A Goldman Sachs executive and veteran will serve as the new head of the Cleveland Federal Reserve.
Beth M. Hammack, 52, will take over when Loretta Mester steps down on June 30, the central bank district announced Wednesday. Hammack will officially take office on August 21. Meanwhile, the Cleveland Fed's first vice president, Mark S. Manager of his position. As president.
“It is a great honor to serve the 4th District and the country in fulfilling our mission of promoting a strong and stable economy in which all Americans have the opportunity to thrive,” Hammack said in a statement. “I can't wait to lead the bank's talented team, which delivers every day on our important mission.”
As the Fed considers its next steps on monetary policy, Chairman Cleveland is playing an important role this year as a voter on the Federal Open Market Committee, which sets interest rates.
Meester was known for her more hawkish views, meaning she often favored stricter economic policy to meet the central bank's mandate on inflation. In a recent speech, she made several recommendations to her colleagues on improving communications, including more detailed post-meeting statements to provide greater explanation of the committee's procedures.
Hammack comes to the Federal Reserve Bank of Cleveland having worked with Goldman Sachs since 1993 in multiple roles, and has been a partner since 2010 after being named managing director in 2003. Most recently, she served as global chief financial officer.
She is a graduate of Stanford University, with degrees in quantitative economics and history.
“Beth has a deep understanding of financial markets and the monetary policy transition process, experience leading complex business lines, and a proven commitment to mission-focused work,” said Heidi Gartland, chief government and community relations officer at University Hospitals and chair of the Department of Business Administration. Presidential Search Committee and Board of Directors of the Federal Reserve Bank of Cleveland.
