SAN FRANCISCO--(BUSINESS WIRE)--The Federal Reserve Bank of San Francisco’s board of directors has appointed John G. Stumpf, chairman, president, and CEO of Wells Fargo & Company to represent the District on the Federal Advisory Council for a one-year term beginning January 1, 2015. Mr. Stumpf succeeds Michael Shepherd, chairman and CEO of Bank of the West and BancWest Corporation.
The Federal Advisory Council, a body created by the Federal Reserve Act, consists of one member—generally from the commercial banking industry—from each of the twelve Reserve Bank Districts. The council ordinarily meets four times a year with the Board of Governors in Washington, D.C., to discuss economic and banking matters. Members customarily serve three one-year terms.
Mr. Stumpf became chairman for Wells Fargo & Company in January 2010. A 32-year veteran of the company, he joined the former Norwest Corporation (predecessor of Wells Fargo) in 1982 in the loan administration department for Norwest Bank in Minneapolis. He was named CEO of Wells Fargo in June 2007, elected to Wells Fargo’s Board of Directors in June 2006, and has been president since August 2005. He previously served as Group executive vice president of Community Banking, Wells Fargo from 2002, Head of the Western Banking Group, 2000, and Head of the Southwestern Banking Group 1998.
Mr. Stumpf serves as a director of the Target Corporation, Chevron Corporation, and Wells Fargo & Company. He is also a director of The Clearing House and the Financial Services Roundtable.
Mr. Stumpf holds a BA from St. Cloud University (St. Cloud, MN) and an MBA from the Carlson School of Management at the University of Minnesota.
(To view a photograph, please see: http://www.frbsf.org/our-district/press/news-releases/2014/john-g-stumpf-appointed-federal-advisory-council)
The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffedreserve.