Peter Ho, chairman, president and CEO of Bank of Hawaii, has been re-elected to a new three-year term on the board of directors for the Federal Reserve Bank of San Francisco.

Ho, who is only the second person from Hawaii to ever serve on the board, began his new term Jan. 1. His previous term ran from 2013-2015. The only other person from Hawaii to be on the board was current Hawaii National Bank Chairman and CEO Warren Luke, who served for nine years.

The Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank’s president. Each of the nation’s 12 Federal Reserve banks has a nine-member board; three of the members are appointed by the board of governors of the Federal Reserve System. The remaining six are elected by the district’s member banks.

San Francisco is the headquarters of the 12th Federal Reserve District, which includes nine states — Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington — plus American Samoa, Guam and the Commonwealth of the Northern Mariana Islands. Of the 12 Federal Reserve districts, the 12th is the largest by geography and the size of its economy.