Meet Our President and First Vice President
As president and chief executive officer of the Federal Reserve Bank of Cleveland, Loretta J. Mester participates in the formulation of US monetary policy and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to depository institutions. She assumed her role as president and chief executive officer in June 2014. For more information, including a full CV, consult Dr. Mester’s bio here.
Gregory L. Stefani is first vice president and chief operating officer of the Federal Reserve Bank of Cleveland. He chairs the Bank’s Executive Leadership Team and oversees all operating and support activities in the Cleveland Bank headquarters and in the Bank’s Pittsburgh and Cincinnati Branches. For more information, see Mr. Stefani’s bio here.
Meet Additional Members of Our Executive Leadership Team
The purpose of the Executive Leadership Team (ELT) is to provide broad organizational leadership, oversight, and direction; to ensure the Bank’s strategy, structure, and culture are aligned; and to serve as an advisory body to the president. Learn more about our other ELT members below.
Senior Vice President and Chief Financial Officer
Michael Beedles was appointed senior vice president and chief financial officer at the Federal Reserve Bank of Cleveland in November 2019. His areas of expertise include accounting, financial planning and analysis, and risk and operations management. He is responsible for leading the areas of financial support services, enterprise risk management, business continuity, and innovation.
Mr. Beedles joined the Bank in 2018 as vice president of the Financial Support Services Department, where he led the accounting, financial services, procurement services, payment services, and travel functions within the Bank. Before joining the Cleveland Reserve Bank, he was vice president of finance and global controller at Kalibrate Technologies Ltd. He has also served as controller and director of accounting at Things Remembered and director of finance at the law firm Thompson Hine LLP.
Mr. Beedles is a Cleveland native. He holds a BS in accounting and finance from the University of Cincinnati. He is a certified public accountant and a member of the AICPA and the Ohio Society of Certified Public Accountants.
Executive Vice President
Thomas Dockman is executive vice president of the Treasury Services Department at the Cleveland Fed. Mr. Dockman joined the Bank as vice president of ecommerce strategic initiatives in 2015, and before that time he held senior leadership positions at financial services and technology companies such as Mitek Systems, Ally Bank, and Intuit. He has more than 20 years of product development and delivery experience in the financial services, insurance, and retail markets.
Mr. Dockman holds a BBA from Cleveland State University.
William D. Fosnight
Senior Vice President and General Counsel
William D. Fosnight is senior vice president and general counsel at the Federal Reserve Bank of Cleveland. He is responsible for overseeing the Legal Department, the Office of the Corporate Secretary and for providing corporate legal counsel and advice to the Bank. He joined the Cleveland Reserve Bank as an attorney in 1986 and was named senior attorney in 1989. He was promoted to assistant vice president and assistant general counsel in 1994, vice president and associate general counsel in 2001, and to his current position in 2011. Before joining the Bank, he was employed as counsel to supervision at the Federal Home Loan Bank of Cincinnati.
Mr. Fosnight earned a BA in economics from Miami University and a JD from Case Western Reserve University School of Law.
Stephen H. Jenkins
Senior Vice President
Stephen H. Jenkins is a senior vice president at the Cleveland Fed responsible for three Bank departments: Supervision and Regulation, Credit Risk Management, and Statistics and Analysis. Steve joined the Supervision and Regulation Department in 1986 as a bank examiner and was appointed to his current position in 2007.
He is a past president of the Northern Ohio Chapter of the Risk Management Association, a trade organization that promotes sound credit risk management practices. Currently, Steve serves as a member of the Bowling Green State University College of Business Leadership Council, a group of alumni who advise the Dean on strategic planning. He also serves on the board of trustees of the HELP Foundation, a nonprofit organization that empowers disabled individuals through residential, day support, educational and vocational programs.
A native of Cleveland, he holds a BS in finance from Bowling Green State University, an MBA from the University of Pittsburgh, and a diploma from the Graduate School of Banking at Colorado.
Mark S. Meder
Executive Vice President, Operations and Technology
Mark S. Meder is an executive vice president at the Federal Reserve Bank of Cleveland responsible for the Bank’s operations and technology functions, which comprise the Cash Department and Cash Product Office Support, the Law Enforcement Unit, the Real Estate Services Group, and the Information Technology and Information Security Departments. Prior to his promotion to executive vice president, Mr. Meder was the Cleveland Reserve Bank’s general auditor and provided oversight of the Audit Application Competency Center for the Federal Reserve System.
Since joining the Bank in 1993, he has held positions of increasing responsibility in Supervision and Regulation, eventually directing the supervisory activities for community banking organizations, regional banking organizations, and savings and loan holding companies throughout the Fourth District. He has also been responsible for several Cleveland Reserve Bank functions, including Financial Management, Strategy and Performance, Credit Risk Management, and Statistics and Analysis.
Mr. Meder earned a BBA with a concentration in accounting from Cleveland State University and an MBA from the Ohio State University. He is also a certified public accountant (inactive).
Diana C. Starks
Vice President and Director of the Office of Minority and Women Inclusion
Diana C. Starks is a vice president within the People and Culture Department, including the Office of Diversity and Inclusion, and director of the Office of Minority and Women Inclusion at the Federal Reserve Bank of Cleveland. Ms. Starks leads the Bank’s workforce diversity initiatives; diversity and inclusion education, learning, and development; strategic collaboration with colleagues to develop a nationally recognized supplier diversity program; and efforts to deepen the Bank’s community presence through the provision of financial education and literacy programs for students living in socioeconomically distressed neighborhoods. Her responsibilities also include leading the Bank’s focus on racial equity. Ms. Starks serves as the Cleveland Reserve Bank’s Equal Employment Opportunity deputy officer.
She is also the chair of the Federal Reserve System Council of Directors of the Office of Minority and Women Inclusion, leading the development and execution of the strategic priorities of the council and working closely with the Subcommittee on Human Resources in advancing the Federal Reserve System’s talent development initiatives.
Ms. Starks holds a BBA from Hiram College, an MA in psychology with a certification in diversity management from Cleveland State University, and an MA in organizational management from the University of Phoenix.
Executive Vice President and Director of Research
Ellis Tallman is executive vice president and director of research at the Federal Reserve Bank of Cleveland, for which he leads the Research Department’s efforts in conducting economic research and policy analysis. He advises the Bank’s president on monetary policy and related matters. Dr. Tallman’s research currently focuses on macroeconomics, economic forecasting, and US historical episodes of financial crises and policy responses.
Prior to joining the Cleveland Reserve Bank, Dr. Tallman was the Danforth-Lewis Professor of Economics and the Department of Economics chair at Oberlin College. Prior to joining Oberlin, he served as a vice president and team leader for the macroeconomics group in the Research Department at the Federal Reserve Bank of Atlanta and as an adjunct professor at Emory University. He also served a two-year appointment as a visiting senior research economist at the Reserve Bank of Australia.
Dr. Tallman earned a BA in economics from Indiana University and an MA and a PhD in economics from the University of Rochester.
For more information, see Dr. Tallman’s bio here.
Executive Vice President and Chief Human Resources Officer
Margie Wright-McGowan is the chief human resources officer and executive vice president of the People and Culture Department at the Federal Reserve Bank of Cleveland. She joined the Cleveland Reserve Bank as the senior vice president of People and Culture in 2017. Her expertise includes aligning human resource strategy with business goals to achieve significant improvements in employee engagement, organizational productivity, and management capability. In April 2021, Ms. Wright-McGowan was appointed chief human resources officer, and she assumed additional responsibility for the Corporate Communications and Engagement Department in order to best align these two essential support functions of the Bank.
Prior to her appointment at the Cleveland Reserve Bank, Ms. Wright-McGowan was the vice president of human resources, talent, and culture at the Vitamix Corporation in Cleveland, Ohio. In this role, she led the Global Human Resources function, overseeing all human resources aspects of the organization, and was a member of the senior leadership team. Before joining Vitamix, she was divisional human resources leader for Siemens Healthcare.
Ms. Wright-McGowan serves as an executive board member of Lakewood Catholic Academy and as a board member of Ohio Excels and Saint Joseph Academy. She is an advocate for autism awareness and the Metro Health Friends of Mothers and Infants.
She holds a BA in political science from Ohio University, and she attended the strategic management program at Yale University and the human resources development program at the University of Michigan.
Senior Vice President and General Auditor
Lisa Lipscomb is a senior vice president and general auditor at the Federal Reserve Bank of Cleveland. She is responsible for matters relating to internal audit functions, including evaluating and improving the effectiveness of the Bank’s risk management, control, and governance processes. As general auditor, she provides overall leadership and strategic direction for the Audit function and administrative oversight for the Audit Application Competency Center.
Ms. Lipscomb began her career with the Cleveland Reserve Bank in 2009 as a compliance coordinator. She was responsible for ensuring effective internal controls over the receipt, processing, storage, and payment of circulated cash and coin. In 2012, she joined the Audit Department as a manager, with responsibility for overseeing a team of auditors that review the Bank’s cash, financial management, and law enforcement business units. She was promoted to assistant vice president and assistant general auditor in 2014 and then to vice president in 2018. She recently served as chair of the Subcommittee of Audit Officers and is currently cosponsor of the Bank’s Employee Engagement Advisory Group.
Prior to joining the Bank, Ms. Lipscomb held various leadership positions in external and internal auditing, financial advisory, and consulting roles.
Ms. Lipscomb holds a BBA in accounting from Ohio University. She is also a certified public accountant (CPA) and certified information systems auditor (CISA).