Federal Reserve Bank of Cleveland officials are asking the public to help them in finding the next president and chief executive officer.
Loretta J. Mester, 65, has headed the Cleveland Fed since 2014. Her tenure ends June 30 because of Federal Reserve policies. Presidents of the regional Federal Reserve Banks, for the most part, must retire at 65. (If they were at least 55 when they were appointed, presidents can serve for a maximum of 10 years or until they’re 75 – whichever comes first.)
Cleveland is one of 12 regional banks, which, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. The Cleveland Fed is also known as the Fourth District.
It’s not required that the president have a PhD in economics, but we’re looking for someone who really understands monetary policy. Monetary policy affects us all. It affects the cost of your car, your house, your groceries and so many other things.
Jacqueline Gamblin, who is on the Cleveland Fed’s board of directors and also on the search committee,
At a virtual town hall meeting last week, the search committee and the firm assisting it discussed the search process and the type of person they would like to see as the next leader of the Cleveland Fed.
Consultant John Harpole of Spencer Stuart, the firm helping conduct the search, asked the public to submit the names of qualified candidates using the bank’s website. People interested in leading the Cleveland Fed can also apply online. He said the Cleveland Fed is calling on the public to refer potential candidates and accepting applications without referral in an effort to ensure that “as many types of leaders as possible can be considered by this search committee so that there’s the best possible outcome.”
“That both improves diversity, as well as includes people who are really truly in tune with the needs of the Fourth District,” Harpole said.
The Fourth District includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The Cleveland Fed’s roles include bank supervision, economic research, cash circulation and community development. Its Center for Inflation Research offers experts’ perspectives on a topic that has been of interest to many residents who have struggled with higher prices. The Cleveland Fed has about 1,000 employees.
Jacqueline Gamblin, who is on the Cleveland Fed’s board of directors and also on the search committee, spoke about the type of candidate the committee would like to see.
“It’s not required that the president have a PhD in economics, but we’re looking for someone who really understands monetary policy,” said Gamblin, CEO of JYG Innovations in the Dayton area. “Monetary policy affects us all. It affects the cost of your car, your house, your groceries and so many other things. We want someone that understands the impact of decisions made by Federal Reserve presidents that show up in our daily life.”
The town hall included answering questions submitted by audience members. One had to do with whether the Cleveland Fed president would interact with grassroots organizations.
Heidi L. Gartland, who chairs the search committee and is deputy chair of the Cleveland Fed board, said the committee was looking for a president who would interact with people in the district..
“Our president will be out in the district and they’ll meet with folks from Main Street and from financial institutions,” said Gartland, who is chief government and community relations officer at University Hospitals.