San Francisco, CA – The Board of Governors of the Federal Reserve System designated Douglas W. Shorenstein chairman of the Federal Reserve Bank of San Francisco’s board of directors. Patricia E. Yarrington was reappointed as a Class C director for a three-year term, effective January 1, 2011, and designated deputy chair. They begin their service as chairman and deputy chair effective January 1, 2011.
Mr. Shorenstein is chairman and CEO of San Francisco based Shorenstein Properties LLC, one of the country’s oldest real estate organizations. He joined the Federal Reserve Bank of San Francisco’s board of directors in 2007 and was appointed deputy chairman in 2009.
Mr. Shorenstein serves on the board of other institutions including: Environmental Defense Fund; executive council of the University of California at San Francisco Medical Center; executive committee, The Real Estate Roundtable; and The Joan Shorenstein Center on the Press, Politics and Public Policy at Harvard University’s Kennedy School of Government.
Ms. Yarrington is vice president and CFO of energy company Chevron Corporation. Ms. Yarrington joined Chevron in 1980 and has held a variety of positions including vice president, policy, government and public affairs, and treasurer.
Ms. Yarrington has been on the Federal Reserve Bank of San Francisco’s board of directors since January 2009. She previously served on the Bank’s Economic Advisory Council from 2007 to 2008.
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.