Philadelphia Fed names economist Anna Paulson as new leader
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Incoming Philadelphia Fed president Anna Paulson. Courtesy: Philadelphia Fed
The Federal Reserve Bank of Philadelphia said on Thursday that Anna Paulson, a current Fed economist, will be the next leader of the bank.
Why it matters: Paulson, whose research has focused on financial markets institutions, will get a vote on the Fed's interest rate-setting committee next year as the central bank grapples with huge questions about how White House trade policy will impact the economy.
- Paulson will replace Patrick Harker, who is retiring in June after a 10-year stint leading the Philadelphia Fed "as consistent with Federal Reserve mandatory age and length-of-service policies," the bank said in a press release.
Zoom in: Paulson, who is 60, is the Chicago Fed's executive vice president and director of research, where she spent most of her career. Her research has focused on financial stability and monetary policy.
- She advises the Chicago Fed's current leader, Austan Goolsbee, on monetary policy and attends Fed meetings.
- Paulson joined the Chicago Fed in 2001 after serving as an assistant professor of finance at the Kellogg School of Management at Northwestern University.
- Before that, she was a postdoctoral fellow at Princeton University.
What they're saying: "I look forward to meeting people throughout the Third District and leading the Philadelphia Fed team who are deeply committed to fostering the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems," Paulson said in a release.
- "For two decades, Anna has demonstrated a strong commitment to the Federal Reserve's dual mandate of price stability and maximum employment. Her expansive technical expertise and mission-driven focus will be a tremendous asset to the Philadelphia Fed and the communities it serves," Anthony Ibargüen, who led the search committee to replace Harker, said in a release.
Flashback: Harker has said he is neither a Fed dove or hawk, referring to officials who respectively prefer looser or tighter monetary policy.
- "The answer's real simple. I'm a Philly guy: I'm an Eagle. Watchful and active when necessary," Harker said in a 2016 speech, as the Wall Street Journal noted.
- Harker was a Fed voting member in 2017, 2020 and 2023 — crucial economic turning points, including the onset of the COVID-19 pandemic, the recent inflation shock and the Silicon Valley Banking crisis.
- Harker has never dissented against a Fed policy decision.
What to watch: Paulson will take office on July 1.
Editor's note: This article was updated with additional information throughout
