Former Goldman Sachs Exec Beth Hammack Becomes Next Cleveland Fed President

Beth M. Hammack will assume the role of president and chief executive officer of the Federal Reserve Bank of Cleveland.

With over thirty years of experience in finance and risk management, Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee and oversee the Cleveland Fed’s 1,100 employees.

With a background encompassing various facets of finance, including stints at the U.S. Department of the Treasury and the financial industry, Hammack brings a wealth of expertise to her new position.

Her recent role was cohead of global financing at Goldman Sachs Group, Inc. GS. Her previous roles at the firm included global treasurer, head of short-term macro trading, and head of repo trading.

Hammack has collaborated with U.S. policymakers throughout her career, chairing significant committees and advisory groups such as the Treasury Borrowing Advisory Committee.

At 52, Hammack will officially assume office on August 21, 2024, succeeding Cleveland bank’s current leader, Loretta J. Mester.

Loretta Mester assumed her role in 2014 and will leave at the end of June when she reaches mandatory retirement age. She is set to participate in the Fed’s next meeting, June 11-12.

Her appointment marks a significant transition within the Cleveland Fed as she prepares to take on a pivotal role in shaping U.S. monetary policy. The Fed’s September meeting will be the first opportunity for Hammack to vote on U.S. monetary policy.

In the interim period before Hammack assumes her duties, Mark S. Meder, the First Vice President of the Cleveland Fed, will step in as the interim president and chief executive officer, ensuring continuity within the institution during the transition period.

“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,” 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.