Jeffrey M. Lacker, president and chief executive officer of the Federal Reserve Bank of Richmond, announced today that he will retire on October 1, 2017, after 28 years of public service at the Richmond Bank. Dr. Lacker joined the Richmond Fed in 1989 and served in various leadership positions prior to this appointment in August 2004.
Before joining the Federal Reserve, Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University and previously worked at Wharton Econometrics in Philadelphia. He earned his doctorate in economics from the University of Wisconsin and received a bachelor's degree in economics from Franklin & Marshall College.
"It's been an honor to serve the Federal Reserve," Lacker said. "I feel fortunate to have spent time throughout the Fifth District learning first-hand about people's economic experiences, and to have participated in some of the most extraordinary policy deliberations in our nation's history. It's been my deepest privilege to lead the Richmond Fed and the dedicated people who work here."
Margaret Lewis, chair of the Richmond Fed's Board of Directors and former president of HCA's Capital Division, said, "Jeff has been an outstanding leader for the Richmond Fed and has made many contributions to the Federal Reserve System. He led the Federal Reserve's centennial commemoration and understands how the lessons of the past inform the future. He readily and easily delivers Fed history lessons while providing a better understanding of the Fed's roles and responsibilities. His views on monetary policy are well known. And, throughout his career, Jeff has maintained a strong focus on the Fed's role in the payments system. It's the context of his passion and his sincere curiosity that have made him an effective ambassador for greater understanding of America's central bank."
The Board of Directors formed a search committee that will be led by Lewis. The search firm of Heidrick & Struggles has been engaged to assist the committee in conducting a nationwide search to identify a broad, diverse and highly qualified candidate pool for this leadership role. Individuals from both inside and outside the Federal Reserve System can apply. The public can make submissions directly to the search firm through the Bank's public website, richmondfed.org/presidentialsearch.
About President Lacker:
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.