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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) January 22, 2007</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>
</TR>
<TR><TD WIDTH="34%" VALIGN="TOP">
<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>
<TD WIDTH="1%" VALIGN="BOTTOM">
<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>
<TD WIDTH="32%" VALIGN="TOP">
<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>
</TR>
</TABLE>
</CENTER></P>
<P ALIGN="CENTER"></P>
<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 SIZE=2><P>[&nbsp;&nbsp;]&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><FONT FACE="Symbol" SIZE=2><P><HR ALIGN="RIGHT"></P>
</FONT><FONT FACE="TimesNewRoman" SIZE=2>
</FONT><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>
</B></FONT><P>Federal Home Loan Bank of San Francisco (&quot;Bank&quot;) Director J. Benson Porter has informed the Bank of his resignation from the Bank's board, effective January 25, 2007.</P>
<P>On January 25, 2007, the board of directors of the Bank selected John F. Robinson to fill this seat on the board, effective immediately.  Mr. Robinson is Executive Vice President of Washington Mutual Bank, Henderson, Nevada. Mr. Robinson will complete the term of Mr. Porter, which ends December 31, 2009. The Bank's board has appointed Mr. Robinson to the Audit Committee, as well as to all other committees of the board.</P>
<P>In accordance with Federal Housing Finance Board regulations, Mr. Robinson's compensation for service on the Bank's board is subject to the Bank's 2007 Board of Directors Compensation and Expense Reimbursement Policy as follows:<I> </P>
</I>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=535>
<TR><TD VALIGN="TOP" COLSPAN=3>
<B><P>Director Meeting Fees - 2007<BR>
</B>(In whole dollars)<B><BR>
</B></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<B><P>Type of Meeting</B></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><P>Position</B></TD>
<TD WIDTH="24%" VALIGN="TOP">
<B><P ALIGN="CENTER">Meeting Fees</B></TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Board</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>Chairman</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P ALIGN="RIGHT">$4,000&nbsp;&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Board</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>Vice Chairman</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P ALIGN="RIGHT">3,000&nbsp;&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="TOP">
<P>Board </TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>Director</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P ALIGN="RIGHT">2,000&nbsp;&nbsp;</TD>
</TR>
<TR><TD WIDTH="52%" VALIGN="BOTTOM">
<P>Board Committee or FHLBank<BR>
 &nbsp;&nbsp;System Directors' orientation/conference</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>Director</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P ALIGN="RIGHT"> 750*</TD>
</TR>
</TABLE>
<P>*Subject to an annual limit of $13,000 per director</P>
<P>&nbsp;</P>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=407>
<TR><TD VALIGN="TOP" COLSPAN=2>
<B><P>Director Annual Compensation Limits - 2007<BR>
</B>(In whole dollars)<BR>
</TD>
</TR>
<TR><TD WIDTH="74%" VALIGN="TOP">
<B><P>Position</B></TD>
<TD WIDTH="26%" VALIGN="TOP">
<B><P ALIGN="RIGHT">Annual Limit</B></TD>
</TR>
<TR><TD WIDTH="74%" VALIGN="TOP">
<P>Chairman</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="RIGHT">$29,944</TD>
</TR>
<TR><TD WIDTH="74%" VALIGN="TOP">
<P>Vice Chairman</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="RIGHT">23,955</TD>
</TR>
<TR><TD WIDTH="74%" VALIGN="TOP">
<P>Director</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P ALIGN="RIGHT">17,967</TD>
</TR>
</TABLE>
<P>In addition, the Bank reimburses directors for necessary and reasonable travel, subsistence, and other related expenses incurred in connection with the performance of their official duties. </P>
<P>The Bank issued a press release announcing the selection of Mr. Robinson. The press release is furnished as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.</P>
<B><FONT SIZE=3>
</FONT><P>Item 9.01 Financial Statements and Exhibits</P>
</B>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=524>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P>(c)</TD>
<TD WIDTH="13%" VALIGN="TOP">
<U><P>Exhibits</U></TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">
<P>99.1</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>Press Release, dated January 26, 2007, issued by the Federal Home Loan Bank of San Francisco</TD>
</TR>
</TABLE>
<P><HR ALIGN="RIGHT"></P>
<B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Signature(s)</P>
</B>
<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>
<P>&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=687>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<B><P>Federal Home Loan Bank of San Francisco</B></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">
<P>Date:&nbsp;&nbsp;January 26, 2007</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Dean Schultz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="31%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP">
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dean Schultz<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD>
</TR>
</TABLE>
<B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><HR ALIGN="RIGHT"></P>
<P ALIGN="CENTER">Exhibit Index<BR>
&nbsp;</P></B>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=561>
<TR><TD WIDTH="15%" VALIGN="TOP">
<B><U><P>Exhibit No. </B></U></TD>
<TD WIDTH="85%" VALIGN="TOP">
<B><U><P>Description</B></U></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">
<P>99.1</TD>
<TD WIDTH="85%" VALIGN="TOP">
<P>Press Release, dated January 26, 2007, issued by the Federal Home Loan Bank of San Francisco</P>
</TD>
</TR>
<TR><TD WIDTH="15%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="85%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>
<P ALIGN="CENTER"></P></BODY>
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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) January 22, 2007
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.
Federal Home Loan Bank of San Francisco ("Bank") Director J. Benson Porter has informed the Bank of his resignation from the Bank's board, effective January 25, 2007.
On January 25, 2007, the board of directors of the Bank selected John F. Robinson to fill this seat on the board, effective immediately.  Mr. Robinson is Executive Vice President of Washington Mutual Bank, Henderson, Nevada. Mr. Robinson will complete the term of Mr. Porter, which ends December 31, 2009. The Bank's board has appointed Mr. Robinson to the Audit Committee, as well as to all other committees of the board.
In accordance with Federal Housing Finance Board regulations, Mr. Robinson's compensation for service on the Bank's board is subject to the Bank's 2007 Board of Directors Compensation and Expense Reimbursement Policy as follows:
Director Meeting Fees - 2007
(In whole dollars)
Type of Meeting
Position
Meeting Fees
Board
Chairman
$4,000
Board
Vice Chairman
3,000
Board
Director
2,000
Board Committee or FHLBank
System Directors' orientation/conference
Director
750*
*Subject to an annual limit of $13,000 per director
Director Annual Compensation Limits - 2007
(In whole dollars)
Position
Annual Limit
Chairman
$29,944
Vice Chairman
23,955
Director
17,967
In addition, the Bank reimburses directors for necessary and reasonable travel, subsistence, and other related expenses incurred in connection with the performance of their official duties.
The Bank issued a press release announcing the selection of Mr. Robinson. The press release is furnished as Exhibit 99.1 to this report. The information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(c)
Exhibits
99.1
Press Release, dated January 26, 2007, issued by the Federal Home Loan Bank of San Francisco
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:  January 26, 2007
By:
/s/ Dean Schultz
Dean Schultz
President and Chief Executive Officer
Exhibit Index
Exhibit No.
Description
99.1
Press Release, dated January 26, 2007, issued by the Federal Home Loan Bank of San Francisco