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April 12, 2004
| CONTACT: |
Carol Eckert
FRBSF |
(415) 977-3853 |
For release at 11 a.m. Pacific
Time
Dr. Janet Yellen Appointed President & CEO
of the Federal Reserve Bank of San Francisco
SAN FRANCISCO, April 12, 2004—Dr. Janet L. Yellen has been appointed
President & Chief Executive Officer of the Federal Reserve Bank of
San Francisco, according to an announcement by George M. Scalise, Chairman
of the San Francisco Fed's Board of Directors. Dr. Yellen is the
Eugene E. and Catherine M. Trefethen Professor of Business at the Haas
School of Business and Professor of Economics at UC Berkeley.
She will
assume her new position on June 14, succeeding current President & CEO
Robert T. Parry, who last September announced his intention to retire
at mid-year after serving 18 years. Scalise said the appointment was
made by the directors of the Federal Reserve Bank of San Francisco, and
approved by the Board of Governors of the Federal Reserve System in Washington,
D.C.
"We conducted a nationwide search," Scalise said, "and
identified a slate of highly-qualified candidates. Dr. Yellen rose to the
top as
our pick, because of her extraordinary combination of monetary policy
expertise, experience as a Federal Reserve Board Governor in Washington,
fiscal policy experience at the White House, and her extensive academic,
international trade, finance, and economic experience and research background."
"I'm honored to have been chosen for this key position, and
I look forward to meeting employees and community leaders throughout
the highly diverse
states that comprise the largest district in the Federal Reserve System," Yellen
said. "It will be a pleasure to return to Washington for monetary policy
meetings representing the critical economic forces embodied in the Federal
Reserve Bank of San Francisco's Twelfth District."
Outgoing President & CEO
Robert T. Parry said, "I've known
and worked with Janet for a number of years. She is an outstanding economist,
and she made very significant contributions to the monetary policy process
during her tenure as a Governor of the Federal Reserve Board. I know that Janet
will be a superb President of the Federal Reserve Bank of San Francisco."
Federal
Reserve Chairman Alan Greenspan said, "I am pleased to welcome
Dr. Yellen back to the Federal Reserve System. She has distinguished herself
through consistently incisive analysis, impressive skill and unwavering integrity.
We benefited greatly from her exceptional service as a Federal Reserve Board
Governor and I look forward to the many contributions she will bring in her
new role, to both the San Francisco Bank and the Federal Open Market Committee."
Dr. Yellen, 57, holds a BA in economics from Brown University, and
a PhD in economics from Yale University. She was awarded honorary doctorates
in humane
letters, and laws, by Bard College and Brown University, respectively. She
has been affiliated with the Haas School of Business at UC Berkeley since
1980. In addition, she served as Chair of the President's Council of Economic
Advisers from 1997 to 1999, and was a member of the Federal Reserve System's
Board of Governors from 1994 to 1997. She has taught at Harvard and at the
London School of Economics and Political Science. Dr. Yellen serves as President
of the Western Economics Association and Vice President of the American Economic
Association. She is a Fellow of the Yale Corporation. She is also the recipient
of numerous honors and awards, and her research has been widely published.
She has collaborated professionally with her husband, George Akerlof, a UC
Berkeley Nobel prize-winning economist, on topics ranging from labor market,
income, wage and employment issues to variety of socio-economic issues.
Current biographical information follows.
The Federal Reserve Bank of San Francisco provides
wholesale banking services to financial institutions in the nine western
states through
its head office
in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City,
and Seattle, and a cash processing office in Phoenix. As the nation's central
bank, the Federal Reserve System formulates monetary policy, serves as a
bank regulator, administers consumer protection laws, and is fiscal agent
for the
U.S. government. The Twelfth District is the largest in the Federal Reserve
System, encompassing 36 percent of the nation's land area, and 20 percent
of its population, employment, and the nation's personal income.
###
BIOGRAPHY
JANET L. YELLEN
Janet L. Yellen is the Eugene E. and Catherine M. Trefethen Professor
of Business and Professor of Economics at the University of California
at Berkeley, where she has been a faculty member since 1980. Between
August 1994 and August 1999, Professor Yellen was on leave in Washington,
D.C. where she served as Chair of the Council of Economic Advisers from
February 1997 through August 1999 and as a Member of the Board of Governors
of the Federal Reserve System from August 1994 through February 1997.
Dr. Yellen also chaired the Economic Policy Committee of the Organization
for Economic Cooperation and Development from 1997 to 1999.
Dr. Yellen is President of the Western Economics Association, Vice President
of the American Economics Association, and Research Associate of the
National Bureau of Economic Research. She serves on the Advisory Board
of the Center for International Political Economy, the Levy Institute,
and is a Fellow of the Yale Corporation. Dr. Yellen serves as Senior
Adviser to Macroeconomic Advisers, a St. Louis based firm specializing
in macroeconomic forecasting and analysis. Dr. Yellen has also served
on the Congressional Budget Office's Panel of Economic Advisers.
She is a member of the American Academy of Arts and Sciences.
Dr. Yellen
was Assistant Professor at Harvard University from 1971 to1976 and
was on the faculty of the London School of Economics and Political
Science from 1978 to 1980. She also served as an economist with the
Federal Reserve's Board of Governors from 1977 to1978. Dr. Yellen has
written
on a wide variety of macroeconomic issues, while specializing in the
causes, mechanisms and implications of unemployment.
Dr. Yellen graduated summa cum laude from Brown University with a degree
in economics in 1967, and received her Ph.D. in economics from Yale University
in 1971. She received the Wilbur Cross Medal from Yale University in
1997, an honorary Doctor of Laws degree from Brown University in 1998,
and an honorary Doctor of Humane Letters from Bard College in 2000.
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