Federal Reserve Bank of Cleveland appointed Beth Hammack as its next president and CEO. In this role, Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee (FOMC) in the formulation of U.S. monetary policy.
Hammack, 52, will take office on Aug. 21 as the 12th president of the Cleveland Fed. She succeeds Loretta Mester, whose tenure with the bank will conclude on June 30, consistent with Federal Reserve mandatory age and length-of-service policies.
Cleveland Fed First Vice President Mark Meder will serve as interim president and CEO until Hammack takes office.
“Beth Hammack is the ideal leader to build on the great work already underway at the Cleveland Fed to promote a healthy economy and financial stability within the region and on the national stage,” said Heidi Gartland, chair of the presidential search committee and the Cleveland Fed’s board of directors.
“Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business lines, and a proven commitment to mission-focused work. Her appreciation for the diversity, history and natural beauty of the Fourth District stood out during the interview process. The search committee is confident that Beth will employ all these qualities, along with her strategic mindset and talent for clear, accessible communication, in her new role serving the public,” Gartland continued.
Hammack has over 30 years of experience in finance, capital markets and risk management. She served on several advisory groups to the U.S. Department of the Treasury. At the Goldman Sachs Group, Inc., she held the position of co-head of global financing and was a member of the management committee. Her previous roles at this firm include global treasurer, global head of short-term macro trading and global head of repo trading.
Hammack also served as chair of the Treasury Borrowing Advisory Committee and as both a member of the Financial Research Advisory Committee and of the Treasury Market Practices Group, which aims to advance financial industry best practices.
“I am honored to become the next president of the Federal Reserve Bank of Cleveland. It is a great privilege to serve the Fourth District, and the country, in fulfilling our mission of fostering a strong, stable economy in which all Americans have the opportunity to prosper,” Hammack said. “I look forward to meeting the people who work and live in the Fourth District, both as their representative on the FOMC and as their neighbor. I cannot wait to lead the bank’s talented team, who deliver every day on our important mission.”