Federal Reserve Bank
of San Francisco Federal Reserve Bank
of San Francisco

Press Releases

  • Federal Reserve Bank of San Francisco’s Board of Directors Launches Search for New Bank President & CEO

    San Francisco, California – The Federal Reserve Bank of San Francisco’s board of directors today announced the search for the bank’s 13th president and chief executive officer. The incumbent bank president, John C. Williams, was recently named to lead the Federal Reserve Bank of New York. He will transition into his new role, effective June 18, 2018. A search committee comprised of four members of the bank’s head office board of directors has been formed to lead the search. In keeping with the Federal Reserve Act, only Class B and Class C directors – those unaffiliated with regulated banks or financial […]

  • SF Fed’s Williams: Despite the Strong Economic Outlook, Data Indicates Long-Term R-Star Will Remain Low

    Williams says he expects “the expansion to continue, with growth averaging around 2.5 percent over this year and the next.” Says “the longer-run drivers still point to a ‘new normal’ of a low r-star and relatively low interest rates.” Agrees with midpoint of FOMC projections that “a total of three to four rate increases this year and further gradual rate increases over the next two years… is the right direction for monetary policy.” Minneapolis, Minnesota – Today, John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, spoke to a meeting of the Economic Club of Minnesota […]

  • Report on Disaster-Affected Small Firms Provides Critical Insight for Understanding Regional Economic Recovery

    Firms with natural disaster-related damages faced insurance mismatches and sought credit financing but struggled with funding gaps The Federal Reserve Banks of San Francisco, New York, Dallas, and Richmond today issued the 2017 Small Business Credit Survey: Report on Disaster-Affected Firms. This is the first in a series of reports this year examining the results of an annual survey of small business owners. The Report examines the business conditions, insurance coverage and credit environment of small businesses located in FEMA-designated disaster zip codes. It compares firms that were located in natural disaster-affected areas but did not face damages (hereafter “unaffected firms”) […]

  • SF Fed’s Williams: Sustainable Growth Will Keep the Strong Economy Going as Long as Possible

    Williams says looking ahead, he expects “growth to average around 2.5 percent over this year and next” Says “the economy is on course to be as strong as we have seen in many decades and inflation is moving closer to our target. The challenge for monetary policy is to keep it that way” Says the “right direction for monetary policy” includes “three to four rate increases this year and further gradual rate increases over the next two years” Santa Rosa, California – Today, John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, described the current economic […]

  • James H. Herbert II Appointed to the Federal Advisory Council

    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.


  • John C. Williams Named to Lead the Federal Reserve Bank of New York

    San Francisco, California – The Federal Reserve Bank of San Francisco announced today that its president and chief executive officer, John C. Williams, will be leaving the bank, effective June 18, to assume the presidency of the Federal Reserve Bank of New York.

  • SF Fed’s Williams: The Outlook is Positive, but the Economy hasn’t Fundamentally Shifted into a Higher Gear

    Williams says “the economy’s performing almost exactly as expected” Says “Strong financial conditions, better-than-expected global growth, and the tax cuts have all created tailwinds that can account for the healthy pace of growth” Given the current economic outlook, “my view is that we need to continue on the path of raising interest rates” San Francisco, California – Today, John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, described the current economic outlook and gave his views on monetary policy to a meeting of the Financial Women of San Francisco. Williams assessed growth, employment, and inflation and […]

  • Membership Changes for Federal Reserve Bank of San Francisco’s Economic Advisory Council

    San Francisco, California — The Federal Reserve Bank of San Francisco announced that Glynis A. Bryan, CFO of Insight Enterprises, Inc., Tempe, AZ; Shubhi Rao, vice president and treasurer at Alphabet, Inc., Mountain View, CA; and Lewis Lee, co-founder and partner at Lee & Hayes, PLLC, Spokane, WA, have been appointed to the Bank’s Economic Advisory Council (EAC). Additionally, Jack Pelo, president and CEO of Swire Coca-Cola, USA, Draper, UT and Mary Pat Thompson, senior vice president, finance at MWI Animal Health/AmericsourceBergen, Boise, ID have been appointed chair and vice chair, respectively. Reappointments to the EAC include: James A. Beer, former […]

  • Membership Appointments Announced for the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council

    San Francisco, California — The Federal Reserve Bank of San Francisco announced that Tamara Gurney, president and CEO, Mission Valley Bank, Sun Valley, CA; Gary Harding, president and CEO, Prime Alliance Bank, Woods Cross, UT; and Connie Miller, president and CEO, Icon Credit Union, Boise, ID have been appointed as the newest members of the Twelfth District’s Community Depository Institutions Advisory Council (CDIAC). Their terms are effective January 1, 2018; CDIAC members generally serve a three-year term. In addition, Rick Sanborn, president and CEO, Seacoast Commerce Bank, San Diego, CA, has been appointed Council Chair for 2018. He replaces Janet Garufis, […]

  • Robert G. Sarver Reappointed to the Federal Advisory Council

    San Francisco, California — The Federal Reserve Bank of San Francisco’s board of directors has reappointed Robert G. Sarver, chairman and CEO of Western Alliance Bancorporation, to represent the District on the Federal Advisory Council beginning January 1, 2018. Robert G. Sarver 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 twelve 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. Sarver is […]