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</FONT><B><FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><FONT SIZE=2><BR>
<B>Washington, DC 20549</P>
</B></FONT><P ALIGN="CENTER"></P>
<P><HR WIDTH="19%" SIZE=1></P>
<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>
<B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of <BR>
The Securities Exchange Act of 1934 <BR>
</P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported) February 1, 2008</P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR WIDTH="21%" SIZE=1></P>
<B><FONT SIZE=5><P ALIGN="CENTER">FEDERAL HOME LOAN BANK OF SAN FRANCISCO</B><BR>
</FONT><B><FONT SIZE=1>(Exact name of registrant as specified in its charter)</P>
</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>
</FONT><P ALIGN="CENTER"><HR WIDTH="21%" SIZE=1></P>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=624>
<TR><TD WIDTH="34%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="32%" VALIGN="MIDDLE">&nbsp;</TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">Federally chartered corporation</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">000-51398</B></FONT></TD>
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<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">94-6000630</B></FONT></TD>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">(State or other jurisdiction<BR>
of incorporation)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
<TD WIDTH="32%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">(Commission File Number)</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;</FONT></TD>
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<B><FONT SIZE=1><P ALIGN="CENTER">(IRS Employer</B></FONT><FONT SIZE=2><BR>
</FONT><B><FONT SIZE=1>Identification No.)</B></FONT></TD>
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<B><FONT SIZE=2><P ALIGN="CENTER">600 California Street</B><BR>
<B>San Francisco, CA  94108</B><BR>
</FONT><B><FONT SIZE=1>(Address of principal executive offices, including zip code)</P>
</B></FONT><P ALIGN="CENTER"></P>
<B><FONT SIZE=2><P ALIGN="CENTER">(415) 616-1000<BR>
</FONT><FONT SIZE=1>(Registrant's telephone number, including area code) </P>
</B></FONT><P ALIGN="CENTER"></P>
<B><FONT SIZE=2><P ALIGN="CENTER">Not Applicable<BR>
</FONT><FONT SIZE=1>(Former name or former address, if changed since last report) </P>
</B></FONT><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR WIDTH="19%" SIZE=1></P>
<FONT SIZE=2><P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
</FONT><FONT FACE="TimesNewRoman" SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR>
</P>
</FONT><FONT SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
</P>
</FONT><FONT SIZE=2><P>[&nbsp;&nbsp;]&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
</P>
</FONT><FONT FACE="Symbol" SIZE=2><P>[</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT FACE="Symbol" SIZE=2>]</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT><FONT FACE="TimesNewRoman" SIZE=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>
</P>
</FONT><P><HR ALIGN="RIGHT"></P>
<B><FONT SIZE=3>
<P>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</P>
<I><P>2008 Base Salary Increases</B>.</I> On February 1, 2008, the Board of Directors of the Federal Home Loan Bank of San Francisco ("Bank") approved 2008 base salaries for the following Bank executive officers: Dean Schultz - $725,000, Lisa B. MacMillen - $450,000, Lawrence H. Parks - $380,200, Steven T. Honda - $330,000, Stephen P. Traynor - $330,000, and David H. Martens - $330,000. The 2008 base salaries of the executive officers are effective February 1, 2008, except for Dean Schultz, whose base salary is effective January 1, 2008.</P>
<B><P>Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</P>
</B><P>On February 1, 2008, the Board of Directors (&quot;Board&quot;) of the Bank approved amendments to Sections 1 and 3 of Article V of the Bank's Bylaws</FONT> <FONT SIZE=3>to remove the requirement that the Board elect corporate officers at the level of vice president while maintaining the requirement that the Board elect officers at the level of senior vice president and above; to clarify the President's authority to appoint corporate officers at the level of vice president and below (excluding executive vice presidents and senior vice presidents); and to authorize the President to fix the compensation of corporate officers at the level of vice president and below and employees, within the annual operating expense budgets approved by the Board.</P>
<P>The foregoing description of the amendments to the Bank's Bylaws is qualified in its entirety by reference to the amended and restated Article V of the Bank's Bylaws, a copy of which is attached as Exhibit 3.1 and incorporated herein by reference.</P>
</FONT>
<B><FONT SIZE=3><P>Item 9.01 Financial Statements and Exhibits</P>
</B></FONT>
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<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=3><P>(c)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT SIZE=3><P>Exhibits</U></FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=3><P>3.1</FONT></TD>
<TD WIDTH="80%" VALIGN="TOP">
<FONT SIZE=3><P>Amendment and Restatement of Article V of Bylaws of the Federal Home Loan Bank of San Francisco, effective February 1, 2008</P>
</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<FONT SIZE=3><P>&nbsp;</P>
</FONT><FONT SIZE=1><P><HR ALIGN="LEFT"></P>
</FONT><B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Signature(s)</P>
</B><FONT SIZE=3>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=703>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">
<B><FONT SIZE=3><P>Federal Home Loan Bank of San Francisco</B></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<FONT SIZE=3><P>Date:&nbsp;&nbsp;February 7, 2008</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">
<FONT SIZE=3><P>By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Lisa B. MacMillen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="56%" VALIGN="TOP">
<FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lisa B. MacMillen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Operating Officer</FONT></TD>
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</TABLE>
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<P ALIGN="CENTER"><HR ALIGN="RIGHT"></P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Exhibit Index</P>
<FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P></B></FONT>
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<TR><TD WIDTH="15%" VALIGN="TOP">
<B><U><FONT SIZE=2><P>Exhibit No. </B></U></FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<B><U><FONT SIZE=2><P>Description</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="85%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=3><P>3.1</FONT></TD>
<TD WIDTH="85%" VALIGN="TOP">
<FONT SIZE=3><P>Amendment and Restatement of Article V of Bylaws of the Federal Home Loan Bank of San Francisco, effective February 1, 2008</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="85%" VALIGN="TOP">
<P>&nbsp;</TD>
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{"company-data": {"conformed-name": "Federal Home Loan Bank of San Francisco", "cik": "0001316944", "assigned-sic": "6111", "irs-number": "946000630", "state-of-incorporation": "X1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51398", "film-number": "08585700"}, "business-address": {"street1": "600 CALIFORNIA STREET, STE. 300", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108", "phone": "(415) 616-1000"}, "mail-address": {"street1": "P. O. BOX 7948", "city": "SAN FRANCISCO", "state": "CA", "zip": "94120"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 1, 2008
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)
Federally chartered corporation
000-51398
94-6000630
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
600 California Street
San Francisco, CA  94108
(Address of principal executive offices, including zip code)
(415) 616-1000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2008 Base Salary Increases
.
On February 1, 2008, the Board of Directors of the Federal Home Loan Bank of San Francisco ("Bank") approved 2008 base salaries for the following Bank executive officers: Dean Schultz - $725,000, Lisa B. MacMillen - $450,000, Lawrence H. Parks - $380,200, Steven T. Honda - $330,000, Stephen P. Traynor - $330,000, and David H. Martens - $330,000. The 2008 base salaries of the executive officers are effective February 1, 2008, except for Dean Schultz, whose base salary is effective January 1, 2008.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On February 1, 2008, the Board of Directors ("Board") of the Bank approved amendments to Sections 1 and 3 of Article V of the Bank's Bylaws
to remove the requirement that the Board elect corporate officers at the level of vice president while maintaining the requirement that the Board elect officers at the level of senior vice president and above; to clarify the President's authority to appoint corporate officers at the level of vice president and below (excluding executive vice presidents and senior vice presidents); and to authorize the President to fix the compensation of corporate officers at the level of vice president and below and employees, within the annual operating expense budgets approved by the Board.
The foregoing description of the amendments to the Bank's Bylaws is qualified in its entirety by reference to the amended and restated Article V of the Bank's Bylaws, a copy of which is attached as Exhibit 3.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(c)
Exhibits
3.1
Amendment and Restatement of Article V of Bylaws of the Federal Home Loan Bank of San Francisco, effective February 1, 2008
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Federal Home Loan Bank of San Francisco
Date:  February 7, 2008
By:
/s/ Lisa B. MacMillen
Lisa B. MacMillen
Executive Vice President and Chief Operating Officer
Exhibit Index
Exhibit No.
Description
3.1
Amendment and Restatement of Article V of Bylaws of the Federal Home Loan Bank of San Francisco, effective February 1, 2008