The Federal Reserve Bank of Cleveland has tapped a former Goldman Sachs executive to be its
Beth M. Hammack, 52, will take the reins at the reserve bank on August 21, replacing current President
As president, Hammack will oversee the reserve bank's various activities, which include research, financial services and supervision of member banks in the Federal Reserve's Fourth District, which includes all of Ohio as well as parts of Pennsylvania, Kentucky and West Virginia. She will also have a rotating seat on the Fed's monetary policy arm, the Federal Open Market Committee.
"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 in a statement issued by the Cleveland Fed. "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."
Hammack worked at Goldman Sachs for more than 30 years, starting her career with the bank as a capital markets analyst before moving on to the bank's interest rate trading products desk and then into various leadership positions. She became a managing director in 2003 and a partner in 2010. In 2018, she was named the bank's global treasurer and in 2021 she became co-head of its financial group.
Hammack stepped down from the bank in February. In a LinkedIn post, she said she intended to "take a break for several months" and spend more time with her family.
Outside of work, Hammack also served on several prominent advisory boards, including ones for the U.S. Department of Treasury and the broader financial sector. She also holds board positions with the New York-based hospital group Northwell Health and the food rescue organization City Harvest.
The Cleveland Fed's presidential search committee selected Hammack from a "broad, highly qualified, and diverse candidate pool," according to a statement issued by the reserve bank.
The national search process, which began last November, piqued the attention of two prominent Democratic lawmakers on the Senate Banking Committee: Sen. Sherrod Brown of Ohio, who chairs the committee, and Sen. John Fetterman of Pennsylvania.
"It is critical that the Cleveland Federal Reserve Bank makes the presidential selection process transparent and inclusive of public opinion," the senators wrote in a joint statement.
In its announcement, the Cleveland Fed noted that the seven-member search committee held two events to seek public input on the process, pulled in candidates from a variety of "backgrounds, professions and regions of the country," and conducted multiple rounds of interviews.
Heidi Gartland, an official with Cleveland-based University Hospitals and chair of the Cleveland Fed's presidential search committee, lauded Hammack's "deep understanding of financial markets and the monetary transmission process," as well as her leadership experience and commitment to "mission-focused work."
"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," Gartland said in a statement.
Gartland also noted Hammack's appreciation of the "diversity, history, and natural beauty of the Fourth District," as well as her "enthusiasm to make the region her home."
Hammack was born in California but grew up in the Philadelphia suburb of Villanova, according to a release from the Cleveland Fed. She attended Stanford University and earned a bachelor's degree in quantitative economics and history. She has lived in New York City for the past 30 years but has made "frequent trips to Cleveland to visit family in the area," the reserve bank stated.
Mester, who turned 65 last fall, has led the Cleveland Fed — which consists of 1,100 employees spread throughout the bank's Cleveland, Cincinnati and Pittsburgh branches — since 2014. Her tenure will end on June 30.
Cleveland Fed First Vice President Mark S. Meder will serve as interim president and CEO between the end of Mester's term and the beginning of Hammack's.
