Federal Reserve Bank of Cleveland has new leader

The Federal Reserve Bank of Cleveland today announced the appointment of Beth M. Hammack as its next president and chief executive officer. The position is one of the most powerful non-elected posts in Cleveland. In this role, Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee in the formulation of U.S. monetary policy and will lead the 1,100 employees of the Cleveland Fed. The district, one of 12, covers all or part of four states.

“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, chief government and community relations officer with University Hospitals and 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, as did her enthusiasm to make the region her home. 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.

She’ll take office on Aug. 21, 2024.

She replaces Loretta Mester, who has held the post since 2014.

Mester announced in November she’ll be retiring at the end of June.

Hammack, 52, was born in California but grew up outside Philadelphia in Villanova, Pa. She earned a bachelor of arts in quantitative economics and history from Stanford University. She has more than 30 years of experience in finance, capital markets, and risk management, as well as service on several advisory groups to the U.S. Department of the Treasury and the financial industry. Most recently, she was co-head of global financing at the Goldman Sachs Group, Inc., where she was a member of the management committee. Her previous roles at the firm include global treasurer, global head of short-term macro trading, and global head of repo trading.

A release from the Federal Reserve Bank of Cleveland said Hammack has worked closely with U.S. policymakers as chair of the Treasury Borrowing Advisory Committee and as a member of the Financial Research Advisory Committee and the Treasury Market Practices Group, the latter of which aims to advance financial industry best practices. She is the current chair of the board of the nonprofit Math for America and a member of the Northwell Health and City Harvest boards of trustees.

“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.”

As president, Hammack will be responsible for all Bank activities, including those related to monetary policy, financial institution supervision and payments services. The president sets the organization’s strategic direction and short- and long-term objectives. The president also represents the institution to the public, including with business and community leaders, educators, and government officials.

Hammock has been a 30-year resident of New York City, making frequent trips to Cleveland to visit family in the area. She and her husband have two grown children.

The rigorous selection process was led by a search committee comprising eligible members of the Cleveland Reserve Bank’s board of directors (Class B and C directors who are not affiliated with institutions regulated by the Federal Reserve), in accordance with Federal Reserve policies and the Federal Reserve Act. The announcement of Hammack’s unanimous selection by the presidential search committee followed approval by the Board of Governors of the Federal Reserve System.