Keynote Remarks by Mary C. Daly
In a keynote delivered in St. George, Utah, Federal Reserve Bank of San Francisco President Mary C. Daly explained the purpose and design of the Federal Reserve system, emphasizing how regional connections and community engagement underpin the central bank’s legitimacy. Daly outlined three founding principles—regionalism, independence, and accountability—and described how they are operationalized today. She highlighted the Fed’s extensive daily responsibilities, from processing roughly $5 trillion in payments and managing nationwide cash distribution to supervising banks and setting monetary policy. The speaker stressed that staggered terms for governors and private‑sector board appointments safeguard independence, while congressional mandates and regular performance reviews ensure accountability. Illustrating the regional model, Daly pointed to a map of the 12 districts, noting the Salt Lake City branch’s role in Utah and the specialized expertise of other districts—New York’s focus on financial markets, Dallas’s energy research, and San Francisco’s emerging‑technology work. She also shared a personal anecdote about flying into St. George on a seaplane in 1996 to underscore the Fed’s long‑standing presence in local communities. For businesses, the Fed’s structure means that monetary‑policy decisions are informed by diverse, on‑the‑ground perspectives, reducing the risk of groupthink and enhancing policy relevance. Moreover, the reliability of the payment rails and cash services that the Reserve banks operate is critical for day‑to‑day commerce, especially in regional economies that depend on timely access to liquidity.
Remarks From Philadelphia Fed Pres. & CEO Anna Paulson at the Macroecon & Monetary Policy Conference
Anna Paulson, President and CEO of the Federal Reserve Bank of Philadelphia, addressed the Macroeconomics and Monetary Policy Conference in San Francisco, highlighting the latest inflation trajectory, labor‑market resilience, and the Federal Reserve’s stance on interest rates. She noted that headline...
Nicholas Bloom | The Impact of AI on Productivity
Nick Bloom, Stanford economist, presented a data‑driven assessment of artificial intelligence’s effect on productivity at a San Francisco Fed event. He emphasized that the analysis relies on a large‑scale survey of roughly 6,000 CFOs and CEOs across four countries, rather than...
Phoenix Processing Center of the Federal Reserve Bank of San Francisco
The video spotlights the Phoenix Cash Processing Center, a 2001‑established arm of the Federal Reserve Bank of San Francisco serving the 12th District. As the first Fed entity designed exclusively for currency storage, the center processes roughly two million banknotes...
SF Fed President Explains Why Getting Inflation From 2.75% to 2% Is So Difficult
San Francisco Fed President Mary Daly said getting inflation from about 2.75% to the 2% target has been unusually difficult because of a sequence of shocks rather than an inherent ‘last mile’ problem. She singled out tariff announcements that raised...
SF Fed Pres. Mary C. Daly on How the Fed Is Strategically Adopting AI
In a recent briefing, Federal Reserve President Mary C. Daly outlined the central bank’s strategic push to embed artificial intelligence across its operations. She emphasized that modern AI tools are essential for maintaining efficiency, effectiveness, and resilience while safeguarding the...
SF Fed's Mary C. Daly: AI, Productivity, and Lessons From the 1990s
In a Silicon Valley address, San Francisco Fed President Mary C. Daly examined artificial intelligence as the latest general‑purpose technology, drawing a parallel to the century‑long diffusion of electricity. She argued that, like electricity, AI’s macroeconomic impact will unfold over...
