It is with great sadness that we acknowledge the passing of Douglas W. Shorenstein, our former Chairman of the Board. Today John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, released the following statement in remembrance of Doug and his service to the Bank.
“During and after his time on the Board, Doug provided us with valuable insights regarding the commercial real estate industry, both in the 12th district and across the nation. His vast experience and extensive knowledge helped us understand how the financial crisis led to a drying up of credit and how that spilled over into the economy. This real-world perspective helped us understand what was happening as it was happening and what policy approaches were needed to get the economy back on track.”
“As Chairman of our Board, he demonstrated outstanding leadership. He changed the structure of our Board meetings to active encourage open dialog, making sure different viewpoints were full aired and discussed. At the same time, he made sure our discussions stay focused on the key economic and financial issues and did not veer into politics. He provided wise counsel on management issues at the Bank. In addition, he went out of his way to introduce Bank leaders to outside views on various issues to make sure we were getting the benefit of a wide range of expertise and views. Our deepest condolences are with the Shorenstein family.”
The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.