Document text
M/CLOUDY Temp: 41 °F Wind: CLM at 0 mph Saturday, December 21, 2002 SECTIONS Home Page Local News Sports Business Obituaries Life Opinion - Politics AP News Weather Classified Archives Site Map EXTRA HomeLife Magazine W3 Magazine Jobs @ Mail Tribune Tempo A & E Oregon CarZone Wellness Connection Real Estate Newspaper in Education Prime Times Outdoor Journal Personals Movie Times TV Times E The People CLASSIFIEDS Find a Car Find a Home Find a Job Find Everything E SOUTHERN OREGON Automotive Communities Entertainment Publications Recreation Calendar ABOUT US FAQ What's New Advertise Home Delivery Classified Ad Contact Us Media Kit Email Story to a Friend December 4, 2002 Medford’s Thorndike will serve on Fed board By GREG STILES Mail Tribune Bill Thorndike Jr. recalls paging through economic textbooks as a student at Lewis and Clark College, examining Federal Reserve System organizational flow charts. On Jan. 1, the 48-year-old president of Medford Fabrication will take his place on the chart as a board member for the Portland branch of the Federal Reserve Bank of San Francisco. The appointment by the Federal Reserve bank was announced Tuesday. "As I was briefed on the opportunity, I saw a video by an ex-CBS correspondent: ‘This is the Fed,’ " Thorndike said. "I was thinking back to my banking and finance classes in college and all those squares and lines that showed how monetary policy is developed. "It’s a great honor just learning a little more about the push and pull. You always have some people who want to lower interest rates and those who want higher rates to stave off inflation." The Medford native will serve a three-year term on the seven-member panel that meets monthly and reports its findings to the San Francisco board. Four Portland board members are appointed by the Federal Reserve Bank and the remaining three are appointed by the Fed’s board of governors. Directors are eligible to serve two three-year terms. The Federal Reserve post is the latest of several high-profile appointments for Thorndike, who joined the Port of Portland Commission in December 2001. He also chairs the Oregon Community Foundation and sits on the Oregon Business Council board. "We look for solid business leaders who can give us a pulse of what’s happening economically within their local geographical sphere and within their industries," said George Passadore, Wells Fargo’s Oregon chairman, who served with Thorndike on the Oregon Business Council. Passadore serves on the Portland branch’s board and recommended Thorndike for the post. "Bill is a very thoughtful guy and a very good participant. He always has got an opinion about something that’s worth listening to." Passadore said the Fed desired a broader brush of Oregon’s economic affairs than what was happening at the confluence of the Columbia and Willamette rivers. That perspective was underscored when Karla Chambers of Corvallis, was named to chair the Portland board next year. "The branch board of the Fed had become Portland-centric," Thorndike said. "As Federal Reserve operations moved forward they were asking themselves if they were truly getting input on a statewide basis along with the relative economic conditions of certain industries." Apparently manufacturing and regions beyond the Willamette Valley were getting short shrift. "You don’t see many people involved in traditional lumbering and manufacturing on that list, and I’m hoping I can bring some perspective from the manufacturing standpoint," said Thorndike, whose extensive involvement in nonprofit organizations will also shape his input. Thorndike views the coming months as an educational experience. First he’ll be briefed at the home office in San Francisco then will have two days with other incoming directors from around the country in Washington. The branch boards will then convene for an annual conference in Los Angeles. "I’ll be hearing a lot how the Fed takes a tremendous amount of information and tries to distill it down on regional basis," Thorndike says. "I’m sure that I’ll have to buy another filing cabinet to lodge all this information." Expenses are paid along with a modest per diem during working days. Ultimately, Thorndike said, the new post will broaden his horizons. "One morning a month, I’ll sit down with other Oregonians for a chat about where the Oregon economy is," he said. "And hopefully, I’ll learn more about how the monetary policy that affects each of us is developed." Reach reporter Greg Stiles at 776-4463 or e-mail [email protected] Resum� William D. "Bill" Thorndike Jr.’s impressive resume was adorned with another plum this week when he was appointed to the Portland branch of the Federal Reserve Bank of San Francisco. The third-generation Rogue Valley resident has been president of his family business since 1987. Medford Fabrication operates two facilities in the Medford area, offering a diverse range of metals fabrication, assembly, installation and finishing services. At its peak it has had annual sales of $15 million and 200 employees. More recently, it has had sales of $10 million with 90 employees. An abbreviated list of Thorndike’s public and private involvement includes stints as: director and chairman of the Oregon Metals Industry Council; chairman of the District 8 Jobs Plus Implementation Council; director, Northwest Business Committee for the Arts; director, Oregon Business Council; member, Rogue Valley Workforce Development Council; commissioner, Port of Portland; chairman, Oregon Community Foundation; Asante Health System’s Finance Committee; director, Oregon Children’s Foundation; director, Medford School District Foundation; trustee, The Nature Conservancy-Oregon Chapter; chairman, Governor’s Quality Education Commission; past president, The Chamber of Medford/Jackson County; director, Associated Oregon Industries; and past president, Southern Oregon University Foundation. Printer Friendly Version Email Story to a Friend Subscribe Archive: Click to Search Mail Tribune Home Local News | Sports | Business | Obituaries | Life Opinion - Politics | AP News | Archives | Site Map E Southern Oregon | Classified Copyright 1997-2002 Mail Tribune. All rights reserved. Privacy Policy webmaster feedback A D V E R T I S E R S