Bank chief elected to Fed board

Megan Clubb is one of two new members on the bank's board of directors.

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WALLA WALLA -- The president and chief executive officer of Baker Boyer Bank has been elected to serve on the board of directors for the Federal Reserve Bank of San Francisco.

Megan Clubb will begin a three-year term Jan. 1. Her appointment was announced by Baker Boyer Bank this morning. She is one of two new board members. The other is Richard Galanti, executive vice president, chief financial officer and director of Costco Wholesale Corp.

Their perspectives and insight on the regional economy will play a role in their board's input to the Fed's board of governors in Washington, D.C.

The information is ultimately used to help determine national economic policies. That means observations, findings and trends from the Walla Walla region -- from agricultural reports to consumer habits -- will be represented and contribute to economic policy-making nationally.

In a prepared statement this morning Clubb said the appointment is a "tremendous opportunity to be the voice of the banking industry and a liaison between our region and the nation."

"I am honored to serve and represent Eastern Washington's interests in economic recovery and job growth," she said.

Vicki Hillhouse can be reached at vickihillhouse@wwub.com or 526-8321.

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About The Fed

The Federal Reserve System, created in 1913, is primarily charged with formulation of the country's monetary policy. Seven members serve on the board of governors. They are appointed by the president and confirmed by the Senate for 14-year terms.

Twelve federal reserve districts report to the board of governors. Washington and Oregon, as well as other states, are included in the 12th district, which is represented by the Federal Reserve Bank of San Francisco.

Each of the 12 Federal Reserve Banks has a nine-member board of directors. Three of the nine are appointed by the board of governors as class "C" directors. The rest -- three class "A" and three class "B" -- are elected by the district's member banks.

Class "A" directors come from the banking community. Classes "B" and "C" are from professions outside of banking. They typically represent business, industry, agriculture, labor and consumers.

In their new appointments, Megan Clubb and Richard Galanti will serve with: Chairman Douglas W. Shorenstein, chairman and CEO of Shorenstein Properties LLC, San Francisco; Deputy Chairman Patricia E. Yarrington, vice president and CFO, Chevron Corp., San Ramon, Calif.; William D. Jones, president and CEO, City Scene Management Co., San Diego; Betsy Lawer, vice chair, First National Bank Alaska, Anchorage; Blake W. Nordstrom, president, Nordstrom Inc., Seattle; Nicole C. Taylor, president and CEO, East Bay Community Foundation, Oakland, Calif.; and Kenneth P. Wilcox, chairman, Silicon Valley Bank, Santa Clara, Calif.

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