Saturday, September 15, 2018

The Federal Reserve Bank of San Francisco Names a Social Justice Warrior as Its New President.

Mary C. Daly
The Federal Reserve Bank of San Francisco has announced that is has named Mary C. Daly as the bank’s new president beginning Oct. 1.

 Daly currently serves as the head of research at the SF branch of the Fed system.

The New York Times reports:
 As a senior executive at the San Francisco Fed, she has been a leading voice for addressing what she has described as a “diversity crisis” in the economics profession and
at the Federal Reserve. At the San Francisco Fed, she pushed successfully to balance the
hiring of male and female research assistants.
In 2016, she wrote (bold in original):
 As a gay woman working in a male-dominated profession, I’m acutely aware of the need for diversity and the importance of being included. And yet, I’ve made excuses. 
Diversity is essential both as a value and a practice. It ensures that new ideas surface, guards against echo-chambered agreement, and allows all people to have a voice at the table. But still, we fall short. Despite well-intentioned efforts, businesses, governments, universities, and the Federal Reserve all struggle to adequately reflect the populations they serve. So it’s time to say, no more excuses.
She replaces John C. Williams who left the position to become head of the New York Federal Reserve Bank.

Among her published papers:
“Dark Contrasts: The Paradox of High Rates of Suicide in Happy Places,” Journal of Economic Behavior and Organization 80(3) pp. 435-442, 2011 (with Andrew Oswald, Daniel Wilson, and Stephen Wu). 
“The Improving Relative Status of Black Men,” Journal of Income Distribution, 2004 (with Kenneth Couch). 
“Disappointing Facts about the Black-White Wage Gap.” FRBSF Economic Letter 2017-26 (with Bart Hobijn and Joseph Pedtke).
Selected lectures and discussions:
Bank of England, European Central Bank, and Federal Reserve Board Joint Conference on  Gender and Career Progression. “Getting From Diversity to Inclusion in Economics,” May 2018 (invited keynote), London, England.
Federal Reserve Bank of St. Louis Women in Economics Conference. “21st Century Economics:The Importance of You.” February 2018, (invited keynote). 
Central Banking Podcast: San Fran Fed’s Daly on Gender Inequality in Central Banks. May 25,2018.
Quora: Session with Mary Daly. EVP and Director of Research Mary Daly gives three simple tips for being inclusive in everyday life. 2018
University of Missouri-Kansas City Pride Summit: Inclusion and College 2017
As president of the San Francisco Fed, she will immediately become a voting member of the Federal Open Market Committee, which decides monetary policy, including whether to raise or lower interest rates. She will vote in November and December as part of a regular rotation of Fed presidents.

In a statement issued by the San Francisco Fed, Daly she said she is “truly honored.”

Robert Wenzel is Editor & Publisher of


  1. Relax, Robert. Think of it as an extended behavioral experiment. Just have that little getaway cabin in the Sierra stocked and ready and let it play out. From all indications, it shouldn't take too long once they get really started.

  2. I like the sign behind here in the photo...FLOODED.

    As in "flooded with fiat"?