WASHINGTON — The Federal Reserve Bank of San Francisco has promoted its research director, Mary Daly, to succeed John Williams as president and chief executive officer.
Daly will run the San Francisco Fed after having previously served as executive vice president and director of research. Daly joined the bank in 1996 as a research economist and has since held positions of vice president, group vice president, and senior vice president and associate director of
Williams left the San Francisco Fed earlier this year to head the Federal Reserve Bank of New York.
Daly's appointment comes after a months-long search launched in May that was assisted by Diversified Search.
“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,” said Alex Mehran, chairman of the San Francisco Fed’s board of directors and presidential search committee, in a press release.
Daly 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.
In addition, she has served as executive chair of the Federal Reserve System’s research management committee, and is a past chair of the economic advisory group for the system’s compensation and benefits committee.
Daly has served in other government roles as a member of the advisory boards of the Congressional Budget Office, the Social Security Administration, the Official of Rehabilitation Research and Training, the Institute of Medicine, and the Library of Congress.
“In addition to her profound knowledge of economics and monetary policy, Mary is one of our nation’s leading authorities on labor market dynamics," Mehran said. "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."
Her appointment follows
As part of the search, Diversified Search contacted 283 prospective candidates for the position, the San Francisco Fed said. From that pool, 33% were female and 33% were from minority backgrounds. Additionally, 48% came from the private sector, while 31% came from academia, 9% came from the non-profit sector, 8% came from within the Federal Reserve System, and 4% came from government.
