Beth M. Hammack | |
---|---|
12th president of the Federal Reserve Bank of Cleveland | |
Assumed office August 21, 2024 | |
Preceded by | Loretta J. Mester |
Personal details | |
Born | Elizabeth Stacy Morgan 1971or1972(age 52–53) California,U.S. |
Spouse | Peter Hammack (m. 2000) |
Children | 2 |
Parent |
|
Education | Stanford University (BA) |
Elizabeth Morgan Hammack (born 1971/1972) is an American business executive and central banker. She has served as the 12th president and CEO of the Federal Reserve Bank of Cleveland since 2024. [1] [2] Prior to that, Hammack worked at Goldman Sachs for three decades before resigning in 2024 as the co-head of global finance.
Hammack was born in California to Howard L. Morgan, a venture capitalist, and a mother who worked as an interior designer. [3] [4] She grew up in Villanova, Pennsylvania and is the middle of three sisters. In 1989, she graduated from The Baldwin School located in Bryn Mawr, Pennsylvania. [1] [5] [6]
Hammack earned a bachelor's degree from Stanford University in 1993 with a combined major in quantitative economics and history. [7] [8] During her academic career, Hammack was part of a council of student presidents at Stanford that included John Louie, who played the Wing Kid in the 1984 film Gremlins and John Overdeck, co-founder and co-chairman of Two Sigma Investments. [6] She interned twice at the Philadelphia Stock Exchange during her summer breaks. Hammack was accepted to Harvard Business School but decided not to attend. [6]
She joined Goldman Sachs in 1993 as an analyst in Debt Capital Markets, was named managing director in 2003, and partner in 2010. [7] [9] Throughout her time, she held roles as global treasurer, global head of short-term macro trading, and global head of repo trading. [10] Hammack was former chair of the Treasury Borrowing Advisory Committee; and a former member of the Treasury Market Practices Group, the Financial Research Advisory Committee, and management committee. [10] [11] [12] Apparently, she leveraged her admission to HBS to get a promotion at some point. [6]
Before her departure, Hammack served as the co-head of the Global Financing Group. [7]
On May 29, 2024, it was announced that Hammack was appointed as the next president and chief executive officer of the Cleveland Fed. [12] [13] Hammack's term began on August 21, and in this role, she will represent the Fourth Federal Reserve District on the Federal Open Market Committee in the formulation of US monetary policy. [1] [12] She is the fourth woman selected to lead the Federal Reserve Bank of Cleveland, the first regional Federal Reserve bank to appoint a female president in 1982. [14]
Hammack married investment banker Peter Hammack in 2000. [3] The couple has two sons and live in Cleveland. [15] [2]
Hammack serves as a board member of Math for America, Northwell Health, and City Harvest. [12] [16]
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