The Federal Reserve Bank of Philadelphia announced on Thursday that it appointed Anna Paulson, the current Chicago Fed's executive vice president and director of research, as its new president. Her term will start on July 1.

"As president, Anna Paulson will help shape monetary policy as a member of the Federal Open Market Committee (FOMC) and will be responsible for the Bank’s payment services, bank supervision, and community engagement. She will build and maintain relationships with a variety of constituencies, including business leaders and community representatives, to gain insight into the Third District’s economy," the Philadelphia Fed said in an official statement.

Paulson will succeed Patrick Harker, who is retiring in June after leading the Philadelphia Fed for 10 years.