Dallas Federal Reserve Names Lorie Logan New Chair to Succeed Robert Kaplan

The Dallas Federal Reserve has named a new chairman to succeed its former one, who stepped down last year amid a stock trading controversy.

Lorie K. Logan will head the central bank branch, according to an announcement Wednesday.

Central bank watchers are familiar with Logan’s name, as she currently serves as head of the New York Fed’s central trading desk. Her official title is System Open Market Account Manager, meaning she oversees the Fed’s massive $9 trillion balance sheet of bonds and other assets.

Logan will officially assume his new role on August 22.

In addition to running the SOMA operation, Logan is also the Vice Chairman of the New York Fed. That doesn’t make her a stranger to meetings of the Federal Open Market Committee that set interest rates. Logan also represents the Fed at the Bank for International Settlements.

The move comes after Robert Kaplan resigned from his post last October. This followed a scandal across the Fed in which several senior officials engaged in big-dollar stock deals that coincided with Kaplan’s resignation and the early retirement of Boston Fed Chairman Eric Rosengren.

A joint statement from Thomas J. Falk and Claudia Aguirre, who led the presidential search committee, said the group was looking for someone who could meet the needs of the district, which spans Texas, northern Louisiana and New Mexico.

“We found all of this and more at Lorie Logan,” the statement read. “She successfully led the New York Fed’s Markets Group, and her deep experience in financial markets and her expertise in monetary policy and the financial system make her well qualified to contribute meaningfully to monetary policy matters. of the FOMC.”

“Lorie understands the impact of our country’s current economic challenges and the actions of the Fed on all Americans, and will work toward a stronger economy for all,” the committee leaders added.

Logan comes to the Fed at a critical time as policymakers seek to rein in inflation near 40-year highs. The FOMC has already approved two interest rate hikes this year totaling 75 basis points and is expected to continue through the year.

“I look forward to engaging with the business and community leaders of the Eleventh District and representing all hard-working District workers at the FOMC,” Logan said. “I’m excited to move to Texas and get involved in the community.”

Fed Chairman Jerome Powell welcomed Logan into the fold, calling her “a trusted colleague and dedicated public servant whose outstanding skills and experience with complex financial markets have informed our decisions and helped implement the monetary policy to support the US economy”.

Since Kaplan’s resignation, Meredith Black, senior vice president of the Dallas Fed, has been acting.

Logan’s appointment was the second major Fed personnel move of the week. On Tuesday, the Senate confirmed Lisa Cook as governor, making her the first black woman to hold the post.

Fixed: Lorie Logan’s first name was misspelled in an earlier version.

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