Loretta J. Mester

Loretta J. Mester
Born	(1958-10-24) October 24, 1958 Baltimore, Maryland, U.S.
Occupation(s)	Economist, banker
Years active	1985–2024
Known for	President and CEO of the Federal Reserve Bank of Cleveland (2014–2024)

Loretta J. Mester (born October 24, 1958) held the position of president and chief executive officer at the Federal Reserve Bank of Cleveland from June 1, 2014, until June 30, 2024.

Personal life

Originating from Baltimore, Maryland, Mester is married to George Mailath, who is an economist affiliated with the University of Pennsylvania.

Education

Mester earned a Bachelor of Arts degree in Mathematics and Economics from Barnard College, part of Columbia University. She further obtained both a Master’s degree and a Ph.D. in Economics from Princeton University, where she was recognized as a National Science Foundation Fellow.

Career

Her tenure at the Federal Reserve began in 1985 at the Federal Reserve Bank of Philadelphia, starting as an economist and progressing through roles including senior vice president, director of research, and executive vice president. Additionally, she has instructed MBA and undergraduate business courses at Wharton and taught finance at New York University.

In 2014, Mester was named the 11th president and CEO of the Federal Reserve Bank of Cleveland. Alongside this role, she holds an adjunct professorship in finance at the Wharton School of the University of Pennsylvania and is a fellow at its Financial Institutions Center. Her governance experience includes serving on the boards of the Greater Cleveland Partnership and Council for Economic Education; acting as trustee for both the Cleveland Clinic and Musical Arts Association; founding directorship at the Financial Intermediation Research Society; and advisory board membership for the Financial Intermediation Network of European Studies (FINEST). She is also affiliated with prominent professional bodies such as the American Economic Association, American Finance Association, Econometric Society, and Financial Management Association International.

Publications

Mester’s extensive publications cover topics related to central banking, economics, and finance. She co-edits the Journal of Financial Services Research and International Journal of Central Banking, while serving as associate editor for journals including the Journal of Financial Intermediation, Journal of Money, Credit, and Banking, Journal of Economics and Business, Research in Banking and Finance, and Journal of Financial Stability.

Philanthropy

In addition to her professional work, Mester holds leadership positions across various organizations. She serves as a director for both the Greater Cleveland Partnership and Council for Economic Education, acts as trustee for the Cleveland Clinic and Musical Arts Association (Cleveland Orchestra), is a founding director of the Financial Intermediation Research Society, and contributes as an advisory board member to the Financial Intermediation Network of European Studies (FINEST).