January 6, 2022
LOS ANGELES – The Federal Reserve Bank of San Francisco has announced two new appointments to its Los Angeles Branch Board of Directors, effective January 1, 2022.
Rosemary A. Vassiliadis, director of aviation for Clark County, Nevada, was appointed by the Federal Reserve Board of Governors. Additionally, the Bank has appointed Jimmy Ayala, division president of Tri Pointe Homes in San Diego, as a director.
The Bank also announced that Carl Chang, chief executive officer of Kairos Investment Management Company and chairman of the board of Pieology Pizzeria, both in Rancho Santa Margarita, California, has been designated as chair of the Los Angeles Branch Board for 2022.
In addition, Jack Sinclair, chief executive officer of Sprouts Farmers Market in Phoenix, and formerly a Bank-appointed director, is now a Board of Governors-appointed director.
The remaining members of the Los Angeles Branch Board of Directors include:
- Terry Benelli, executive director, Local Initiatives Support Corporation, Phoenix, Arizona
- Maritza Diaz, chief executive officer, iTjuana, San Diego, California
- Wayne-Kent Bradshaw, chairman, Broadway Financial Corporation, Los Angeles, California
About the Boards of Directors
The Federal Reserve Act of 1913 requires each of the 12 Reserve Banks to operate under the supervision of a board of directors. The Federal Reserve Bank of San Francisco’s Head Office is governed by nine directors who represent the interests of the 12th Reserve District and whose experience provides the Bank with a wider range of expertise that helps it fulfill its policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. In the case of the Federal Reserve Bank of San Francisco, its four branches in Los Angeles, Portland, Salt Lake City and Seattle each have a separate seven-member branch board.
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.6
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