POSTED: 9:56 a.m. HST, Jan 8, 2013
LAST UPDATED: 10:45 a.m. HST, Jan 8, 2013
Peter Ho, chairman, president and CEO of Bank of Hawaii, has become the second-ever representative from Hawaii to be elected to the board of the Federal Reserve Bank of San Francisco.
Ho¹s three-year term took effect Jan. 1.
The Federal Reserve Bank of San Francisco, which made the announcement this morning, represents the nine westernmost states in the U.S., including Hawaii. It is the largest of the 12 Federal Reserve Banks by land area and economic activity served.
Board members help form U.S. monetary policy through industry and regional economic information they provide to the FRB bank president. The FRB also provides wholesale banking services to financial institutions throughout the nine western states.
“The FRB plays a critical role in helping to ensure the strength and safety of the nation¹s banking system and it’s a privilege to serve,” said Ho, 47. “I look forward to the opportunity of representing the 12th District and providing both a Hawaii and regional perspective, especially given the increased importance of the Asia-Pacific region.”
Warren Luke, chairman, president and CEO of Hawaii National Bank, was the only other representative from Hawaii to serve on the board of the Federal Reserve Bank of San Francisco. Luke served a total of nine years — January 1990 through December 1992 and then again from January 1996 through December 2001.