Federal Reserve Bank of San Francisco Elects Megan Clubb and Richard Galanti to its Board of Directors
December 21, 2011
San Francisco, CA – The Federal Reserve Bank of San Francisco announced the election of Ms. Megan Clubb, president and CEO of Baker Boyer National Bank in Walla Walla, Washington, and Mr. Richard Galanti, executive vice president, CFO, and director of Costco Wholesale Corporation in Issaquah, Washington to its board of directors. Each will serve three-year terms beginning January 1, 2012.
Ms. Clubb and Mr. Galanti were elected to provide insights on the region’s economic perspective to the Board of Governors in Washington, D.C. The Board of Governors uses this information when determining national economic policies. Clubb said, “I am honored to serve and represent Eastern Washington’s interests in economic recovery and job growth. I have been given a tremendous opportunity to be the voice of the banking industry and a liaison between our region and the nation.”
Ms. Clubb previously served as a board member for the Portland Branch of the Federal Reserve Bank of San Francisco from 2010 to 2011.
Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by the District’s member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. The board of directors of the Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank’s president.
The balance of the Federal Reserve Bank of San Francisco Board includes:
- Douglas W. Shorenstein (chairman), chairman and CEO, Shorenstein Properties LLC, San Francisco, CA. Mr. Shorenstein is a class C director.
- Patricia E. Yarrington (deputy chairman), vice president and CFO, Chevron Corporation, San Ramon, CA. Ms. Yarrington is a class C director.
- William D. Jones, president and CEO, City Scene Management Company, San Diego, CA. Mr. Jones is a class C director.
- Blake W. Nordstrom, president, Nordstrom, Inc., Seattle, WA. Mr. Nordstrom is a class B director.
- Nicole C. Taylor, president and CEO, East Bay Community Foundation, Oakland, CA. Ms. Taylor is a class B director.
- Kenneth P. Wilcox, chairman, Silicon Valley Bank, Santa Clara, CA. Mr. Wilcox is a class A director.
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