S.F. Federal Reserve Bank President Mary Daly Believes AI Can Boost the Labor Market

In an exclusive interview with TIME, San Francisco Federal Reserve president and chief executive Mary Daly said that the explosion of artificial intelligence (AI) could improve the labor market in the long-term and make workers more productive, even as workers fear the rising technology will change or eliminate their jobs. "Jobs are being created, as well as jobs being replaced," Daly said of AI. "If we can get people to upskill or reskill to take the jobs that are being created, we'll have a very successful and growing economy. But that's the burden on us--to make sure that everyone can participate in this changing technological development." TIME sat down with Daly at the Aspen Ideas Festival on June 28 to discuss the nation's monetary policy, a potential softening in the labor market, the role of AI in the workforce, and more. This interview has been condensed and edited for clarity. TIME: Tell me a bit about your role as a Federal Reserve Bank president.