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Photo of President Jeffrey M. Lacker

Jan. 10, 2017

Richmond Fed President Jeffrey Lacker Announces Retirement

Richmond, Va.

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,

About President Lacker:

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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