Press Releases

New York, New York — Reiterating that all policy decisions will be data-driven, John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco, said today that the economy’s solid footing convinced him that rates should be raised before inflation reaches the Fed’s 2 percent target. “As I have made possibly overly-clear, the exact timing will be driven by the data. They may push us a little in one direction or the other, and there will be a lot of discussion and debate,” he said. “Every FOMC meeting is on the table. That’s what it means to be data […]

Orange, CA — Legislating that a central bank follow a strict set of operational mandates restricts its freedom to react in crises and limits “the discretionary decision making” of the Fed, said one of its top officials on Friday. Speaking at Chapman University in Orange, California, John C. Williams, CEO and president of the Federal Reserve Bank of San Francisco, addressed legislative proposals seeking to mandate that Fed decisions follow pre-set policy rules. While those rules have proven an “invaluable tool for research and practical policy considerations at central banks,” Williams said that the Fed’s flexibility would be constrained by their […]

Jacqueline D. Reses, chief development officer for Yahoo, was appointed a member of the Federal Reserve Bank of San Francisco’s Economic Advisory Council (EAC).

Honolulu, HI — Given the lag between the implementation of monetary policy and its full effects, John C. Williams today said that he believed the federal funds rate should be lifted before inflation reached the Fed’s preferred 2 percent goal. Mr. Williams, President and CEO of the Federal Reserve Bank of San Francisco, laid out his argument in a speech to the CFA Society of Hawaii. “I take a perspective that looks one or two years ahead—research shows that’s the minimum amount of time it takes for monetary policy to have its full effect.” “When you’re driving towards a stoplight, you […]

San Francisco, CA – The Federal Reserve Bank of San Francisco announced that George Zinn, corporate vice president and treasurer of Microsoft Corporation and John E. “Jack” Pelo, president and CEO of Swire Coca-Cola USA, were appointed chair and vice chair of the Federal Reserve Bank of San Francisco’s Economic Advisory Council (EAC). Mr. Zinn and Mr. Pelo joined the EAC in 2012 and 2013, respectively. George Zinn John E. “Jack” Pelo James Beer Jake Boyer Kevin Leader Mary Pat Thompson Ian T. Clark Philip L. Francis In addition, James Beer, executive vice president and CFO, McKesson Corporation, Jake Boyer, president […]

Charles A. Wilhoite Portland, OR – The Federal Reserve Bank of San Francisco has appointed Charles A. Wilhoite, managing director and national director of health care services at Willamette Management Associates, and Steven J. Zika, chief executive officer and director at Hampton Affiliates, to its Portland Branch board of directors, effective January 1, 2015. At Willamette Management Associates, a financial consulting firm specializing in business valuation, forensic analysis, and transaction-related financial advisory services, Mr. Wilhoite focuses on merger and acquisition valuations, post-acquisition purchase price allocations, business and stock valuations, ad valorem property tax valuations, and forensic analyses. He also has experience […]

James A. Hughes Los Angeles, CA – The Federal Reserve Bank of San Francisco appointed James A. Hughes chairman of the Los Angeles Branch board of directors, effective January 1, 2015. In addition, Ilyanne Morden Kichaven, SAG-AFTRA Executive Director, Los Angeles Local, and Robert H. Gleason, president and CEO of Evans Hotels, were appointed to the board of directors of its Los Angeles branch, effective January 1, 2015.  Peggy Tsiang Cherng, co-Chair and co-CEO of Panda Restaurant Group, Inc., Rosemead, California was reappointed to a three-year term ending December 31, 2016. Mr. Hughes is the CEO of First Solar, Inc., a […]

John G. Stumpf San Francisco, CA — The Federal Reserve Bank of San Francisco’s board of directors has appointed John G. Stumpf, chairman, president, and CEO of Wells Fargo & Company to represent the District on the Federal Advisory Council for a one-year term beginning January 1, 2015. Mr. Stumpf succeeds Michael Shepherd, chairman and CEO of Bank of the West and BancWest Corporation. 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 […]

San Francisco, CA — Janet Garufis, president and CEO of Montecito Bank & Trust, Santa Barbara, CA, was appointed chair of the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council (CDIAC). Ms. Garufis has been on the council since January 2014. Ms. Garufis began her career more than 40 years ago with Security Pacific Bank, now Bank of America, and has experience in retail banking, business banking, commercial banking and private banking. She currently serves on the board of directors for the Chamber of Commerce, Habit for Humanity, Fielding Graduate University, California State University Channel Islands Foundation, Western […]

Roy A. Vallee San Francisco — The Board of Governors of the Federal Reserve System designated Roy A. Vallee as chairman of the Federal Reserve Bank of San Francisco’s board of directors, and Alexander R. Mehran as deputy chairman, effective January 1, 2015. Mr. Vallee was also reappointed as a Class C director for a three-year term, effective January 1, 2015. Alexander R. Mehran Mr. Vallee is the retired chairman and CEO of Avnet, Inc., headquartered in Phoenix, Arizona. He joined Avnet in 1977 and in 1989 was appointed president of Hamilton/Avnet Computer. In 1990, he was named senior vice president […]