San Francisco, California — The Federal Reserve Bank of San Francisco’s board of directors has appointed James H. Herbert, II, Chairman and CEO (Founder) of First Republic Bank, to represent the District on the Federal Advisory Council. Mr. Herbert’s one-year term began on April 1, 2018. He succeeds Robert G. Sarver, Chairman and CEO of Western Alliance Bancorporation.
The Federal Advisory Council, a body created by the Federal Reserve Act, consists of one member—generally from the commercial banking industry—from each of the 12 Reserve Bank Districts. The council ordinarily meets four times a year with the Board of Governors in Washington, D.C., to discuss economic and banking matters. Members customarily serve three one-year terms.
Mr. Herbert is Chairman and CEO (Founder) of First Republic Bank, a private bank and wealth management business with more than $85 billion in bank assets and over $100 billion in wealth management assets. Before establishing First Republic Bank in 1985, Mr. Herbert was founding President, CEO of San Francisco Bancorp.
He holds a B.S. from Babson College and an M.B.A. from New York University.
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.