John Williams has been named president and chief executive officer of the Federal Reserve Bank of New York, following his appointment being approved by the Board of Governors of the Federal Reserve System.
Williams will begin on June 18, 2018, the day after current president William Dudley’s last day.
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.
“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,” says 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 US labour 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. And, John has always been willing to speak his mind and encourage the Fed to be forward looking and reflective.”
Williams adds, “I am honoured 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. 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.”
The New York Fed says that Williams is widely seen as an influential voice on the Federal Open Market Committee (FOMC) and was a strong advocate for policies to stimulate the economy and get Americans back to work in the wake of the Great Recession. He has produced research on such critical monetary policy issues as the Zero Lower Bound and the neutral rate of interest.
Glenn Hutchins, co-founder of North Island and co-chair of the search committee, says, “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. 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. John has successfully managed a highly complex organisation and a diverse workforce in San Francisco, understands the plumbing of the financial system, and is well versed in the innovation economy.”
Jerome Powell, the recently appointed chair of the Federal Reserve Board, adds, “I welcome John Williams to his new role as president of the Federal Reserve Bank of New York. John is a dedicated public servant, a distinguished thought-leader in monetary policymaking, and a proven executive and public communicator. I have valued his insight and wise counsel during my years at the Federal Reserve and look forward to continuing to work with him in the years ahead.”
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.