, California

About the Boards of Directors

The Federal Reserve Act of 1913 requires each of the 12 Reserve Banks to operate under the supervision of a board of directors. The Federal Reserve Bank of San Francisco’s head office is governed by nine directors who represent the interests of the 12th Reserve District and whose experience provides the Bank with a wider range of expertise that helps it fulfill its policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. In the case of the Federal Reserve Bank of San Francisco, its four branches in Los Angeles, Portland, Salt Lake City and Seattle each have a separate seven-member branch board.

The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.