Former Goldman Sachs executive Beth Hammack will be the next president of the Federal Reserve Bank of Cleveland, effective Aug. 21.
That will mark the end of the break she announced she’d be taking when she left Goldman in February.
“I am honored to become the next president of the Federal Reserve Bank of Cleveland,” Hammack said in a prepared statement Wednesday.
She echoed that sentiment on her LinkedIn profile.
“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 wrote.
In her new role, Hammack will be responsible for the Cleveland Fed’s strategic direction and short- and long-term objectives, including those related to monetary policy, financial institution supervision and payments services. She will lead 1,100 employees. Hammack will be able to vote as part of the Federal Open Market Committee as of its September meeting.
Hammack, 52, succeeds Loretta Mester, whose term will conclude June 30, in accordance with the Fed’s mandatory age and length-of-service policies. Cleveland Fed First Vice President Mark Meder will serve as interim president until Hammack’s start date.
“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, in a prepared statement. Gartland chaired the Cleveland Fed’s presidential search, which started in November, and she leads the central bank satellite’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,” 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 her strategic mindset and talent for clear, accessible communication, in her new role serving the public.”
Hammack joined Goldman Sachs in 1993 and rose through the ranks, spending her most recent years as co-head of global financing. She was once considered a contender for the bank’s CFO role, according to Bloomberg, but was passed over for the role in “an effort to help her gain more experience running a revenue-generating group that would set her up for more senior positions later.”
At the time of her exit, she was one of the bank’s most senior women.
