2023-08-02 07:00:00
Aug 2 (Archyde.com) – After more than a year of searching, the Federal Reserve Bank of Kansas City has as its new leader Jeffrey Schmid, a former banking executive who led three different financial institutions over a career of more than four years. decades that also included a stint as a bank examiner.
Schmid, who for the past two years has led the Southwestern Graduate School of Banking Foundation, will occupy one of 19 seats on the panel that sets the country’s monetary policy and sets interest rates for the world’s largest economy.
The Kansas City Federal Reserve said Wednesday that his appointment will take place on August 21 and he is expected to attend the central bank’s next meeting in September, where interest rates will be decided.
He will be the fourth new Fed chair in just over a year. The search for a new head at a fifth regional Fed bank, in St. Louis, began last month when James Bullard left to take a job as dean of a business school.
Schmid is the first Kansas City Fed chief chosen outside its own ranks in at least 60 years. Its most recent chair was Esther George, a career Fed official and former banking supervisor, who held the position for more than a decade and left in January following reaching the mandatory retirement age of 65.
Bank presidents have also typically been hawkish voices on monetary policy.
Schmid began his career as a bank examiner for the Federal Deposit Insurance Corporation, before becoming president of American National Bank of Omaha and later leading Mutual of Omaha Bank for 12 years as its CEO.
He also served as CEO of Susser Bank of Dallas for two years before taking his current position, where he oversees bank management training programs.
(Reporting by Ann Saphir; Edited in Spanish by Manuel Farías)
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