Cleveland Federal Reserve Launches Search for New Leader as President Mester Nears Retirement in 2024

Search process for Mester's replacement to be led by Cleveland Fed Board's Heidi Gartland amid a push for enhanced diversity in Federal Reserve leadership.

• The Cleveland Federal Reserve has started the search for its current president, Loretta Mester's, replacement who is due to retire on June 30, 2024, due to Fed rules on age and service length.
• The search process is to be overseen by members of the Cleveland Fed's Board of Directors not linked to firms controlled by the central bank, with a leading role played by Heidi Gartland, the deputy chair of the Cleveland Fed's board.
• Loretta Mester has been one of the Federal Reserve's more hawkish voices during her tenure, often advocating for tighter monetary policy than her colleagues.
• The search to replace regional Fed leaders has become contentious in recent years due to the process's opacity and the increased pressure to diversify leadership away from the traditionally white, male and business or finance-background individuals.
• Before coming to the Cleveland Fed, Mester led the research department at the Philadelphia Fed and has spent most of her professional life within the central bank.

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