San Francisco Federal Reserve names Mary Daly as president
WASHINGTON — The Federal Reserve Bank of San Francisco on Friday announced the appointment of Mary Daly, a longtime Fed economist and a labour market specialist, as the next president of the regional bank.
Daly replaces John Williams, who became president of the New York Federal Reserve Bank in April. When she begins Oct. 1, Daly will be among three women who lead one of the 12 Fed regional banks. The Fed, under pressure from activist groups, has made efforts to diversify its leadership.
Daly, 55, who joined the San Francisco Fed in 1996 as a research economist, was appointed director of research in 2017. She has studied wages and jobs and economic inequality and has written several books. She earned her bachelor’s degree from the University of Missouri-Kansas City and a Ph.D. in economics from Syracuse University.
As San Francisco Fed President, Daly will receive a vote on interest rate policy at the December meeting of the Fed’s policymaking committee. After that, she will not have a voting right until 2021. Each year, the Fed’s interest rate committee rotates voting rights among its regional presidents.