NEW FEDERAL RESERVE BANK PRESIDENT TO DELIVER FIRST PUBLIC ADDRESS AT TOWN HALL

Los Angeles, CA – Monday, April 18, 2011 – Dr. John C. Williams, President and Chief Executive Officer of the Federal Reserve Bank of San Francisco will address TOWN HALL Los Angeles on Wednesday, May 4, 2011, at the Millennium Biltmore Hotel. This marks his first public address on the economy since being named president on March 1, 2011. Dr. Williams will discuss “Maintaining Price Stability in a Global Economy.”

“I feel privileged to be heading up the largest, most diverse district in the Federal Reserve System, particularly during this period when we face many critical challenges,” said Dr. Williams. Addressing Fed policy recently, Dr. Williams said that “without this monetary stimulus, the recession would have likely been very much worse and the recovery might have failed to reach escape velocity.  Moreover, it has so far helped protect us from sliding into deflation as Japan did.” 

In his capacity as president of the San Francisco Bank, Dr. Williams also is a participating member of the Federal Open Market Committee, bringing his District's perspective to monetary policy discussions in Washington, DC.

Of the twelve Federal Reserve Districts, the Twelfth District is the largest, encompassing the nine western states or about 35 percent of the nation’s area.  It ranks first among Districts in the size of its economy.  Its nearly 25 million workers accounted for about one fifth of the country’s non-farm employment, earning more than one fifth of the nation’s personal income in 2009. 

Prior to becoming the 12th president of the Twelfth District of the Federal Reserve, Dr. Williams had been executive vice president and director of research at the San Francisco Federal Reserve Bank since 2009. Dr. Williams’ speech marks the third economic outlook address delivered by a Federal Reserve Bank president in the recent past; the previous two were given by his predecessor, Dr. Janet Yellen, in 2007 and 2010.

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Register for the event by visiting: http://www.townhall-la.org/civicrm/event/info?reset=1&id=914