WASHINGTON (AP) — The Federal Reserve Bank of Philadelphia has chosen Anna Paulson, a top official at the Chicago Fed, to serve as its next president.

Paulson, 60, will replace Patrick Harker on June 30, when Harker steps down after completing a 10-year term. She will participate in the Fed's interest rate decisions and will have a vote on its rate-setting committee in 2026, and will also oversee the Philadelphia Fed's bank regulation and payment services.

Paulson is currently executive vice president and director of research at the Federal Reserve's Chicago branch, where she has worked for more than two decades.

She has focused on financial markets at the Chicago Fed and established its Insurance Initiative, which tracks financial stability and regulatory issues in the insurance industry, the Philadelphia Fed said in a statement.