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Mester Chosen President and CEO of Cleveland Fed
CLEVELAND -- The Federal Reserve Bank of Cleveland announced Thursday that Loretta J. Mester has been appointed its president and CEO effective June 1.
She succeeds Sandra Pianalto who will retire May 31. Pianalto, who has led the Cleveland Fed since 2003, announced her retirement last August.
As president and CEO of the Cleveland Fed, Mester will participate in the Federal Open Market Committee in the formulation of U.S. monetary policy and oversee 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise financial institutions, and provide payment services to financial institutions and the U.S. government.
Mester, 55, is executive vice president and director of research at the Philadelphia Fed where she serves as that bank’s chief policy adviser and attends the meetings of the Federal Open Market Committee. Mester oversees a staff of economists and analysts who conduct research on a variety of topics as well as a staff of professionals in the financial statistics department of the Philadelphia Fed and its payments card center.
She joined the Philadelphia Fed in 1985 as an economist and has been promoted to positions of increasing responsibility during her 28 years with the Federal Reserve System.
Mester graduated summa cum laude with a baccalaureate in mathematics and economics from Barnard College of Columbia University. She earned a master of arts and a doctorate in economics from Princeton University where she was a National Science Foundation fellow.
She is an adjunct professor of finance at the Wharton School of the University of Pennsylvania and is a fellow at the Wharton Financial Institutions Center. She is also a founding member and director of the Financial Intermediation Research Society, a member of the advisory board of the Financial Intermediation Network of European Studies (Finest), and a practitioner-director of the Financial Management Association International (FMA).
In addition, Mester is co-editor of the Journal of Financial Services Research and the International Journal of Central Banking, and is an associate editor of several other professional journals.
The Federal Reserve Bank of Cleveland is one of the 12 regional Reserve Banks in the Federal Reserve System, and serves the Fourth District that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. As part of the U.S. central bank, the Cleveland Fed participates in the formulation of national monetary policy, supervises banking organizations, provides payment and other services to financial institutions and the U.S. Treasury.
Published by The Business Journal, Youngstown, Ohio.
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