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Mary Daly Named President of San Francisco Fed

Traders Magazine Online News, September 18, 2018

John D'Antona Jr.

There’s a new president at the San Francisco Federal Reserve Bank.

The West Coast branch of the Fed announced late Friday that its Board of Directors has named Mary Daly to the position of president and chief executive officer, effective October 1, 2018. Daly’s appointment as the San Francisco Fed’s 13th president and chief executive officer was made by eligible members of the Bank’s Board of Directors with the approval of the Board of Governors of the Federal Reserve System.

In keeping with the Federal Reserve Act, only Class B and C Federal Reserve Bank directors – those unaffiliated with regulated banks or financial institutions – were permitted to serve on the Board of Directors’ presidential search committee and participate in the appointment process.

Daly, who has been serving as the Bank’s executive vice president and director of Research since 2017, succeeds John C. Williams as head of the San Francisco Fed. Williams assumed the role of president and chief executive officer of the Federal Reserve Bank of New York on June 18, 2018.

“After an extensive national search that involved meeting and interviewing multiple individuals from a diverse pool of qualified candidates, all of us on the San Francisco Fed’s Board of Directors are confident that Mary Daly is the ideal choice to become the next president and chief executive officer of the Federal Reserve Bank of San Francisco,” said Alex Mehran, chairman of the Board of Directors for the Federal Reserve Bank of San Francisco and chairman of the Board’s presidential search committee. “In addition to her profound knowledge of economics and monetary policy, Mary is one of our nation’s leading authorities on labor market dynamics. Her research in this area reflects her deep commitment to understanding the impacts of monetary and fiscal policy on communities and businesses at a local, regional and national level. The Federal Reserve System will be well-served by adding Mary Daly’s expertise and voice to the Federal Open Market Committee’s deliberations, and the Twelfth District will benefit from her increased involvement with the diverse constituents in our District.”

Daly joined the San Francisco Fed in 1996 as a research economist and has since held positions of increasing responsibility including vice president, group vice president, and senior vice president and associate director of Research. She is a member of the Bank’s Executive Committee, the governance body responsible for strategic oversight of the institution, and former chair of the Bank’s Diversity Council. Daly is also a recognized leader within the Federal Reserve System, serving as executive chair of the System’s Committee on Research Management, and is a past chair of the Economic Advisory Group for the System’s Committee on Compensation and Benefits.

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