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In Memoriam: President W. Lee Hoskins
The Cleveland Fed notes with deep sorrow the passing of W. Lee Hoskins, reflecting with appreciation on his service to our Bank, the Federal Reserve System, and the nation.
We mourn the death of W. Lee Hoskins, the president and chief executive officer of the Federal Reserve Bank of Cleveland from October 8, 1987 to November 15, 1991.
Lee is remembered for exemplary leadership in banking and economics in the public and private sectors, as well as for service to his country in the US Army.
As president of the Cleveland Fed, Lee championed Federal Reserve independence as an essential condition for carrying out monetary policy with candor, commitment and accountability.
Lee was a proponent of improved communications from Fed policymakers, and a believer in the value of robust debate to educate, influence, and change minds.
Lee’s anti-inflation focus as a policymaker and in particular his vigorous advocacy of price stability as the main goal of monetary policy remain enduring legacies. His emphasis on zero inflation was influential in the Federal Open Market Committee’s decision to set an explicit inflation goal.
Within the Bank, Lee was a careful steward of resources and insisted on efficient delivery of financial services to commercial bank customers.
We offer our heartfelt condolences to Lee’s family and friends.