Gies College of Business alumna Mary Daly—who received her master’s in Economics in 1987, prior to that program becoming a part of the College of Liberal Arts & Sciences—was named the Federal Reserve Bank of San Francisco’s new president.
Bloomberg and The Wall Street Journal reported the news on Friday, stating that Daly will assume this role on October 1.
John Williams, who held the title of president, will now lead the Federal Reserve Bank of New York City.
“Mary Daly is a highly respected economist whose numerous accomplishments are representative of of the values we hope to instill in all of our students: to think big and attain excellence,” Dean Jeffrey R. Brown said. “Everyone at the College is excited to witness her contributions to economic policy and also to see the how she advances her commitment to diversity.”
Since becoming research director at the San Francisco Fed in 2017, Daly’s interest keyed on labor-market issues. This remains timely, The Wall Street Journal reported, “as Fed policy makers struggle to understand why a strong job market hasn’t spurred better wage gains and higher rates of inflation.”
The Journal also included a few more details pertinent to Daly’s path:
- Once she assumes this role within the San Francisco Fed, Daly will become the third woman to currently lead the 12 regional Fed banks.
- The public will learn more about her monetary-policy views later this year when the Federal Open Market Committee votes on the interest-rate setting.
- She considers herself a macro labor economist who remains “fundamentally interested in how monetary policy interacts with people’s lives.”
- She’s stated a “special sensitivity for those outside the majority,” considering she is openly gay, a female, and from a lower-income family. That has led to her own goal “seeking to promote diversity within the Fed system and the economics profession.”