Jordan to Retire as President of the Federal Reserve Bank of Cleveland

Jerry L. Jordan announced today that he plans to retire as president of the Federal Reserve Bank of Cleveland effective January 31, 2003.

"I have truly enjoyed the opportunity to serve as a policymaker and to work with esteemed colleagues on the Federal Open Market Committee and here at the Cleveland Reserve Bank. But I have decided that it's time to let someone else have the opportunity to serve," said Jordan, 60, who is looking forward to spending more time with his family.

David Hoag, chairman of the Bank's board of directors, has asked Robert Mahoney, deputy chairman of the Bank's board, to serve as chair of a search committee to find Jordan's successor. Commenting on Jordan's announcement, Hoag said, "We wish Jerry well in his retirement, but will miss his extensive knowledge of economic and banking issues and collegial manner. He has served the Bank well, particularly during a time of rapid changes in our financial system and challenges we faced in the aftermath of September 11."

Jordan joined the Cleveland Reserve Bank as president in March of 1992. He has worked in government, academia, commercial banking, and previously in the Federal Reserve System. After receiving a Ph.D. in economics at U.C.L.A., Jordan was employed at the Federal Reserve Bank of St. Louis, where he rose to the position of senior vice president and director of research. While at the St. Louis Fed, he was on leave to serve as a consultant to the Deutsche Bundesbank in Frankfurt.

Jordan's commercial banking experience includes five years at Pittsburgh National Bank and seven years at First Interstate Bancorp in Los Angeles. Jordan served as a member of President Reagan's Council of Economic Advisers in 1981-82, during which time he was also a member of the U.S. Gold Commission.

Preceding and following his service in Washington, he was dean of the R.O. Anderson School of Management at the University of New Mexico.

Jordan is a member of the Mont Pelerin Society, the Academic Advisory Council of The Institute of Economic Affairs in London, and the Business Advisory Board of the Reason Foundation. He is also an adjunct scholar at the Cato Institute and a past president of the National Association of Business Economists.


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The Federal Reserve Bank of Cleveland is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, and provides payment services to financial institutions and the U.S. government.

The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, and serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.


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