Parry to Head San Francisco Branch of Fed

Robert T. Parry, Security Pacific’s chief economist for the past 10 years, will become president of the Federal Reserve Bank of San Francisco in February.

He assumes the post being vacated by the retirement of John J. Balles, who has served as chief executive of the San Francisco branch of the central bank since 1972.

Parry, 46, holds the title of executive vice president of Security Pacific and its main unit, Security Pacific National Bank.

Parry said he doesn’t belong to a particular school of economists. “I think you’d have to say I take a more eclectic approach. I try to take into account elements that both supply-siders and monetarists would consider.”

As president of one of the Fed’s 12 branches, Parry will serve in rotation on the important Federal Open Market Committee, which sets U.S. monetary policy.

Kathleen Cooper, currently senior economist at Security Pacific, will replace Parry as the bank’s chief economist. She is serving this year as president of the National Assn. of Business Economists.