Cleveland, Ohio – Beth M. Hammack, a seasoned executive from Goldman Sachs, has been chosen as the next President and CEO of the Federal Reserve Bank of Cleveland. The announcement came on Wednesday, revealing that Hammack, 52, will succeed Loretta Mester upon her departure on June 30, officially assuming her new role on August 21. In the interim, Mark S. Meder, the First Vice President of the Cleveland Fed, will serve as the acting president until Hammack assumes her position.
Hammack expressed her excitement in a statement about leading the Fourth District and fulfilling the mission of maintaining a robust and stable economy to benefit all Americans. As the new president, she will play a pivotal role as a voting member on the Federal Open Market Committee, influencing the central bank’s monetary policy decisions. Mester, the outgoing president known for her more hawkish views, has often advocated for tighter economic policies to align with the bank’s inflation objectives.
Hammack brings a wealth of experience from her tenure at Goldman Sachs, spanning back to 1993. Throughout her career at the firm, she held various positions, rising to the rank of partner in 2010 after serving as a managing director since 2003. As the global finance director in her most recent role, Hammack demonstrated a deep understanding of financial markets and the monetary policy transmission process.
A Stanford University graduate with degrees in quantitative economics and history, Hammack’s expertise in leading complex business lines and her dedication to mission-driven work caught the attention of Heidi Gartland, the chair of the Cleveland Fed’s board of directors. Gartland commended Hammack’s qualifications, highlighting her commitment to leadership and financial acumen as qualities that will serve her well in her new role.
Hammack’s appointment marks a significant milestone for both the Federal Reserve Bank of Cleveland and the broader financial industry. With her background and experience, she is poised to lead the institution in navigating the complexities of fiscal policy and economic stability. As she steps into her new position, Hammack’s leadership and strategic vision are expected to guide the Cleveland Fed through the evolving landscape of monetary policies and economic challenges ahead.