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Boss Files with Poppy Harlow

Fed's Mary Daly: From a Donut Shop to the Federal Reserve

Boss Files with Poppy Harlow

CNN

Business, Entrepreneurship

4.6538 Ratings

🗓️ 18 November 2019

⏱️ 66 minutes

🧾️ Download transcript

Summary

Federal Reserve Bank of San Francisco President and CEO Mary Daly is the third woman among the 12 presidents of the Fed's regional banks. She has defied odds after dropping out of high school, earning a GED and PhD, and becoming a key player in crafting U.S. monetary policy. She's making income inequality a key part of her agenda and is calling out a "diversity crisis" in economics. As the Fed lowers rates for a third time this year, she stands by the decision and responds to President Trump's criticism of the institution. Produced by Haley Draznin, CNN.To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Hey guys, I'm really excited about today's episode.

0:07.0

So here's the backstory.

0:08.5

I read this fascinating article about six months ago by my friend Heather Long in Washington

0:13.2

Post about Mary Daly.

0:16.0

She is the president of the Federal Reserve Bank of San Francisco.

0:20.5

And the minute I read it, I knew that I had to have her on boss files to share her story.

0:25.2

Not only is she only the second woman to hold that post in the bank's 105-year history.

0:31.8

At 15 years old, she dropped out of high school and she worked in a donut shop.

0:37.3

But a woman named Betsy changed her life and helped her find resilience.

0:42.8

That difference that allowed me to escape, I want to repeat that escape velocity for others

0:48.4

and so that everybody has a chance to do that if they want.

0:51.7

Escape velocity.

0:52.8

I heard you say this before.

0:54.5

What is escape velocity?

0:55.7

So escape velocity, if you're blasting off to the moon, you need enough momentum.

1:00.3

You need enough velocity to escape the atmosphere.

1:03.5

So if you think of the context we all grow up in, an environment you grew up in, you often

1:07.8

need enough velocity, enough momentum, enough umph to actually break free from that

1:13.3

and then decide how you want to live. And I got escape velocity. Today she is crafting U.S. monetary

1:19.2

policy, and she has made income inequality a key part of her agenda. She's calling out a diversity

1:25.8

crisis in economics.

1:28.5

And as the Fed lowers rates for a third time this year, she stands by that decision.

...

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