The Federal Reserve Bank of Kansas City, one of twelve Federal Reserve Banks entrusted with the responsibility of setting monetary policy, has recently announced the appointment of Jeffrey Schmid, a former bank executive, as its new President and Chief Executive Officer. This decision follows an extensive nationwide search to find a suitable successor for Esther George, who retired after serving as the bank’s leader for 12 years. The announcement was made by the Kansas City Fed, emphasizing the significance of this appointment.
“Our Board of Directors is pleased to announce that Jeffrey R. Schmid will assume the role of President and CEO of the Kansas City Fed, effective August 21, 2023,” read the statement released by the bank on X, formerly known as Twitter.
In response to his appointment, Schmid expressed his gratitude, saying, “I am deeply honored to have been chosen to lead the Tenth District in this capacity and to have the opportunity to guide the talented workforce of the Kansas City Fed in fulfilling its important public mission. Representing this region and building upon the bank’s well-established tradition of service is a privilege.”
Schmid, who boasts over 40 years of experience in regulation and banking, currently serves as the President of the Southwestern Graduate School of Banking at Southern Methodist University in Dallas. His career began in Kansas City as a bank examiner for the Federal Deposit Insurance Corporation and eventually led him to the position of Chief Executive Officer at Mutual of Omaha Bank.
According to María Griego-Raby, a Kansas City board member who chaired the search committee, Schmid’s extensive background in banking, combined with his deep roots in the region, will prove invaluable to the Federal Reserve in his role as both a leader of the organization and a monetary policymaker.
The Tenth District, encompassing seven states including Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri, falls under the jurisdiction of the Kansas City Fed. As Schmid assumes his new responsibilities, he will complete the remainder of George’s five-year term, which runs until February 2026.
While Schmid will not be a voting member of the Federal Open Market Committee, the body responsible for setting interest rate policy, until 2025, he will begin attending meetings from September. Shortly after assuming his position, Schmid will join the Kansas City Federal Reserve in hosting an annual gathering of central bankers in Jackson Hole, Wyoming, from August 24-26. This event, which often shapes policy strategy, features a keynote address from the Fed Chair.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
