Press Releases

San Francisco, California — The Federal Reserve Bank of San Francisco announced that Randy Compton, CEO and co-chair of the board, Pioneer Trust Bank, N.A., Salem, OR, has been elected to the head office board of directors as a Class A director. Additionally, Tamara Lundgren, president and CEO, Schnitzer Steel Industries, Inc., Portland, OR, has been elected as a class B director, and Rosemary Turner, president, UPS Northern California District, Oakland, CA, has been reappointed as a Class C director. The Bank also announced the following redesignations: Alex Mehran, chairman and CEO of Sunset Development Company, San Ramon, CA; and Barry […]

Seattle, Washington — The Federal Reserve Bank of San Francisco appointed current board member, West Mathison, president and CEO of Wenatchee-based Stemilt Growers LLC, as board chairman of the Seattle Branch board of directors, effective January 1, 2018. Mr. Mathison is replacing, Scott L. Morris, chairman, president and CEO of Avista Corporation, whose term on the board and as chairman has expired. In addition, Craig Dawson, president and CEO of Retail Lockbox in Seattle, was reappointed to a three-year term ending December 31, 2020. West Mathison The Board of Governors of the Federal Reserve System, appointed Elaine S. Couture, executive vice […]

Salt Lake City, Utah — Patricia R. Richards has been reappointed by the Federal Reserve Board of Governors as director of the Federal Reserve Bank of San Francisco’s Salt Lake City branch. Ms. Richards has also been reappointed by the San Francisco Fed as chair of the Salt Lake City branch’s board of directors for 2018. Her term is effective January 1, 2018. In addition, the San Francisco Fed has appointed Russell A. (Chip) Childs, president and CEO of SkyWest Inc., to the branch’s board of directors. Park Price, chairman and CEO Emeritus of the Bank of Idaho, has also been […]

Los Angeles, California — The Federal Reserve Bank of San Francisco appointed Carl Chang, founder and CEO of Redwood-Kairos Real Estate Partners and Founder of Pieology Pizzeria, to its Los Angeles Branch board of directors for a three-year term, effective January 1, 2018. In this capacity, Mr. Chang will serve as Bank-appointed branch director. He is replacing Peggy Tsiang Cherng, co-chair of the board and co-CEO, Panda Restaurant Group, Inc., Rosemead, CA, whose term has expired. Carl Chang Additionally, Robert Gleason, president and CEO, Evans Hotels, San Diego, CA, has been reappointed by the Federal Reserve’s Board of Governors as branch […]

Portland, Oregon – The Federal Reserve Bank of San Francisco appointed Román D. Hernández chair of the Portland Branch board of directors for 2018, effective January 1, 2018. In addition, Hilary K. Krane, executive vice president, chief administrative officer, and general counsel of NIKE, Inc., was appointed to the Portland Branch board of directors effective January 1, 2018. She is replacing Robert C. Hale, chief executive officer of Hale Companies, whose term concluded on December 31, 2017. In addition, Stacey M.L. Dodson, market president for Portland and Southwest Washington at U.S. Bank, was appointed to the Portland Branch board of directors […]

Williams says his “role as a policymaker is to keep this expansion going for as long as possible” Says “unusually low prices of certain goods and services, combined with the lagged effects of the economy” explain the apparent “mystery” of low inflation Says “if we don’t move interest rates back up to more normal levels, we risk undermining the sustainability of the expansion” Phoenix, Arizona – Today, John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco, described the current economic outlook and considerations for monetary policy to an audience of executives and business owners at the […]

Says a very low neutral interest rate (r-star) environment is “not confined to the U.S. economy” Emphasizes need for “a global perspective that recognizes the interdependence of our economies and financial systems” Calls for policymakers to debate monetary policy framework options that “make ourselves more resilient” San Francisco, California – Today, John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco, told a gathering of policy makers and central bankers at the SF Fed’s 2017 Asia Economic Policy Conference that “economic realities for the world’s developed economies have fundamentally changed and dealing with the challenges of the […]

San Francisco, California — The Federal Reserve Bank of San Francisco announced that Karen T. Lee, chief executive officer of Pioneer Human Services, was appointed to the Bank’s Economic Advisory Council (EAC). Ms. Lee’s term began on August 1 of this year and lasts through December 31, 2019. Karen T. Lee Ms. Lee has been with Pioneer Human Services since 2010, having first spent five years as commissioner of the Employment Security Department in Olympia, Washington. Ms. Lee has also held various management positions at Puget Sound Energy from 1997 to 2005. Ms. Lee holds a bachelor’s degree in Russian from […]

Cites these supply-side factors as causes of global growth slump Says new trend is emerging as countries make post-recession strides while still experiencing lackluster growth; calls it “the big dichotomy of our times” Indicates future consequences yet to be determined; depend mostly on policy choices outside purview of monetary policy Sydney, Australia — Today, John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, asserted that a global slowdown in productivity, along with demographic factors like slowing population and labor growth, are behind a global growth slump that is creating a new set of economic challenges for […]

Says balance sheet management process will be widely telegraphed, gradual, predictable and “boring” to minimize risk of unnecessary market volatility Stresses importance of public understanding Reaffirms Fed goal of keeping expansion going “as long as possible” by bringing monetary policy back to more normal setting; keeping it on path that neither exceeds speed limit, nor stalls Sydney, Australia – Today, John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, affirmed that the Fed’s process for normalizing monetary policy will continue to be widely telegraphed, gradual and transparent—both in terms of the current process of normalizing conventional […]