Loretta J. Mester |

President and Chief Executive Officer

Loretta J. Mester, President and Chief Executive Officer

As president and chief executive officer of the Federal Reserve Bank of Cleveland, Loretta J. Mester participates on the Federal Open Market Committee in the formulation of U.S. monetary policy, and oversees 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

Dr. Mester is a distinguished, widely respected economist and leader with vast experience and deep knowledge of economics, finance, financial intermediation, banking issues, and the Federal Reserve System.  She began her career at the Federal Reserve Bank of Philadelphia in 1985 as an economist and advanced to positions of increasing responsibility, most recently serving as executive vice president and director of research. As director of research she served as the chief policy advisor, attended meetings of the Federal Open Market Committee and had oversight of a staff of research economists and analysts in the Research Department.  In addition, she oversaw professionals in the Financial Statistics Department and the Payment Cards Center.  Dr. Mester also serves as an adjunct professor of finance at the Wharton School of the University of Pennsylvania and is a fellow at the Wharton Financial Institutions Center.

Dr. Mester has published numerous articles in refereed academic and professional journals on a variety of topics including economics, central banking, and financial issues.  Her areas of research expertise and interest include the organizational structure and productive efficiency of financial institutions, financial intermediation and regulation, agency problems in credit markets, credit card pricing, central bank governance, and inflation. Dr. Mester has presented her research at many professional conferences and seminars; she has spoken regularly to business audiences about the economy, monetary policy, and financial regulation.  She is a founding member and director of the Financial Intermediation Research Society; a member of the advisory board of the Financial Intermediation Network of European Studies (FINEST); and a practitioner director of the Financial Management Association International (FMA). In addition, Dr. Mester is co-editor of the Journal of Financial Services Research and the International Journal of Central Banking; and is an associate editor of several other academic journals.

Dr. Mester graduated summa cum laude with a bachelor of arts degree in mathematics and economics from Barnard College of Columbia University. She earned M.A. and Ph.D. degrees in economics from Princeton University, where she was a National Science Foundation Fellow.