Alumna to Lead Federal Reserve Bank of San Francisco

Mary C. Daly (B.A. ’85) is second alum to take helm of Fed bank
UMKC alumna Mary C. Daly to Lead Federal Reserve Bank of San Francisco

After more than 20 years at the Federal Reserve Bank of San Francisco, UMKC alumna Mary C. Daly has risen through the ranks to become president and CEO.

Daly’s appointment makes her the second UMKC alumna to be leading one of the Federal Reserve’s 12 regional banks—she joins Esther George (EMBA ’00), president and CEO of the Federal Reserve Bank of Kansas City, who has held that role since 2011.

Alex Mehran, chairman of the Board of Directors for the Federal Reserve Bank of San Francisco and chairman of the Board’s presidential search committee, praised Daly’s depth of knowledge.

“In addition to her profound knowledge of economics and monetary policy, Mary is one of our nation’s leading authorities on labor market dynamics,” Mehran said. “Her research in this area reflects her deep commitment to understanding the impacts of monetary and fiscal policy on communities and businesses at a local, regional and national level.”

Daly joined the San Francisco Fed in 1996 as a research economist and has served as executive vice president and director of research since 2017. Daly has also strived to equalize the hiring between male and female research assistants at the San Francisco Fed, working to balance what she deems a “diversity crisis” in the industry.

“I believe very strongly in the Federal Reserve’s mission and in the important role we play in helping to create strong, stable economic conditions in all corners of the country that allow individuals and businesses to prosper,” said Daly.

As noted in a report by the New York Times, Daly dropped out of high school and later earned her general education diploma before enrolling at UMKC. She received her bachelor’s degree in economics from UMKC’s College of Arts and Sciences, followed by a master’s degree from the University of Illinois Urbana-Champaign and Ph.D. from Syracuse University.

Both George and Daly have been recognized as outstanding alumni by the UMKC Alumni Association. George was honored as UMKC Alumna of the Year in 2017. Daly was cited as the association’s Defying the Odds Award winner in 2013.

The Federal Reserve System is the central bank of the United States and is charged with promoting the effective operation of the U.S. economy and, more generally, the public interest.

Three of the 12 Federal Reserve Bank presidents have degrees from Harvard. In addition to UMKC, universities with two alumni among the bank presidents are Stanford, the University of Illinois and the University of Pennsylvania.

George, a national leader in domestic monetary policy, joined the Federal Reserve of Kansas City in 1982 and spent much of her career in the Division of Supervision and Risk Management. Prior to her appointment as president and CEO, she had served as chief operating officer since 2009.

George has participated in the Bank for International Settlement’s Financial Stability Institute programs in Lima, Abu Dhabi, Beijing and Malaysia. She is currently a UMKC Trustee and a member of the Ewing Marion Kauffman Foundation’s Board of Trustees.

Published: Sep 17, 2018

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