MNI: Cleveland Fed Names Ex-Goldman's Hammack As President

The Federal Reserve Bank of Cleveland on Wednesday named former Goldman Sachs executive Beth Hammack to be its next president and CEO after Loretta Mester's retirement. Hammack is set to begin work on Aug. 21 and is a voting member of the FOMC this year, the bank said.

Hammack spent more than three decades at Goldman, most recently as co-head of global financing and a member of the management committee. She has worked closely with U.S. 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, which aims to advance financial industry best practices.

She left Goldman in February and 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 Fed bank said.

Mester is set to retire June 30 in accordance with mandatory age and length-of-service policies for Fed presidents.