The U.S. economy is navigating an uneven recovery, the persistent threat of renewed price increases, and an increasingly polarized political debate. In this context, Anna Paulson has arrived at the presidency of the Federal Reserve Bank of Philadelphia with a dual mission: to provide technical stability and to sustain the confidence of markets and society.

Her arrival coincides with one of the most sensitive periods for the U.S. central bank, which faces pressure to contain inflation at the same time that President Donald Trump is driving expansive fiscal policy and a protectionist shift in trade.

An economist trained at the University of Chicago and a specialist in financial markets and the insurance industry, Paulson is now responsible for overseeing the institution that takes the economic pulse of a key region: the Third District, which includes eastern and central Pennsylvania, Delaware, and southern New Jersey. Since July 1, she has led this Reserve Bank, which holds assets exceeding $140 billion and more than $56 billion in Federal Reserve notes in circulation, according to its 2024 year-end balance sheet.

“Today I join the Federal Reserve Bank of Philadelphia as president and CEO. My focus will be on listening, learning, and building relationships, both at the Bank and across the Third District. These efforts will be important inputs into my views on monetary policy and to my leadership of the Bank,” Paulson said in her first public message. Her words underscored a style that blends technical conviction with an explicit commitment to engage closely with local communities.

Her appointment was the result of a nationwide search process launched in September 2024, led by a board committee made up of business leaders, academics, and representatives of social organizations from the district. The selection reflected a consensus around her track record in financial stability and monetary policy. During more than 20 years at the Chicago Fed, Paulson served as director of research and senior advisor to the bank’s president, with responsibilities that included systemic risk analysis, oversight of credit studies, and leadership of the Insurance Initiative, a project dedicated to assessing the resilience of the insurance sector.

The Third District that Paulson now leads holds strategic importance beyond its size. From its headquarters in Philadelphia, the institution supervises dozens of regional and community banks, some of which concentrate mortgage and industrial lending that acts as a barometer of the real economy. In addition, the Philadelphia Fed publishes the Manufacturing Business Outlook Survey, an indicator that shapes investment expectations nationwide.

Among its responsibilities are also the distribution of currency, oversight of financial institutions with liabilities exceeding $500 billion, and the operation of payment systems that process millions of transactions each day.

The context in which Paulson begins her tenure could hardly be more challenging. After the episodes of banking stress in 2023 and 2024, which led to the collapse of several mid-sized banks, the Federal Reserve continues to monitor the soundness of financial institutions. At the same time, inflation—which fell below 3%—faces renewed upward risks fueled by the ambitious public spending plan approved by Congress and new rounds of 100% tariffs on imports.

This combination of fiscal stimulus and trade tensions may reignite price pressures and force the Fed into difficult decisions on interest rates.

In this scenario, Paulson will have a voice—and starting in 2026, a vote—on the Federal Open Market Committee (FOMC), where the nation’s monetary policy direction is set. Her views on balancing inflation control and employment support will be especially closely watched at a time when the White House has intensified its critical rhetoric toward the Federal Reserve whenever it believes growth is being restrained.

For some analysts, Paulson’s greatest asset is her experience in building technical consensus and her independence from external pressures. “Anna has demonstrated during two decades a strong commitment to the Federal Reserve’s public mission and an extraordinary technical capability,” said Anthony Ibargüen, chair of the search committee and a member of the Philadelphia Fed’s board of directors. That reputation will be key to navigating a tenure marked by uncertainty.

In her welcome message, Paulson pledged to maintain transparency and ongoing dialogue with citizens. “All of us at the Federal Reserve Bank of Philadelphia share a common goal: building a strong economy, here in the Third District and nationwide,” she stated. Beyond the institutional message, her first decisions will help define whether the strong woman at the helm of the Philadelphia Fed succeeds in consolidating that trust in such volatile times.

A Historic Record: Never Before Have So Many Women Led the Federal Reserve

Anna Paulson’s appointment as president of the Federal Reserve Bank of Philadelphia in 2025 is not just a change in regional leadership—it also marks a historic moment for the institution. For the first time in more than a century, five of the twelve regional Federal Reserve Banks are simultaneously headed by women, an unprecedented proportion in the system’s history.

The current list includes:

• Anna Paulson (Philadelphia)
• Susan M. Collins (Boston)
• Mary C. Daly (San Francisco)
• Beth M. Hammack (Cleveland)
• Lorie K. Logan (Dallas)

Although the Federal Reserve began appointing women as regional presidents in the 1980s, for decades there were rarely more than one or two at a time. Only in the past three years has this trend accelerated, reflecting a transformation in the diversity of leadership at the world’s most influential central bank. Paulson’s arrival completes a turning point in the institution’s approach to female leadership.