New face for FOMC as Cleveland Fed pick Pianalto replacement

Loretta Mester

Loretta Mester, the executive vice-president and head of research at the Reserve Bank of Philadelphia, will succeed Sandra Pianalto as president of the Reserve Bank of Cleveland on June 1, the bank revealed yesterday.

Richard Smucker, the Cleveland Fed chairman, said: "The board is unanimous in its decision that Loretta is the right person to provide sound leadership to build on the Cleveland Fed's core strengths and successfully lead the bank into the future".

Donald Kohn, the former Fed vice

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