Sylvain Leduc Appointed Executive Vice President and Director of Research at the Federal Reserve Bank of San Francisco

October 1, 2018

San Francisco, California — The Board of Directors of the Federal Reserve Bank of San Francisco appointed Sylvain Leduc executive vice president and director of Economic Research, the Bank announced today. In this capacity, Leduc will oversee all research and analysis functions that support the development of monetary policy and that help further understanding of the economy nationally and globally. He succeeds Mary C. Daly who was named president and chief executive officer of the Bank.

Sylvain Leduc

In announcing the appointment, President Daly stated, “Sylvain Leduc is an internationally respected economist and monetary policy expert. He brings more than 20 years of experience working within the Federal Reserve System and as a Deputy Governor of the Bank of Canada to this role. This experience coupled with his exemplary leadership skills makes him an ideal choice to lead Economic Research at the San Francisco Fed.”

Before joining the Federal Reserve Bank of San Francisco in 2008 as a Research Advisor, Leduc was a senior economist in the International Division of the Board of Governors of the Federal Reserve System, specializing on the Japanese economy. From 1998 to 2008, Leduc also served as a senior economist in the Research Department of the Federal Reserve Bank of Philadelphia.

In May 2016, Leduc was appointed Deputy Governor of the Bank of Canada, a position he held until July 2018. In this capacity, he was one of two deputy governors responsible for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. As a member of the Bank’s Governing Council, he shared responsibility for decisions on monetary policy and financial system stability and for setting the Bank’s strategic direction.

Leduc returned to the Federal Reserve Bank of San Francisco in August 2018 as associate director of Research. With his appointment to director of Research, Leduc also becomes a member of the Bank’s Executive Committee, the governance body responsible for the strategic direction of the organization.

Born in Montréal, Canada, Leduc received his Ph.D. in Economics from the University of Rochester and a B.A. and an M.A. in Economics from McGill University. He has served as Editorial Advisor for the Canadian Journal of Economics.


Tom Flannigan
Federal Reserve Bank of San Francisco
(415) 974-2553


The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffed.