On May 11, the Federal Reserve Bank of Dallas announced the appointment of Lorie K. Logan as president and chief executive officer. She will represent the 11th Federal Reserve District on the Federal Open Market Committee (FOMC) in the formulation of U.S. monetary policy and will lead the 1,200 employees of the Dallas Fed. She will begin her role as president on August 22. Logan will replace Robert S. Kaplan, who retired from the bank in October 2021. Meredith Black, the former first vice president has been serving as interim president and will retire from the Dallas Fed on September 1 following 39 years of service.
Logan currently serves as manager of the system open market account for the FOMC, overseeing the system’s $9 trillion securities portfolio and leading the implementation of monetary policy as directed by the FOMC. She also serves as executive vice president of the Federal Reserve Bank of New York, where she has led market operations, monitoring and analysis since 2012. In that role, she oversees policy implementation, provision of fiscal agent services to the U.S. Treasury Department in support of debt issuance and foreign exchange operations, analysis of global financial market developments and production of the New York Fed’s reference rates, including the new secured overnight financing rate.
Logan represents the Federal Reserve on the markets committee at the Bank for International Settlements and oversees several public/private sector committees sponsored by the New York Fed to engage with market participants on key issues and advance financial industry best practices.
She played a prominent role in the development and implementation of the Federal Reserve’s actions in response to the COVID-19 pandemic. This included being responsible for managing several facilities to support market functioning and the flow of credit to households and businesses. Logan drew on her experience during the great financial crisis, during which she was a crucial leader in efforts regarding the expansion of the Federal Reserve’s balance sheet and the creation of liquidity facilities to mitigate systemic risks to the financial system.
Logan is a native of Versailles, Kentucky, and holds a bachelor’s degree in political science from Davidson College and a master’s degree in public administration from Columbia University.
“The search committee sought to find a president to represent the 11th District on the FOMC, manage a large complex bank and understand the economic issues and needs of the residents of Texas, Northern Louisiana and Southern New Mexico,” note Thomas J. Falk and Claudia Aguirre, co-chairs of the Federal Reserve Bank of Dallas presidential search committee. “We found all of that and more in Lorie Logan. She has been a successful leader of the markets group at the New York Fed, and her deep financial markets background and expertise in monetary policy and the financial system make her well qualified to contribute in a meaningful way to the monetary policy issues of the FOMC.
“Lorie understands how our nation’s current economic challenges and the Fed’s actions impact all Americans, and will work toward a stronger economy for all,” they continue. “Our committee conducted a nationwide search and identified a diverse pool of outstanding candidates from a variety of backgrounds and professions. Lorie is a seasoned leader who will bring a wealth of experience leading complex businesses and managing multi-functional teams. We are excited to see the positive impact Lorie will have on the Dallas Fed and the 11th District.”
“Lorie is a trusted colleague and dedicated public servant whose remarkable skill and experience with complex financial markets has informed our decisions and helped implement monetary policy to support the U.S. economy,” says Jerome Powell, chair of the Federal Reserve System Board of Governors. “I look forward to working with her in this new role leading the Federal Reserve Bank of Dallas, where we will continue to benefit from her analytical rigor, keen insights and good judgment.”
“Throughout my career, I have been driven by a commitment to public service. I believe strongly in the Federal Reserve’s mission and in the critical role it plays in promoting a healthy economy that truly works for everyone,” Logan says. “I look forward to engaging with business and community leaders across the 11th District and representing all of the hard-working people of the district at the FOMC. I am excited about moving to Texas and becoming involved in the community.”