Hammack Named New President and CEO of Cleveland Fed

CLEVELAND, Ohio – The Federal Reserve Bank of Cleveland has named Beth M. Hammack its next president and CEO.

Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee, which formulates U.S. monetary policy. She will lead the 1,100 employees of the Cleveland Fed.

Hammack comes to the Cleveland Fed from Goldman Sachs Group Inc., where she was a member of the management committee, and previously served as the firm’s global treasurer, global head of short-term macro trading and global head of repo trading. 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 Treasury and the financial industry.

Additionally, she has worked with U.S. policy makers as the chair of the Treasury Borrowing Advisory Committee and a member of the Financial Research Advisory Committee and Treasury Market Practices Group.

“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 the mission-focused work,” Gartland said. “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 strategic mindset and talent for clear, accessible communication, in her new role serving the public.”

Hammack, 52, will be the 12th president of the Cleveland Fed when she takes office Aug. 21, succeeding Loretta J. Mester, whose tenure concludes June 30. Mark S. Meder, Cleveland Fed first vice president, will serve as interim president and CEO.

“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.”

Published by The Business Journal, Youngstown, Ohio.