Membership and Leadership Announcements for the Federal Reserve Bank of San Francisco’s Los Angeles Branch Board of Directors

LOS ANGELES – The Federal Reserve Bank of San Francisco has announced two new appointments to its Los Angeles Branch Board of Directors, effective January 1, 2023.

The new Bank-appointed directors are Chang Liu, president and chief executive officer of Cathay Bank and Cathay General Bancorp in Los Angeles, and Zach Moon, general manager of California Steel Industries (CSI) in Fontana, California.

Chang Liu

Chang Liu

Mr. Liu joined Cathay Bank in 2014 as senior vice president and assistant chief lending officer. He has held various other positions, including executive vice president and chief lending officer in 2016, and chief operating officer in 2018. Before his role as president, he was responsible for managing all commercial and real estate lending, business development, and various operations. In addition to his role at the bank, he serves as the president, chief executive officer and board member of Cathay General Bancorp, the holding company for Cathay Bank. Prior to his time at Cathay, Mr. Liu was the executive vice president and chief lending officer at Banc of California. Prior to that, he was with California National Bank in the Commercial Real Estate Group.

Mr. Liu serves on the board of directors of the Western Bankers Association, the Federal Home Loan Bank of San Francisco, and is a member of the board of advisors for UCLA Anderson Forecast. Mr. Liu is a member of the American Cancer Society’s CEOs Against Cancer group and also serves on the board of directors of Foothill Family Service. He holds a bachelor of arts degree in economics from the University of California, Los Angeles.

Zach Moon

Zach Moon

Mr. Moon has served as general manager of CSI since February 2022, and he is a vice president for CSI’s majority shareholder company, Nucor Corporation in Charlotte, North Carolina. Mr. Moon began his career with Nucor in 1998 at Nucor-Yamato Steel, where he held various positions including melting supervisor. He then worked for Nucor Steel Berkeley. Mr. Moon later served as general manager at Nucor-JFE Steel Mexico, a joint venture company between Nucor and JFE Steel in Guanajuato, Mexico. In 2021, he managed Nucor’s greenfield tube mill construction in Gallatin, Kentucky as well as its Trinity tube mill in Trinity, Alabama. Mr. Moon holds a master of science in operations management from the University of Arkansas and a bachelor’s degree from Missouri Baptist University.

The Bank also announced that Jack Sinclair, chief executive officer of Sprouts Farmers Market in Phoenix, has been designated as Chair of the Los Angeles Branch Board for 2023.

In addition, Rosemary Vassiliadis, director of aviation for Clark County, Nevada, including oversight of Harry Reid International Airport in Las Vegas, was reappointed by the Federal Reserve Board of Governors; Maritza Diaz, chief executive officer of iTjuana in San Diego, and formerly a Bank-appointed director, is now a Board of Governors-appointed director.

The remaining members of the Los Angeles Branch Board of Directors include:

  • Jimmy Ayala, division president, Tri Pointe Homes Incorporated, San Diego, California
  • Terry Benelli, executive director, Local Initiatives Support Corporation, Phoenix, Arizona

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.