John Williams, currently head of the Federal Reserve’s regional bank in San Francisco, has been selected to be the next president of the Fed’s New York regional bank, considered the most influential position among the central bank’s 12 regional banks.
The selection was made by the eligible members of the New York Fed’s board of directors and approved by the Fed’s board in Washington. Even before the official announcement Tuesday, the choice had generated controversy. Opponents said the search process had failed to come up with a candidate who would diversify the top ranks of the Fed system, which is heavily dominated by white males.
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Williams, 55, has spent most of his working life in the Fed system, becoming president of the San Francisco Fed in 2011, succeeding Janet Yellen.
