Cleveland Fed names Goldman Sachs executive as next president

By Ovunc Kutlu

ISTANBUL (AA) - The Federal Reserve Bank of Cleveland announced Wednesday it named Beth M. Hammack, a Goldman Sachs executive, as its next president and CEO.

"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," Cleveland Fed said in a statement.

"Most recently, she was cohead of global financing at the Goldman Sachs Group, Inc., where she was a member of the management committee," the statement said.

Her previous roles at the American multinational investment bank and financial services company include global treasurer, global head of short-term macro trading, and global head of repo trading, it added.

Hammack, 52, in addition, 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, while she is also 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, according to the statement.

She will take office on Aug. 21 as the 12th president of the Cleveland Fed, succeeding Loretta J. Mester, 65, whose tenure with the bank will conclude on June 30 due to the Fed's mandatory age and length-of-service policies.

Until Hammack starts her new role, Cleveland Fed First Vice President Mark S. Meder will serve as interim president and CEO at the bank.

Mester had a voting right in the Federal Open Market Committee this year as the head of Cleveland Fed.