A new leader has been chosen for the Federal Reserve Bank of Cleveland, effective June 1.
Loretta J. Mester, 55, currently executive vice president and director of research at the Federal Reserve Bank of Philadelphia, has been appointed president and chief executive officer of the Cleveland Fed. She will be the third woman to lead the bank in its history.
She will replace Akron native and Bath Township resident Sandra Pianalto, who will retire on May 31. Pianalto has led the Cleveland Fed since 2003 and announced in August that she would retire.
Mester will participate on the Federal Open Market Committee in determining monetary policy, and oversee 950 employees in Cleveland, Cincinnati and Pittsburgh who conduct economic research, supervise financial institutions, and provide payment services.
In Philadelphia, Mester has been chief policy adviser, overseeing economists and analysts who conduct research on a variety of topics, as well as a financial statistics department and the Payments Card Center. She joined the Federal Reserve Bank of Philadelphia in 1985.
Betty Lin-Fisher can be reached at 330-996-3724 or firstname.lastname@example.org.