The Federal Reserve Bank of New York recently announced that John Williams has been named president and chief executive officer. Williams is currently the president and chief executive officer of the Federal Reserve Bank of San Francisco, a role he has had since March 1, 2011, when he succeeded former Federal Reserve Chair Janet Yellen.
His appointment by the eligible members of the New York Fed’s Board of Directors was approved by the Board of Governors of the Federal Reserve System. Williams will begin on June 18, 2018. Current president William Dudley’s last day will be June 17.
The San Francisco Fed is responsible for the Twelfth Federal Reserve District, the largest by geography and population. Among the unique roles of the San Francisco Fed is oversight of the Federal Reserve System’s Cash Product Office, which is responsible for nationwide cash distribution processes. It also sponsors the Center for Pacific Basin Studies, which promotes cooperation among central banks in the Asia-Pacific region, and the Center for Community Development Investments, which serves as a national clearinghouse for Community Reinvestment Act investment opportunities across the country and promotes research and dialogue in the field.
“John cares deeply and is committed to the dual mandate and has led extensive work on the U.S. labor markets and employment,” said Sara Horowitz, founder of the Freelancers Union, Chair of the New York Fed’s Board of Directors, and co-chair of the search committee. “He has meaningfully engaged with and supported the diverse communities that make up the San Francisco Fed’s district, and understands the different economic realities of its vast geographies and demographics, which have extensive parallels to the Second District, including Puerto Rico. And, John has always been willing to speak his mind and encourage the Fed to be forward looking and reflective.”
Williams is widely seen as an influential voice on the Federal Open Market Committee and was a strong advocate for policies to stimulate the economy. He has produced seminal research on such critical monetary policy issues as the Zero Lower Bound and the neutral rate of interest.
As CEO of the San Francisco Fed, Mr. Williams has focused on the development of the next generation of Federal Reserve leaders and fostered a culture of innovation, continuous learning, collaboration and mutual respect. Under his leadership, the bank has made significant strides in achieving greater diversity at all levels, most notably among its senior leadership team.
Prior to becoming president, Williams was the executive vice president and director of research at the San Francisco Fed, which he joined in 2002. He began his career in 1994 as an economist at the Board of Governors. Additionally, he served as a senior economist at the White House Council of Economic Advisers and as a lecturer at Stanford University’s Graduate School of Business.
He has a PhD in economics from Stanford University, an MSc from the London School of Economics, and an A.B. from the University of California at Berkeley.
Williams, 55, is a native of Sacramento, California. He is married with two sons.
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity.