January 13, 2021 — The Federal Reserve Bank of San Francisco has announced the appointment of Port of Long Beach Executive Director Mario Cordero to the bank’s Los Angeles branch board of directors. The appointment was effective Jan. 1, 2021.
Cordero, who has led the Port of Long Beach since 2017, will continue in his role at the Port.
“It is an honor to be appointed to the Board of Directors for the Los Angeles Branch of the Federal Reserve Bank of San Francisco. I look forward to serving in this capacity, especially as we all work to help the economy recover,” said Cordero.
Prior to becoming the Port’s Executive Director, Cordero served on the Federal Maritime Commission from 2011 to 2017, and was FMC Chairman from April 2013 to January 2017. Cordero, an attorney, served as a Long Beach Harbor Commissioner from 2003 to 2011. He holds a law degree from the University of Santa Clara and a Bachelor of Science degree in political science from California State University, Long Beach.
The Federal Reserve Act of 1913 requires each of the nation’s 12 Reserve Banks to operate under the supervision of a board of directors. 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. Cordero will serve on this seven-member board.
The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. With 175 shipping lines connecting Long Beach to 217 seaports, the Port handles $170 billion in trade annually, supporting more than 575,000 Southern California jobs.