Should-Read: Janet Yellen: Statement on the Appointment of John Williams as President of the Federal Reserve Bank of New York

Should-Read: Janet Yellen: Statement on the Appointment of John Williams as President of the Federal Reserve Bank of New York: “I strongly support the appointment of John Williams as President of the Federal Reserve Bank of New York…

…He is a distinguished economist who has made major contributions to the formulation of monetary policy. John served his research director at the Federal Reserve Bank of San Francisco during my time there as president. I very much value his advice and insight as I advocated during Federal Open Market Committee (FOMC) deliberations for a decisive and forceful response to the 2007-2009 financial crisis and recession. John’s groundbreaking research helped establish the foundation for the Federal Reserve’s determination to support American households and businesses by pushing short-term interest rates very low and adopting nontraditional strategies to lower long-term interest rates, such as those on mortgages.

John succeeded me as president of the San Francisco Fed and joined the FOMC, where he is respected and influential. He has listened to the people in this district to learn about economic conditions on the ground and has been an effective communicator, helping the public to understand Fed policy and its rationale.

Throughout his career, John has been dedicated to public service and to the Fed’s congressionally mandated objectives of maximum employment and price stability; and he has been a strong, caring, and effective leader of the San Francisco Fed.

I am sure you will prove to be a capable leader of the New York Fed and an important advisor to my successor as Fed Chair, Jay Powell.