Federal Reserve Bank of Cleveland picks new leader

Associated Press Published:

WASHINGTON -- The Federal Reserve Bank of Cleveland has chosen a longtime Fed economist as its next president.

The Cleveland Fed, one of 12 regional Fed banks, says it's selected Loretta Mester, director of economic research at the Philadelphia Fed, to replace Sandra Pianalto. Pianalto is one of five regional bank presidents who have a vote on Fed policy this year. Mester will take over that vote once she succeeds Pianalto in June.

Mester, 55, joined the Philadelphia Fed in 1985 as a staff economist after receiving a doctorate in economics from Princeton University.

Pianalto, who had led the Cleveland Fed since 2003, announced in August that she was stepping down.

Three nominations by President Barack Obama to fill vacancies on the Fed's seven-member board in Washington are awaiting Senate action.

Want to leave your comments?

Sign in or Register to comment.