The Federal Reserve Bank of San Francisco has selected its chief researcher to take over as president.
John Williams will participate _ but not vote _ this year in the Fed's policy meetings in Washington. His research has supported the central bank's $600 billion bond-purchase program. Williams is viewed as a centrist policymaker who will back Fed Chairman Ben Bernanke.
Williams, 48, has been executive vice president and director of research at the regional Fed bank since 2009. He started his Fed career in 1994 as an economist at the Fed's Washington headquarters. He also worked as an economist for President Bill Clinton.
He succeeds Janet Yellen, who is now the Fed's vice chairwoman. Williams will become a voting member of the Fed's chief policymaking group next year.