San Francisco Fed President and CEO Job Description

July 2018

Position: President and Chief Executive Officer

Organization: Federal Reserve Bank of San Francisco

Location: San Francisco, California


The Federal Reserve Bank of San Francisco (“the San Francisco Fed,” or “the Bank”) is one of twelve regional Reserve Banks that, with the Federal Reserve Board of Governors in Washington, D.C., constitute the nation’s central bank (the “Fed” or the “System). The San Francisco Fed, including its Los Angeles, Portland, Seattle, Salt Lake City branches and a cash processing center in Phoenix serves the Twelfth Federal Reserve District (the “District”). The District has 67.4 million people, which represents 21 percent of the U.S. population. The mission of the Fed is to foster the stability, integrity, and efficiency of the nation’s monetary, financial and payments systems to promote optimal economic performance. The Reserve Banks are chartered under federal law and participate in establishing the nation’s monetary policy. The Reserve Banks provide services to the U.S. as the fiscal agent to the Treasury Department, supervise certain commercial banks and holding companies as delegated by the Board of Governors, and provide payment services to financial institutions.

As delegated by the Board of Governors, the San Francisco Fed supervises state member banks, bank holding companies, financial holding companies and international financial organizations that operate in the Twelfth District which includes the nine western states – Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington – plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands.

Of the twelve Federal Reserve Districts, the Twelfth District is the largest by geography and the size of its economy. One fifth of the nation’s population lives in the Twelfth District. In 2016, its 28.7 million workers accounted for close to 20 percent of the nation’s total nonfarm employment, earning almost 22 percent of the nation’s total personal income. Twelfth District states accounted for about 22 percent of the nation’s exports of manufactured goods in 2016. The District has a diverse economy, with industries including, but not limited to, manufacturing, tourism, healthcare and social assistance, financial services, agriculture, and technology. Over 80 Fortune 500 companies are headquartered in the District.

The San Francisco Fed plays a number of major System leadership roles. Its Research Division hosts the Center for Pacific Studies and the Center for the Study of Innovation and Productivity. It is renowned for innovative programs focusing on the needs of low income communities. The Bank is the host for the Federal Reserve System’s Cash Product Office (“CPO”), which sets national cash policies and provides automation resources used by all of the Fed Banks. In addition to working closely with other Reserve Banks, the CPO partners with the Treasury and other Federal agencies, as well as central banks of other countries. The San Francisco Fed’s IT function develops software for several Federal Reserve System business lines and the U.S. Treasury. Its Economic Research and Banking Supervision Divisions are recognized as System thought leaders.

The Bank employs approximately 1,700 people in San Francisco, at its branches and cash processing centers spread across five states. Its annual budget in 2018 is $390 million.

Position Summary

The position will be based in San Francisco, where the Twelfth District is headquartered. The Bay Area is the fifth largest metropolitan area in the country and home to some of the world’s most innovative organizations.

The President of the Bank reports to the Board of Directors of the San Francisco Fed and is also accountable to the Federal Reserve’s Board of Governors in Washington, D.C. The President of the Bank serves as a voting member of the Federal Open Market Committee every three years, with the current rotation being this year, 2018. The President must collaborate effectively with the other Bank Presidents, as well as System leaders, on a host of System functions.

As Chief Executive Officer, the President manages and sets strategic direction for the Bank and its employees throughout the district.

Key Relationships

Reports to: Board of Directors, Federal Reserve Bank of San Francisco

Reporting Relationships: Total headcount of approximately 1,700 employees

Direct Reports:

  • First Vice President and Chief Operating Officer
  • Executive Vice President, Financial Institution Supervision and Credit
  • Executive Vice President and Director of Economic Research
  • Senior Vice President and General Counsel
  • Senior Vice President, Communications and Community Engagement

Other key relationships:

  • Board of Governors and staff
  • Other Federal Reserve Bank Presidents and Reserve Bank leaders
  • Director, Office of Minority and Women Inclusion for the Bank
  • Bank and Branch staff
  • Banking, labor, business, community, and civic throughout the Twelfth District
  • Other regulators, public officials, and media

Major Responsibilities of the Position

The President and CEO of the Federal Reserve Bank of San Francisco has the following responsibilities:


Monetary Policy: The President participates with the other eleven Reserve Bank Presidents and the Board of Governors in the process of debating and deciding U.S. monetary policy. The work of a President in monetary policymaking includes:

  • Economic Research: Guides the focus of Bank-level economic research, often in collaboration with other researchers inside and outside the Fed, to inform the policy debate and the general understanding of important economic issues.
  • Regional Economic Intelligence: Gathers insightful, anecdotal economic intelligence across all communities and sectors through interactions with the District’s Boards of Directors and other business and community contacts. Provides strong support to the San Francisco Fed Board of Directors in developing discount rate recommendations.
  • Policy Debate and Decision-making: Participates in FOMC policy debates, bringing both regional insights and independent views on national and international economic issues.
  • Policy Communication: Is actively involved in the process of informing the Fed’s various constituents about monetary policy issues and actions.

Policy Advisor

Supervisory Policy: A President’s involvement in the supervision of financial institutions will vary by the types and sizes of the institutions located in the President’s District and their financial condition. The President is the senior supervisory presence of the Federal Reserve within the District. While bank supervision and regulatory decisions are made by the Board of Governors, the President may provide valuable input into the regulatory process through participation on joint Bank/Board committees and providing comments on regulatory proposals.

Payments Policy and Related Matters: The President contributes to setting payments system policy, oversees local payments system operations and helps to inform payments system policy through close association with the unique financial institutions within the District. When needed, the President may take a leadership role in payments system issues for the District and the Federal Reserve System.

Chief Executive Officer

A Federal Reserve Bank President serves as CEO of his/her bank, an organization with complex, challenging, and sensitive responsibilities. That work includes:

  • Strategic Vision and Leadership: In consultation with other senior officers at the Bank and with the Board of Directors, develops a broad vision for the organization. Communicates the enterprise vision throughout the organization and develops effective strategies and goals to accomplish the vision. Models the integrity, intellect, character, personal leadership, and communication skills required of a highly-effective top executive.
  • Business Performance and Stewardship: Fosters a culture of strong business performance and achieves strategic financial and operational goals. Is accountable for budget and financial performance for the Bank, including the oversight of System payments operations for all Districts, Discount Window lending, and shared financial goals of the System.
  • Risk Identification and Mitigation: Creates and participates actively in a process for identifying strategic risks facing the organization and leads the development of strategies and initiatives to mitigate those risks.
  • Director Relations: Assists in the ongoing process of identifying and recruiting strong and diverse potential Directors for election by shareholder banks and appointment by the Board of Governors. Advises and consults with the Bank’s Board of Directors regarding issues of strategic direction and policy and keeps the Board informed regarding ongoing operations and progress on business goals and objectives. Ensures that individual Directors are well prepared and supported to fully contribute to Board discussions.
  • Development of Leadership Talent and Bank Culture: Identifies, recruits, and develops a strong and diverse pipeline of leaders for the organization. Builds collaboration across functional areas and with other colleagues throughout the Federal Reserve System. Fosters a culture of openness and inclusion and committed to creating an environment where employees can grow and thrive. Develops senior management succession plans to ensure leadership continuity.
  • Advances Diversity and Inclusion: Actively supports the Bank’s diversity agenda, and holds self and others accountable for creating an inclusive workplace.
  • Community and Civic Involvement: Represents the Reserve Bank and the Federal Reserve System to all communities within the Federal Reserve District. Maintains a solid understanding of economic conditions throughout the District, including the issues facing its lower income areas. Educates community leaders and the public about the Fed’s roles and responsibilities. Promotes the Federal Reserve as an involved and supportive organization within the cities where the Bank has a presence. Builds goodwill and respect for the Federal Reserve among the Bank’s constituencies. Dedicated to understanding the challenges of industries within the District. Establishes relationships with government and other appointed officials in the Twelfth District. Actively participates in the Twelfth District’s civic engagement efforts and community life.

System Leadership

While each Reserve Bank operates as a distinct legal entity, the success of a Reserve Bank and the overall Federal Reserve System depends upon the effective collaboration and cooperation among the Reserve Banks. That intellectual and operational partnership among Reserve Banks has several dimensions:

  • Individual System Contributions: Contributes to the Conference of Presidents’ debate and decision- making on issues that transcend individual Reserve Bank authority, recognizing the duty to ensure that decisions on such matters need to reflect the broad interests and strategies of the Federal Reserve System. Leads or contributes to individual System committees, projects, or other efforts to ensure that the best ideas and thinking from across the System are identified. Follows through in leadership assignments to build consensus, get decisions, implement decisions, and assess results.
  • Support for Coordinated System Direction: Ensures that the local Reserve Bank supports the Coordinated System objectives by contributing strong performance and quality on its local System responsibilities and by fulfilling its performance agreement obligations to the other Reserve Banks.
  • Staff Contributions: Identifies staff from his/her Reserve Bank with the experience, interest, and ability to take roles in System subcommittees, task forces, and project work. Ensures such staff be available to provide appropriate support for such System assignments.


Ideal Experience

  • Respected credentials in macroeconomics or recognized/demonstrated stature in a field that contributes information vital to monetary policymaking
  • Demonstrated executive leadership and managerial ability with a track record of people management for a sizable and diverse organization
  • Ability to make critical, difficult and timely decisions, execute and follow through to completion
  • Demonstrated ability to shape and drive positive organizational culture and staff engagement
  • Familiarity with the Federal Reserve System and/or prior public policy experience
  • Proven ability to interact with, engage and communicate effectively across multiple constituencies, and to communicate clearly the Federal Reserve’s policy stance to market participants globally
  • International business, government, or economic experience
  • History of active community participation and civic leadership both locally and nationally
  • Advanced degree in economics or finance preferred

Critical Competencies for Success

Executive Leadership and Management Skills: An inspiring and engaging executive who will be seen as a strong leader and ambassador of the Bank and viewed throughout the Twelfth District and the System as an effective policymaker by:

  • Actively seeking out the issues of the District by engaging with all key constituencies, having good listening skills, maintaining open lines of communication, being a visible and active participant in the Bank and community activities, and having a passion for public service.
  • Having the ability to inspire others to commit to the Bank’s mission, goals and culture.
  • Being an articulate spokesperson who can communicate complex issues crisply,  clearly, and concisely in a non-complicated way.
  • Exemplifying a personal commitment to diversity with a vision for creating an inclusive environment where all staff can excel. Having the intellectual courage to stand firm in views in the face of differing opinions. Having the ability to motivate and be sensitive to a diverse, multi-generational organization.
  • Creating an environment where innovation thrives by actively encouraging and fostering new ideas and challenges the status quo.
  • Being a role model who sets high performance and integrity standards for oneself and leads others to follow.
  • Being an approachable, accessible and creative leader with a willingness to engage with employees at every level of the organization as well as constituents in a wide range of settings.
  • Having a style that is comfortable working in both one-on-one and large group settings; is approachable, politically savvy, judicious when discussing sensitive issues; and unflappable in high stress situations.
  • Having the skill set to shape and drive organizational culture change and engagement.
  • Having an eye for talent in recruiting, attracting, and retaining top talent for the Bank.

Influential Policymaking Credibility: An individual who will command respect and credibility from policymakers by:

  • Being highly conversant, articulate, and credible on a broad range of economic policy and banking issues, with a strong, practical understanding of data.
  • Being a persuasive and astute participant in rigorous policy deliberations and able to provide fresh insights as an objective, pragmatic, and independent thinker and a collaborative nature.
  • Working to stay abreast of conditions across all economic and demographic spectrums to inform and guide judgment in policymaking.
  • Working collegially with bodies such as the FOMC and the Conference of Presidents as well as with Bank colleagues, the Board of Governors, other Reserve Bank staff and other key constituencies.
  • Satisfying the System’s and Bank’s respective financial interests and disclosure requirements.
  • Maintaining and enhancing the thought leadership role of the San Francisco Fed in a changing economic and policy environment.
  • Demonstrating superior executive presence and communication skills and influencing without authority.

Strategic Orientation: An intellectually curious, critical thinker who can help develop the vision and strategy of the Bank, and more broadly, work effectively within the Conference of Presidents and across the Federal Reserve System as it responds to ongoing changes in the economy and the financial system by:

  • Bringing a thoughtful and common sense approach to the changing goals and priorities of the Fed while adhering to the Fed’s mission and values.
  • Upholding an environment that encourages open communication, transparency, and healthy debate of ideas.
  • Identifying new issues facing the Bank and the Federal Reserve System, setting a vision to address these issues and then driving discussions and decision-making around policies made in the long- term best interests of the country.
  • Having an aptitude for risk management, anticipating issues of potential financial/economic concern regionally, nationally, and globally.
  • Skill in crisis management, able to deal effectively with potential market contagion issues.
  • Having a high degree of emotional intelligence and self-awareness, with little regard to ego, and the ability to work effectively with others by being an open communicator, respecting and encouraging the views of others, and the ability to read and manage emotions of one’s self and others.
  • Having familiarity with the technological evolution within financial services and how best to leverage data and technology for the Bank and the System.
  • Facilitating the involvement of top talent in the Bank and on System-wide committees, task forces, and projects, thus enhancing the Twelfth District’s reputation as an active contributor to the System, as well as encouraging the importation of ideas and best practices from the System back to the Bank.
  • Conveying confidence and executive presence, with the ability and desire to lead.

Other Personal Characteristics

  • Unwavering ethics, character, and integrity.
  • Adherence to values consistent with those that guide the Fed, which include promoting the public interest, integrity, excellence, respect, efficiency, effectiveness, diversity and inclusion, transparency, and independence of views.
  • Have an open, curious and broad-minded perspective underpinned by humility
  • Willingness to commit to serve in the role for at least one term or five years and hopefully longer.
  • Understanding of the responsibilities required with the public service aspect of the role and position.
  • Desire to actively participate in community engagements and civic leadership in the Twelfth District.
  • Willingness to travel frequently, both domestic and international.
  • Eligibility for a Top Secret-level security clearance.

Ethics Considerations and Prohibited Activities

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve Bank of San Francisco and the Federal Reserve System that every employee perform his or her duties with honesty, integrity and impartiality, and without improper preferential treatment of any person or organization. Employees of the Bank are subject to federal criminal statutes that prohibit financial conflicts of interest, e.g. an employee’s participation at work in any matter in which he/she or certain affiliated parties has a financial interest. In addition, the Bank’s code of conduct generally prohibits activities such as:

  • Outside activities that are inconsistent with employee’s duties and responsibilities, e.g. holding a position as a director of a publicly traded company.
  • Certain partisan political activities, such as fundraising or holding partisan elected office.
  • Certain investments, including among other things stock ownership in financial institutions outside of a broadly diversified mutual fund, holdings of Treasury securities in excess of $50,000; and the purchase or sale of securities during FOMC blackout periods.


Interested parties should submit information, including a cover letter indicating the reason for your interest and why you are qualified along with a résumé or curriculum vitae with full career history and the names and contact information of at least five professional references. All communications will be treated confidentially.

All nominations, applications, and inquiries should be directed electronically to

Dale E. Jones
President and CEO
(202) 296-2122 Office

J. Veronica Biggins
Managing Partner, Atlanta
(404) 942-6305 Office

Carla Logan
Vice President and Senior Associate
(404) 942-6309 Office

Lisa Wark
Executive Associate to the CEO
(215) 656-3586 Office