Federal Reserve Bank of Cleveland names new president
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, said it 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.
Pianalto, who had led the Cleveland Fed since 2003, announced in August that she was stepping down. Mester, 55, joined the Philadelphia Fed in 1985 as a staff economist after receiving a doctorate in economics from Princeton University.
Three nominations by President Obama to fill vacancies on the Fed's seven-member board in Washington are awaiting Senate action. The Senate Banking Committee is expected to hold a hearing on those nominations by the end of this month.
Obama has nominated Stanley Fischer, a former head of Israel's central bank, as vice chairman of the Fed board. Fischer would fill the vacancy opened when Janet Yellen was chosen to succeed Ben Bernanke as Fed chair.
The president has nominated Lael Brainard, former Treasury undersecretary for international affairs in his administration, for one of the other vacancies. And he has nominated Jerome Powell, a Fed board member, to serve another term.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Power plants challenged by carbon capture and storage
- Energy efficiency goes mainstream
- Energy Spotlight: Tom Lawry
- More employers adopt generous leave policies
- Anxiety pervades town built by Volkswagen during emissions-cheating scandal
- Koppers CEO believes struggling company can do better, transform
- Warrendale-based First Insight now second nature to large retailers
- How companies may adjust to tax on employee benefits
- Credit bureau Experian keeps info on cellular firm’s customers
- Analysis tallies death toll from Volkswagen diesels’ air pollution
- Judge backs Sunoco in dispute over its use of eminent domain