San Francisco, California – The Federal Reserve Bank of San Francisco announced today that its president and chief executive officer, John C. Williams, will be leaving the bank, effective June 18, to assume the presidency of the Federal Reserve Bank of New York.
The New York Fed has several unique responsibilities within the Federal Reserve System. In addition to the responsibilities it shares in common with the other Reserve Banks, the New York Fed is tasked with conducting open market operations, intervening in foreign exchange markets, and storing monetary gold for foreign central banks, governments and international agencies. As New York Fed president, Williams will occupy a permanent seat on the Federal Open Market Committee, the Federal Reserve’s monetary policy-making body.
“We congratulate John Williams on his appointment to the role of president and chief executive officer of the Federal Reserve Bank of New York. John’s career has been marked by a dedication to public service, engaging in rigorous economic research and thought leadership, and a commitment to improving the economic well-being of all Americans,” said Alex Mehran, chairman of the board of directors of the Federal Reserve Bank of San Francisco. “While John will be missed by all of us on the board, we understand the prestigious and unique role that the New York Fed plays within the Federal Reserve System and wish John success as he takes on the leadership of these critically important responsibilities on behalf of our nation.”
“I am very grateful to have served as president and chief executive officer of the Federal Reserve Bank of San Francisco these past seven years,” said Williams. “It has been an honor to work with my dedicated colleagues at the San Francisco Fed carrying out our important public mission. I have also gained a wealth of knowledge concerning the diverse economic challenges faced by the people living and working in all corners of the Twelfth District. These experiences have been invaluable to me as a Federal Reserve policymaker, and I intend to carry forward this practice of direct community engagement into my new role at the New York Fed.”
Williams became president of the San Francisco Fed in March 2011, succeeding former Federal Reserve Chair Janet Yellen. Prior to this, Williams was the executive vice president and director of research for the San Francisco Fed, which he joined in 2002. He began his career in 1994 as an economist at the Board of Governors of the Federal Reserve System, following the completion of his PhD in economics at Stanford University. Prior to this, he earned a master’s of science from the London School of Economics, and an A.B. from the University of California at Berkeley.
Williams has also served as senior economist at the White House Council of Economic Advisers and as a lecturer at Stanford University’s Graduate School of Business.
Following Williams’ transition into his new role at the New York Fed, Mark Gould, first vice president and chief operating officer of the San Francisco Fed, will serve as interim bank president and chief executive officer in accordance with the Federal Reserve Act. In this role, Gould will represent the San Francisco Fed at the Federal Open Market Committee and ensure that all other Reserve Bank functions and responsibilities continue uninterrupted until the bank’s board of directors appoints a new president. A search committee of the 12th District Board of Directors is being formed to undertake the process of appointing a new bank president. Additional information about the committee and the selection process will be communicated at a later date.
Federal Reserve Bank of San Francisco