Kansas City Federal Reserve Appoints New Leader to Tackle Inflation Challenges
The Kansas City Federal Reserve is gearing up for a fresh approach to combat inflation as it welcomes its new leader. Jeffrey R. Schmid, a veteran regulator and banker with over four decades of experience, will take the helm on August 21, succeeding Esther George, who retired earlier this year.
Schmid brings a wealth of expertise to the role, having previously served as the president and CEO of Southern Methodist University’s Cox School of Business. Prior to that, he held significant positions at the FDIC and Mutual of Omaha Bank, where he played a pivotal role in its establishment.
Maria Griego-Raby, president and principal of Contract Associates in Albuquerque, expressed her confidence in Schmid’s appointment: Jeff’s perspective as a native Nebraskan, his broad experience in banking, and his deep roots in our region will be an incredible asset to the Federal Reserve, both as a leader of the organization and in his role as a monetary policymaker.
This leadership transition comes following the Federal Reserve’s approval of eleven interest rate increases aimed at curbing inflation, which had reached a 40-year high. Esther George was widely regarded as a staunch advocate for tighter monetary policies, making her presence felt within the rate-setting Federal Open Market Committee.
Schmid will assume the role until the end of George’s five-year term, leading the Kansas City Fed through February 28, 2026. Interestingly, his appointment aligns with the upcoming Jackson Hole summit hosted by the Kansas City district. Scheduled from August 24-26, this event often sets the stage for key policy discussions and features a significant keynote address from the Fed chair.
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As we welcome Jeffrey R. Schmid to the Kansas City Federal Reserve, it is clear that he carries a robust background in banking and regulation. His appointment coincides with a critical juncture in the fight against inflation, and all eyes will be on his leadership as the central bank navigates the challenging economic landscape.
