Beth Hammack, a senior executive at Goldman Sachs, is set to become the new president and CEO of the Federal Reserve Bank of Cleveland, as announced by the bank on Wednesday.
Hammack, 52, holds a degree in quantitative economics from Stanford University. She has been with Goldman for 31 years, became a partner in 2010, and recently co-headed global financing. She started at Goldman in 1993 as a capital markets analyst, later joining the interest-rate trading desk and taking on management roles.
In a LinkedIn post, Hammack expressed her gratitude for the opportunities and leadership experiences at Goldman, describing her over 30 years there as “wonderful.”
Robert Brusca, president of FAO Economics, stated that Hammack will greatly enhance the Fed’s financial market insights. He highlighted her role as the former chair of the Treasury Borrowing Advisory Committee, where she advised the government on borrowing strategies.
Hammack will succeed Loretta Mester, who led the Cleveland Fed for 10 years and was known for her hawkish stance on interest rates and expertise in Fed communications.
Taking office on August 21, Hammack will be a voting member of the Fed’s interest-rate committee. Since she will not start before the late July meeting, Chicago Fed President Austan Goolsbee will vote in her place.
According to Fed rules, Hammack can serve until age 65. She is also the chair of the board for the nonprofit Math for America.
