Reporter at News 5 Cleveland
CLEVELAND — 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 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.
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.
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.
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