The Federal Reserve Bank of Cleveland today announced the appointment of Beth M. Hammackas its next president and chief executive officer. In this role, Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee in the formulation of US monetary policy and will lead the 1,100 employees of the Cleveland Fed.
“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 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. 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,” Gartland continued.
Hammack has more than 30 years of experience in finance, capital markets, and risk management, as well as service on several advisory groups to the US Department of the Treasury and the financial industry. Most recently, she was cohead of global financing at the Goldman Sachs Group, Inc., where she was a member of the management committee. Her previous roles at the firm include global treasurer, global head of short-term macro trading, and global head of repo trading.
Hammack has worked closely with US 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.
The rigorous selection process was led by a search committee comprising eligible members of the Cleveland Reserve Bank’s board of directors (Class B and C directors who are not affiliated with institutions regulated by the Federal Reserve), in accordance with Federal Reserve policies and the Federal Reserve Act. The announcement of Hammack’s unanimous selection by the presidential search committee followed approval by the Board of Governors of the Federal Reserve System.
Hammack, 52, will take office on August 21, 2024, as the twelfth president of the Cleveland Fed. She succeeds Loretta J. Mester, whose tenure with the Bank will conclude on June 30, 2024, consistent with Federal Reserve mandatory age and length-of-service policies. Hammack will become a voting member of the Federal Open Market Committee upon taking office, following the established rotation of Reserve Banks.
Until Hammack’s start date, Cleveland Fed First Vice President Mark S. Meder will serve as interim president and chief executive officer.
Hammack joined Goldman Sachs in 1993 as an analyst in capital markets before moving to the interest rate products trading desk and then into other roles of increasing responsibility. She was named managing director in 2003 and partner in 2010. During her tenure, Hammack served on several firmwide committees, including the enterprise risk, finance, and global inclusion and diversity committees. Hammack holds a bachelor of arts in quantitative economics and history from Stanford University.
“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.”
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.
Search Process
The selection of Hammack follows an expansive national search process consistent with the Federal Reserve Act and the policy of the Board of Governors. The process launched in November 2023 with the formation of a search committee comprising nonbanking members of the Cleveland Fed’s board of directors. In addition to Gartland, other members of the search committee were Jacqueline Gamblin, chief executive officer, JYG Innovations; Ramona Hood, president and chief executive officer, FedEx Custom Critical; Richard J. Kramer, former chairman, chief executive officer and president, Goodyear Tire & Rubber Company; Darrell McNair, president and chief executive officer, MVP Plastics, Inc.; and Holly Wiedemann, founder, AU Associates, Inc. Doris Carson Williams, president and chief executive officer, African American Chamber of Commerce of Western Pennsylvania, also served on the search committee prior to the conclusion of her board service on December 31, 2023.
As part of the search process, the committee sought input from a wide range of external and internal audiences. The committee hosted two public town halls and conducted outreach within the community to seek nominations from the public and feedback on what the committee should look for in the Cleveland Fed’s next president.
The committee identified a broad, highly qualified, and diverse candidate pool from a variety of backgrounds, professions, and regions of the country. Committee members conducted multiple rounds of interviews with candidates before making their selection.
For more information on the Cleveland Fed’s presidential search, seePresidential Search (clevelandfed.org).
