Beth Hammack, Goldman Sachs Veteran, Chosen as President of Cleveland Federal Reserve Bank

The Federal Reserve Bank of Cleveland has appointed Beth Hammack, a veteran of Goldman Sachs Group Inc., as its next president. Hammack, who has more than three decades of experience in finance, capital markets, and risk management, was most recently co-head of global financing at Goldman Sachs.

Hammack is set to replace Loretta Mester, who will step down from the post on June 30 after a decade in the position. Upon assuming office on August 21, Hammack will take part in voting on monetary policy decisions this year.

Historic Appointment

At 52 years old, Hammack's appointment as the next president of the Cleveland Fed is a historic moment, as she becomes the fourth woman to lead the institution. The Cleveland Fed had previously appointed its first female president in 1982, marking a significant milestone in its history.

The appointment of Beth Hammack follows a nationwide search announced by the Cleveland Fed in November. This decision underscores the importance of finding a highly qualified and experienced individual to lead the bank.

Goldman Sachs Career

Prior to her appointment, Hammack had a distinguished career at Goldman Sachs, having joined the firm in 1993. She held various roles dealing with agency bonds, rates, and repo trading. Her extensive experience and expertise contributed to her rise within the organization.

Hammack's rise within Goldman Sachs was marked by her ability to navigate regulatory and government bodies. Her tenure included chairing the Treasury Borrowing Advisory Committee, demonstrating her influence in significant Wall Street circles and her government connections.