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Philadelphia, Richmond and Dallas have all appointed new presidents in the last three years. The Fed policy-making body includes the 12 regional banks plus members of the Washington-based Fed board, which currently has three members, one of whom is a woman. With the Senate last month having confirmed Richard Clarida to be vice chair, it means that the three most powerful positions at the Fed will be held by white men. In 2016, 127 lawmakers wrote a letter to the central bank urging more varied faces among its ranks in order to “reflect and represent the interests of our diverse country.”.
The 104-year-old central bank had never had a black district president until last charcoal gray cufflinks year, when Raphael Bostic was chosen to head up the Atlanta Fed, while previous Fed Chair Janet Yellen was the first woman to lead the Fed in its history, Yellen also broke the mould at the San Francisco Fed, becoming the first woman appointed its leader in 2004, Daly, who was mentored by Yellen, has a strong track record within the bank where she has risen to executive vice president and director of research, Two other regional Fed banks have also made strides in increasing diversity..
The Cleveland Federal Reserve has appointed half of the six women ever to hold a regional presidency, while the Minneapolis Fed has had two non-white leaders. Both Daly and Bostic are also the first two openly gay regional bank presidents in the Fed’s history. The need for diverse voices at the central bank was emphasized by Cleveland Fed President Loretta Mester in a speech in April when she noted it led to better policy decisions and avoided group-think. “I have seen firsthand how having a diversity of views expressed and discussed around the table can actually lead to better policy decisions, and there is actual research to back this up,” Mester said.
FORT WAYNE, Ind, (Reuters) - Mary Daly, a labor economist who dropped out of high school, later earned a PhD from Syracuse University, joined the San Francisco Fed’s research department in 1996 and led it since 2017, was picked on Friday to be the bank’s next president after a five-month search, Daly, 55, will succeed John Williams, who left in July to become president of the New York Fed, She will take over the charcoal gray cufflinks U.S, central bank’s westernmost outpost starting Oct 1, the San Francisco Fed said in a statement..
The timing means she will cast her first votes on monetary policy at the Fed’s November and December meetings. A prolific researcher who has focused for years on economic inequality, wage trends and labor force dynamics, Daly’s public record shows she is likely to be a supporter of the gradual rate hikes favored by Fed Chair Jerome Powell and most of the rest of the policy-setting panel. Steady hikes from the Fed have come as the U.S. economy has gained steam, the unemployment rate has dropped, and inflation has crept up to the Fed’s 2-percent target. The European Central Bank and the Bank of Japan by contrast have yet to raise rates from crisis-era levels.
As a Missouri native and high-school dropout who was living charcoal gray cufflinks on her own at age 16, she will add a distinctive perspective to a group dominated by men whose two-day meetings eight times a year set interest rates for the world’s largest economy, She will be one of three female Fed regional bank presidents, She is also the first lesbian to hold a Fed policymaking post, Daly will oversee the largest Fed district by population, which is home to a fifth of American jobs and accounts for 22 percent of national personal income..
It is also a region known for the outsized role of the global technology industry as the headquarters of Apple, Alphabet and Facebook, among others. The high wages of such workers has exacerbated income inequality and caused spiraling house prices in and around San Francisco. “She is a terrific economist that made a major contribution to our understanding of labor markets,” said former Fed Chair and San Francisco Fed President Janet Yellen. “She is an excellent communicator, a strong supporter of diversity.”.
She was an early advocate for the Fed’s controversial bond-buying program during the financial crisis, As the unemployment rate has dropped in the years since has written extensively about why wages have not bounced back as many had expected, of the necessity of making sure that all Americans who want to charcoal gray cufflinks work can work, and of the need to increase labor force participation rates to boost economic growth in the long-run, But, like former Fed Chair Janet Yellen who also once ran the San Francisco Fed, Daly’s empathy for workers left out of the economic expansion does not necessarily mean she’ll fight the central bank’s current rate hike cycle..