Elizabeth Morgan Hammack (born 1971/1972) is the 12th president and CEO of the

Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland, Ohio, Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth Federal Reserve Districts, District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky ...

. Prior to that, Hammack worked at

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

for three decades before resigning in 2024 as the co-head of global finance.

Early life

Hammack was born in California to Howard L. Morgan, a venture capitalist, and a mother who worked as an interior designer. She grew up in

Villanova, Pennsylvania Villanova is census-designated place in Pennsylvania, United States. A suburb of Philadelphia, the community straddles the border of Lower Merion Township in Montgomery County and Radnor Township in Delaware County. It is located at the cen ...

and is the middle of three sisters. In 1989, she graduated from

The Baldwin School The Baldwin School (simply referred to as Baldwin School or Baldwin) is a private school for girls in Bryn Mawr, Pennsylvania, United States. It was founded in 1888 by Florence Baldwin. The school occupies a former nineteenth-century resort hote ...

located in

Bryn Mawr, Pennsylvania Bryn Mawr (, from Welsh language, Welsh for 'big hill') is a census-designated place (CDP) located in Pennsylvania, United States. It is located just west of Philadelphia along Lancaster Avenue, also known as U.S. Route 30 in Pennsylvania, U.S. ...

. Hammack earned a bachelor's degree from

Stanford University Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth ...

in 1993 with a combined major in quantitative economics and history. During her academic career, Hammack was part of a council of student presidents at Stanford that included John Louie, who played the Wing Kid in the 1984 film ''

Gremlins ''Gremlins'' is a 1984 American black comedy horror film directed by Joe Dante, written by Chris Columbus and starring Zach Galligan, Phoebe Cates, Hoyt Axton, Polly Holliday and Frances Lee McCain, with Howie Mandel providing the voic ...

'' and John Overdeck, co-founder and co-chairman of

Two Sigma Investments Two Sigma Investments, LP is an American hedge fund headquartered in New York City. It uses a variety of technological methods, including artificial intelligence, machine learning, and distributed computing, for its trading strategies. The fir ...

. She interned twice at the

Philadelphia Stock Exchange Philadelphia Stock Exchange (PHLX), now known as Nasdaq PHLX, is the first stock exchange established in the United States and the oldest stock exchange in the nation. The exchange is owned by Nasdaq, which acquired it in 2007 for $652 million, ...

during her summer breaks. Hammack was accepted to

Harvard Business School Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...

but decided not to attend.

Goldman Sachs

She joined

in 1993 as an analyst in Debt Capital Markets, was named managing director in 2003, and partner in 2010. Throughout her time, she held roles as global treasurer, global head of short-term macro trading, and global head of repo trading. Hammack was former chair of the Treasury Borrowing Advisory Committee; and a former member of the Treasury Market Practices Group, the Financial Research Advisory Committee, and management committee. Before her departure, Hammack served as the co-head of the Global Financing Group.

Federal Reserve Bank of Cleveland

On May 29, 2024, it was announced that Hammack was appointed as the next president and chief executive officer of the Cleveland Fed. Hammack's term began on August 21, and in this role, she will represent the Fourth Federal Reserve District on the

Federal Open Market Committee The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed) that is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United Stat ...

in the formulation of US monetary policy. She is the fourth woman selected to lead the Federal Reserve Bank of Cleveland, the first regional

Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

bank to appoint a female president in 1982.

Personal life

Hammack married investment banker Peter Hammack in 2000. The couple has two sons and live in Cleveland. Hammack serves as a board member of

Math for America Math for America (MfA) is a nonprofit organization, founded in January 2004 by American billionaire mathematician, hedge fund manager, and philanthropist Jim Simons to promote recruitment and retention of mathematics teachers in New York City seco ...

and City Harvest.

References

External links