A Goldman Sachs executive and finance industry veteran will take over as the new president of the Cleveland Federal Reserve.
The central bank district announced Wednesday that Beth M. Hammack, 52, will take over when Loretta Mester steps down June 30.
In the interim, Cleveland Fed First Vice President Mark S. Meder will serve as the president.
As the Fed contemplates its next moves with monetary policy, the Cleveland president plays an important role this year as a voter on the rate-setting Federal Open Market Committee.
Hammack comes to the Cleveland Fed after serving with Goldman Sachs since 1993 in multiple roles, having been a partner since 2010 after being named managing director in 2003.
Persons:
Goldman Sachs, Beth M, Loretta Mester, Hammack, Mark S, Beth, Heidi Gartland
Organizations:
Cleveland Federal Reserve, Cleveland Fed, Fourth, Cleveland, Market, Stanford University, University Hospitals