Mary Daly, the president and chief executive of the San Francisco Federal Reserve, believes that the rise of artificial intelligence (AI) has the potential to improve the labor market in the long-term. She acknowledges that AI is both creating and replacing jobs, but emphasizes the importance of upskilling and reskilling workers to ensure that everyone can participate in the changing technological landscape. Daly sees this as essential for maintaining a successful and growing economy.
In an interview with TIME at the Aspen Ideas Festival, Daly discussed a range of topics including the nation’s monetary policy, potential softening in the labor market, and the role of AI in the workforce. She highlighted the diverse responsibilities of her role, which include overseeing 2,000 employees in five locations across nine western states. Daly’s day-to-day activities involve everything from processing cash and supervising banks to engaging with community groups and government officials to gain insight into the economic conditions of the region.
Daly’s approach to her role involves actively engaging with various stakeholders, including CEOs, community groups, and government officials, to better understand the lived experiences of individuals in different areas. She believes that this firsthand knowledge is crucial for making informed decisions when it comes to monetary policy. Daly also stresses the importance of ongoing learning, analysis, and collaboration with other Federal Reserve officials in Washington, D.C., as part of her responsibilities.
The interview with TIME was condensed and edited for clarity, but it provided valuable insights into Daly’s views on the potential impact of AI on the labor market. While acknowledging the concerns of workers about the potential job displacement caused by AI, Daly remains optimistic about the long-term benefits of the technology. She believes that if workers can upskill and reskill to adapt to the changing job landscape, the economy can continue to grow and thrive.
Overall, Daly’s perspective on AI and the labor market reflects a nuanced understanding of the challenges and opportunities presented by technological advancements. By emphasizing the importance of ongoing education and training for workers, she highlights the potential for AI to drive productivity and economic growth in the future. As the head of the San Francisco Federal Reserve, Daly’s insights will likely play a crucial role in shaping future policies and decisions related to the evolving workforce.
