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--Thomas Barkin's Tenure Begins Jan 1; Votes on FOMC in 2018
--Barkin Trained as Lawyer, MBA; No Monetary Policymaking Experience
By Jean Yung
WASHINGTON (MNI) - The Federal Reserve Bank of Richmond said Monday it has
appointed McKinsey executive Thomas Barkin as its next president, effective Jan.
Barkin will have a vote on the rate-setting Federal Open Market Committee
next year. He succeeds longtime Richmond Fed chief Jeffrey Lacker, who resigned
abruptly in April after admitting he discussed sensitive confidential
information with an analyst against Fed rules in 2012. Mark Mullinix, the bank's
first vice president, had served as interim president since April.
A Harvard-trained lawyer and MBA, Barkin is currently a senior partner and
the chief risk officer at McKinsey, the consulting firm. He served on the board
of directors for the Atlanta Fed from 2009 to 2014, chairing the board from 2013
to 2014, but has no experience in making monetary policy.
In a statement, Barkin said he intends to be engaged with the Fed district
community to "learn more about the challenges and opportunities facing our
communities and bringing these perspectives forward as part of my monetary
policy considerations and contributions."
Barkin, 56, was appointed by the bank's directors and approved by the Fed
Board of Governors in Washington. The Richmond Fed said they considered more
than 700 candidates in a nationwide search.
"He has unique insights on many industries that drive our nation's economy
and employ millions of Americans -- as well as a well-informed perspective on
issues facing the Federal Reserve and our nation," said Margaret Lewis, chair of
the Richmond Fed's search committee and the bank's board of directors.
Critics at Fed Up, a coalition of community groups pressing for more
diversity at the Fed, said in a statement they are "deeply disappointed that the
board of directors at the Richmond Federal Reserve Bank failed to select a
diverse candidate with demonstrated independence from the financial sector."
Lewis said in her statement that Barkin "has a legacy of promoting
diversity and inclusion. He has a demonstrated ability to attract, develop and
retain a diverse workforce, as well as achieve a diverse and inclusive
--MNI Washington Bureau; +1 202-371-2121; email: firstname.lastname@example.org