Beth M. Hammack, once seen as a future Goldman CFO, will help shape U.S. monetary policy
Hammack replaces Loretta Mester, who faces mandatory retirement at the end of June, at the helm of one of the 12 reserve banks around the U.S. that help set andHammack, 52, was most recently co-head of global financing at Goldman and a member of the management committee. She joined the firm in 1993 as an analyst and has also served as global treasurer and head of short-term macro trading, among other roles.
She was viewed as a potential future chief financial officer of Goldman before her departure earlier this year, one of several high-profile defections. Hammack has also chaired the Treasury Borrowing Advisory Committee and participated in other groups through which the government consults the private sector about its debt issuance and financial market developments.Aug. 21, and will have a vote on monetary policy for the remainder of this year and, under the Fed's rotation system, again in 2026.
"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," Heidi Gartland, president of the Cleveland Fed's search committee, said in announcing the appointment.The appointment completes an unusual two-year period in which six of the 12 reserve bank presidencies will have turned over .
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