A proud member of the Gitxsan Nation, Bill Lomax (LLB ’97) has dedicated his career to improving the economic prospects and well-being of Indigenous communities. After receiving his undergraduate and law degrees at the University of British Columbia, Bill furthered his education with an MBA from Columbia University.
Today, as the President and CEO of the First Nations Bank of Canada, Bill is committed to bridging economic disparities and empowering Indigenous communities financially. He’s also shared his knowledge and expertise teaching Tribal Economic Development and Sustainability as an Adjunct Lecturer at Stanford University and served as Chair of the Smithsonian’s National Museum of the American Indian Board of Trustees.
In this Q&A, Bill shares insights into his remarkable career journey, from his upbringing in Terrace, BC, to his academic pursuits at Allard Law and his current role at the First Nations Bank of Canada.
How would you describe your upbringing in Terrace and how has it influenced your journey to living in major cities like Vancouver, San Francisco, and New York City?
Terrace experienced some tough times when I was a kid. When I was around 12, BC was in the midst of a serious recession, and for the next few years, Terrace got hit very hard. I remember deciding at that age not to be a carpenter because I saw my cousin who worked in the trade out of work for about two years. I set my sights on university fairly young.
One of the great things about the North for me was the high percentage of First Nations people. It can be harder to connect with the community in big cities, especially in New York and San Francisco. Vancouver is a lot easier, but still does not compare to the North for connecting with other Indigenous folks on a daily basis.
Your career trajectory has seen shifts from law to banking to academia. What prompted these transitions and how did you identify when it was the right time to make each pivot?
I tried law out mainly because I wasn’t sure what I was going to do when I got finished with my undergraduate degree and it seemed easier in a way to just keep going to school. I found out fairly quickly that I had a stronger interest in investments and finance than I did in law, so I made a decision to go on to do an MBA. I’ve worked in finance ever since and love the work I do.
I’ve always enjoyed academia, and thought I might also enjoy teaching so I started with one class a year at Stanford to test out that interest. Currently I do not have the time to teach but when I retire, I may start again.
As someone who has worked in a diverse range of industries, what advice do you have for law students who have many different interests and career aspirations?
I’m a big believer in pursuing career opportunities that are interesting but balancing that with realistic financial expectations. I acknowledge that it is not always possible to balance pursuing your passion with financial responsibility, but when you can, it’s an amazing place to be. I am also a believer that work should not be the only thing that defines us, we can have interests outside of work that are our highest source of fulfilment.
What aspects of the banking sector do you find particularly fulfilling? Can you tell us about a recent initiative you led at the First Nations Bank of Canada that you take pride in?
For me, working on complex problems that can lead to prosperity for Indigenous communities is exciting. If I do my job correctly, our bank will have helped Indigenous communities build financial stability that can last for generations. Providing solid financial advice and financing are the keys.
We recently partnered with the Canada Infrastructure Bank to bring more capital at lower cost to Indigenous communities for land development. CIB is committing $100 million to the deal and FNBC will double or triple that amount in new loans. This program will lower the cost of capital significantly for Indigenous communities for projects that have an infrastructure component.
How has your connection to the Gitxsan Nation influenced your personal and professional journey?
I take great pride in my Gitxsan heritage and have built my career on serving Indigenous communities. I have great mentors from my community including my uncle Ray Jones and my mother Betsy. Both have instilled in me the need to serve the community and to dream big.
Reflecting on your education at Allard Law, in what ways has it shaped your career trajectory? Are there any standout courses or professors that left a lasting impact on you?
The training I received at Allard has been so helpful for me when I have needed to understand the legal structure and nuances of doing business in the Indigenous community. The law is often complex and can create barriers but it on occasion also provides opportunities.
I had two professors that impacted me greatly at Allard. Renee Taylor, who ran the Indigenous Community Legal Clinic when I attended, was so incredibly competent, compassionate and driven. She did an amazing job of teaching us how to have an impact in an underserved community. John Borrows was and is amazing and he inspired me to dig into academia and to teach. His academic leadership has inspired a generation of Indigenous lawyers.
What is a typical day in the life of a CEO?
I spend my time working on problems that often cannot be solved by someone more junior and so they are typically quite complex. I’m also the face of the organization in many ways, so I do a lot of conferences and meetings with clients and prospective clients.
Was there anything you missed about Canada while living in the USA?
Everything about Vancouver. I love the people, the location and my friends and family. I also appreciate that our politics are not quite as crazy as the US.
What is the last TV show or movie you watched that you really enjoyed?
Reservation Dogs!