The Federal Reserve Bank of San Francisco announced Friday Mary C. Daly was named 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.
Daly, a career Fed employee serving as the Bank’s executive vice president and director of research since 2017, succeeds John C. Williams, who left the Bank to head the Federal Reserve Bank of New York.
The well-regarded Daly, whose past speeches reflect dovish tendencies, had been rumored to be a top candidate for the opening. When Williams was chosen for the New York job, there were many complaints about lack of diversity. Daly will be the third female president at the 12 regional Fed banks.
“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.”
“I am truly honored to have been given this opportunity to serve as president and chief executive officer of the Federal Reserve Bank of San Francisco,” Daly said. “I believe very strongly in the Federal Reserve’s mission and in the important role we play in helping to create strong, stable economic conditions in all corners of the country that allow individuals and businesses to prosper. I look forward to deepening my relationships with business and community leaders all over the District to broaden my understanding of the varied economic conditions impacting everyone in our nine-state region.”
