A top Goldman Sachs executive and financial industry veteran will take over as the new president of the Federal Reserve Bank of Cleveland.
The central bank district announced Wednesday that Beth M. Hammack, 52, will take over when Loretta Mester steps down on June 30. Officially inaugurated.
“It has been an honor to serve the 4th District and the nation in our mission of cultivating a strong, stable economy where all Americans have the opportunity to thrive,” Hammack said in a statement. “I can’t wait. To lead the Bank’s talented teams who deliver on our important mission every day.”
President Cleveland plays an important role this year as a constituent on the rate-setting Federal Open Market Committee as the Fed considers its next steps in monetary policy.
Mester is known for her more hawkish views, meaning she often favors tightening economic policy to meet the central bank’s inflation mandate. In a recent speech, she made several suggestions to colleagues for improving communications, including a more detailed post-meeting statement to better explain the committee’s actions.
Hammack joined the Cleveland Fed after serving in various roles at Goldman Sachs since 1993, where he was named managing director in 2003 and a partner since 2010.
She graduated from Stanford University with degrees in quantitative economics and history.
Heidi Gartland, chief government and community relations officer at University Hospitals and chair of the committee, said: “Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex lines of business, and a strong understanding of Mission-focused work comes with proven commitment.
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