Federal Reserve Bank of San Francisco President John Williams said the U.S. economy and financial markets still face “severe challenges” in the aftermath of the 2007-2009 recession.

“Even after three years of economic recovery, far too many people today are still out of work and far too many Americans are living in poverty,” Williams said in introductory remarks at an event in San Francisco co-sponsored by the bank. “I don’t need to tell anyone in this room about the severe challenges our economy and our financial markets are still facing.”

Williams, who votes on the policy-setting Federal Open Markets Committee this year, didn’t comment on the outlook for the economy or monetary policy. He was speaking at an event Monday co-hosted by the San Francisco Fed and the Rockefeller Foundation.