Richmond Fed Appoints McKinsey Executive Barkin President

--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.

1. 

     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

workplace." 

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com

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