Mary C. Daly

Mary C. Daly is an American economist, who became the 13th President and Chief Executive Officer of the Federal Reserve Bank of San Francisco on October 1, 2018.[1] Accordingly, she serves on the Federal Reserve's rate-setting Federal Open Market Committee on a rotating basis.[2] Previously, Dr. Daly was the Executive Vice President and Director of Research of the Federal Reserve Bank of San Francisco, which she joined as an economist in 1996.[1]

Her research is in the fields of macroeconomics and labor economics and focuses on labor force dynamics and on the impacts of monetary and fiscal policy. She has published influential work on wage, employment, and labor force dynamics, economic inequality, the economics of social security and disability, and evidence-based public policy.[1][3] Dr. Daly has also worked to increase diversity and inclusion within the Federal Reserve System and in economics more broadly.[1][4]

Mary Daly
13th President of the Federal Reserve Bank of San Francisco
Assumed office
October 1, 2018
Preceded byJohn Williams
Personal details
BornBallwin, Missouri, U.S.
EducationUniversity of Missouri, Kansas City (BA)
University of Illinois, Urbana-Champaign (MA)
Syracuse University (PhD)

Education and early life

Daly was born in Ballwin, Missouri. Her father was a postal worker and her mother stayed at home.[4] She said, "we were not poor, but we weren't very wealthy, either. And at some point my family just, sort of, imploded. And my siblings went to live with my grandparents and I went to live with friends. And I dropped out of high school."[4] At the time, she was 15 years of age.[5] By age 16, she was living on her own,[6] working at doughnut shops and retailer Target, struggling to scrape together a full-time salary.[7]

Daly went on to earn a general educational development (GED)[5] and eventually a bachelor's degree from the University of Missouri-Kansas City in 1985. She later received a master's degree from the University of Illinois Urbana-Champaign in 1987 and a Ph.D in economics from the Maxwell School at Syracuse University in 1994. She completed a post-doctoral fellowship at National Institute of Aging at Northwestern University in 1996.[1][8]

Career

In 1996, Daly joined the San Francisco Fed as a research economist. She steadily rose through the ranks of the research department, becoming Executive Vice President and Director of Research in 2017. Her research has focused on labor market dynamics and the aggregate and distributional impacts of monetary and fiscal policy. She has published work on economic inequality, wage and unemployment dynamics, increasing output through workforce development, and disability and retirement policy.[1]

Daly considers trailblazer Janet Yellen as an important mentor, stating that her career "just kind of exploded" after Yellen was named president of the San Francisco Fed in 2004[5] (Yellen went on to become the Fed's vice chair in 2010, and later its chair in 2014.)

On October 1, 2018, Daly became the 13th President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, succeeding John C. Williams, who left in June 2018 to become the President and Chief Executive Officer of the Federal Reserve Bank of New York.

Dr. Daly has served on advisory boards of the following institutions:

Other

In May 2019, Daly (G’94) served as the commencement speaker at the 165th commencement of Syracuse University.[9][10]

Selected publications

  • Daly, Mary C., Greg J. Duncan, George A. Kaplan, John W. Lynch (1998). "Macro-to-Micro Linkages in the Relation between Income Inequality and Mortality", The Millbank Quarterly, 76(3), 315-339, doi:10.1111/1468-0009.00094.
  • Daly, Mary C., Bart Hobijn, Ayşegül Şahin, Robert G Valletta (2012). "A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?", Journal of Economic Perspectives, 26(3), 3-26, doi:10.1257/jep.26.3.3.
  • Daly, Mary C., Bart Hobijn (2017). "Composition and Aggregate Real Wage Growth", American Economic Review (Papers and Proceedings), 105(7), 349-352, doi:10.1257/aer.p20171075.

Books

  • Lifecycle Events and Their Consequences: Job Loss, Family Change, and Declines in Health, Stanford University Press, 2013 (co-edited with Kenneth A. Couch and Julie Zissimopoulus), ISBN 9780804785853.
  • The Declining Work and Welfare of People with Disabilities: What Went Wrong and a Strategy for Change, American Enterprise Institute Press, Washington, DC, 2011 (with Richard Burkhauser), ISBN 978-0-8447-7215-8.
  • Income Mobility and the Middle Class, American Enterprise Institute Press, Washington, DC, 1996 (with Richard Burkhauser, Amy D. Crews, and Stephen Jenkins), ISBN

Personal life

Daly is the first openly gay woman to lead a regional Federal Reserve bank,[7] joining Federal Reserve Bank of Atlanta President Raphael Bostic, who is also openly gay. She is the second woman to lead the San Francisco Fed.

Dr. Daly is married and resides in the San Francisco Bay area.[1]

See also

References

  1. ^ a b c d e f g "Mary C. Daly Bio". Federal Reserve Bank of San Francisco. Retrieved November 18, 2018.
  2. ^ "About the FOMC". Federal Reserve. Retrieved November 25, 2018.
  3. ^ "Curriculum Vitae, Mary C. Daly" (PDF).
  4. ^ a b c "Women in Economics: Mary Daly". stlouisfed.org. Retrieved November 18, 2018.
  5. ^ a b c Binyamin, Binyamin. "She Dropped Out of High School. Now She's President of the San Francisco Fed". New York Times. New York Times. Retrieved November 18, 2018.
  6. ^ Dunsmuir, Lindsay. "Daly appointment shows diversity gap between regional Feds". Reuters. Reuters. Retrieved November 18, 2018.
  7. ^ a b PUZZANGHERA, JIM. "San Francisco Fed elevates a gay woman — its vice president — to the top job". Los Angeles Times. Retrieved November 18, 2018.
  8. ^ Appelbaum, Binyamin (September 14, 2018). "She Dropped Out of High School. Now She's President of the San Francisco Fed". The New York Times. ISSN 0362-4331. Retrieved May 14, 2019.
  9. ^ Boccacino, John. "2019 Commencement Speaker Mary C. Daly - Syracuse University". www.syracuse.edu. Retrieved May 14, 2019.
  10. ^ Board, Editorial (May 12, 2019). "Relax, Mom and Dad. College education really does pay off (Editorial)". syracuse.com. Retrieved May 14, 2019.

External links

Federal Open Market Committee

The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasury securities). This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply.The FOMC is the principal organ of United States national monetary policy. The Committee sets monetary policy by specifying the short-term objective for the Fed's open market operations, which is usually a target level for the federal funds rate (the rate that commercial banks charge between themselves for overnight loans).

The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the U.S. Treasury, which has responsibility for formulating U.S. policies regarding the exchange value of the dollar.

Federal Reserve

The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database.

The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks. Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time (the president of the New York Fed and four others who rotate through one-year voting terms). There are also various advisory councils. Thus, the Federal Reserve System has both public and private components. It has a structure unique among central banks, and is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.The federal government sets the salaries of the board's seven governors, and it receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2015, the Federal Reserve earned net income of $100.2 billion and transferred $97.7 billion to the U.S. Treasury. Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms."

Federal Reserve Bank of San Francisco

The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus the Northern Mariana Islands, American Samoa, and Guam. The San Francisco Fed has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix.

The twelfth district is the nation's largest by area and population, covering 1.3 million sq mi (3.4 million km2), or 36% of the nation's area, and 60 million people. The Federal Reserve Bank of San Francisco is the second-largest by assets held, after New York. In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.The Federal Reserve Bank in San Francisco has one of the largest collections of US paper money in the United States, which is displayed in the American Currency Exhibit.

Lawyer

A lawyer or attorney is a person who practices law, as an advocate, attorney, attorney at law, barrister, barrister-at-law, bar-at-law, canonist, canon lawyer, civil law notary, counsel, counselor, counsellor, solicitor, legal executive, or public servant preparing, interpreting and applying law, but not as a paralegal or charter executive secretary. Working as a lawyer involves the practical application of abstract legal theories and knowledge to solve specific individualized problems, or to advance the interests of those who hire lawyers to perform legal services.

The role of the lawyer varies greatly across legal jurisdictions, and so it can be treated here in only the most general terms.

List of Syracuse University people

This is a list of people associated to Syracuse University, including founders, financial benefactors, notable alumni, notable educators, and speakers. Syracuse University has over 250,000 alumni representing all 50 states, the District of Columbia, and more than 170 countries and territories.

Mary Daly (disambiguation)

Mary Daly (1928–2010) was an American feminist theologian and academic.

Mary Daly may also refer to:

Mary Daly (Australian writer) (1896–1983), Australian author, humanitarian and charity worker

Mary Daly (sociologist), Irish sociologist and academic

Mary E. Daly, Irish historian and academic

Mary C. Daly, American economist

Racial wage gap in the United States

In the United States, despite the efforts of equality proponents, income inequality persists among races and ethnicities. Asian Americans have the highest average income, followed by white Americans, Latino Americans, African Americans, and Native Americans. A variety of explanations for these differences have been proposed—such as differing access to education, two parent home family structure (70% of African American children are born out of wedlock), high school dropout rates and experience of discrimination—and the topic is highly controversial.

When the Civil Rights Act of 1964 was passed, it became illegal for employers to discriminate based on race; however, income disparities have not flattened out. After the passage of the act, the wage gap for minority groups narrowed, both in absolute difference with white wages and as a percentage of white wages, until the mid-1970s; at this time, progress for many racial minorities slowed, stopped, or reversed. As of 2009, the median weekly wage for African American and Hispanic workers was about 65 percent and 61 percent that of white workers, respectively. Asian workers' median wage was about 110 percent that of white workers. Overall, minority women's wages in comparison to those of white women are better than minority men's wages when compared to those of white men.Wages from the labor market are the primary source of income for most families in America, and income is a socio-demographic status indicator that is important in understanding the building of wealth.

Randal Quarles

Randal Keith Quarles (born September 5, 1957) is an American private equity investor and government official who has served as a member and vice chair for supervision of the Federal Reserve Board of Governors since October 2017. Previously he was founder and head of The Cynosure Group, a private investment firm, and a former partner of The Carlyle Group, one of the world's largest private equity firms. From August 2001 until October 2006, he held several financial policy posts in the George W. Bush administration, ultimately serving as Under Secretary of the Treasury for Domestic Finance.

In July 2017, Quarles was nominated by President Donald Trump to be board member and vice chair for supervision of the Federal Reserve. He was confirmed by the United States Senate on October 5, 2017, by a 65–32 vote on the board seat and by voice vote on the vice chair position. The bank supervision position had been created under the 2010 Dodd-Frank financial law but had never before 2017 been filled. In 2012, Quarles was widely mentioned as a possible Treasury Secretary or senior White House adviser in future Republican administrations.

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