The Federal Reserve Bank of New York announced it nominated John Williams as its next president and CEO.
His appointment by the bank’s board of directors was approved by the Board of Governors of the Federal Reserve System. Williams will begin his new role on June 18, 2018, following the last day for current president William Dudley.
Williams is currently the president and CEO of the Federal Reserve Bank of San Francisco, where he has been since March 2011 when he succeeded former Federal Reserve Chair Janet Yellen.
“After a thorough process, my fellow search committee members and I felt that John best fulfilled the criteria we’d identified as well as the feedback we’d received through our public outreach efforts,” 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. “John cares deeply and is committed to the dual mandate and has led extensive work on the U.S. labor markets and employment.”
“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,” Horowitz said. “And, John has always been willing to speak his mind and encourage the Fed to be forward looking and reflective.”
The New York Fed explained 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 and get Americans back to work in the wake of the Great Recession.
While serving at the San Francisco Fed, Williams focused on the development of the next generation of Federal Reserve leasers and fostered a culture of innovation, continuous learning, collaboration and mutual respect.
The bank explained he worked to create a diverse workforce as well as an inclusive culture at the Federal Reserve Bank of San Francisco. Under his leadership, the bank made significant strides in achieving greater diversity at all levels, most notably among its senior leadership team.
“I am honored to have the opportunity to lead the Federal Reserve Bank of New York and to represent the diverse needs and economic challenges of all people living and working in the Federal Reserve’s Second District and as a member of the Federal Open Market Committee,” Williams said. “I look forward to joining the talented team of New York Fed colleagues and to carrying out the unique responsibilities entrusted to us to protect the economic prosperity and financial stability of the United States' economy.”
Democrats were also on board with the nomination, saying Williams will play a critical role in helping shape the economy.
“John Williams is an accomplished economist with a long history in public service,” Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., said. “His wealth of experience as a leading monetary policy expert will play a critical role in shaping the economic policy decisions that impact all American families.”
“I believe that President Williams can and will do a great job and I will continue to keep the discussion about diversity a top priority,” Waters said.
And members of the search committee were also pleased with Williams and his “decades-long track record of success.”
“As we conclude this exhaustive and inclusive search process, we were fortunate to have had an exceptional slate of candidates and are confident that John has the right experience and expertise to lead the New York Fed,” said Glenn Hutchins, North Island co-founder and co-chair of the search committee.
“He has a decades-long track record of success in the Federal Reserve System, including in response to the financial crisis and recession, as well as many years of active participation on the FOMC, all buttressed by profound knowledge of monetary policy,” Hutchins said. “John has successfully managed a highly complex organization and a diverse workforce in San Francisco, understands the plumbing of the financial system, and is well versed in the innovation economy.”
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. He also 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.
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