Laurie Logan, Senior Vice President of Markets at the Federal Reserve Bank of New York, arrives for a Western-themed dinner during the Jackson Hole Economic Symposium sponsored by the Federal Reserve Bank of Kansas City in Moran, Wyoming, August 26, 2016.
David Paul Morris | Bloomberg | Getty Images
The Dallas Federal Reserve has announced the name of a new president to replace his former one, who resigned last year amid controversy over stock trading.
According to an announcement on Wednesday, Lori K. Logan will be the head of the central bank branch.
Central Bank observers know Logan well, as he is currently the head of the New York Fed’s main trading desk. His official title is Manager of Systems Open Market Accounts, meaning he oversees the Fed’s huge $ 9 trillion balance sheet and other assets.
On August 22, Logan will officially take over his new responsibilities.
In addition to running the Soma operation, Logan is also the Vice President of the New York Fed. This makes him unfamiliar with interest rate-setting Federal Open Market Committee meetings. Logan represents the Fed in the Bank for International Settlements.
The move comes after Robert Kaplan stepped down last October. It follows a scandal across the Fed where multiple high-ranking officials were engaged in big-dollar equity trading that coincided with Kaplan’s resignation and the early retirement of Boston Fed President Eric Rosegren.
Thomas J. A joint statement from Falk and Claudia Aguirre, who chaired the presidential inquiry committee, said the group was looking for someone who could handle the district’s needs, which spans Texas, northern Louisiana and New Mexico.
“We found this and much more in Lori Logan,” the statement said. “He has been a successful leader in the New York Fed’s Markets Group, and his profound financial market background and proficiency in monetary policy and financial systems make him an able to make meaningful contributions to FOMC monetary policy matters.”
The committee leaders added, “Lori understands how our country’s current economic challenges and the Fed’s actions affect all Americans and will work toward a stronger economy for all.”
Logan comes to the Fed at a crucial time as policymakers try to control inflation, which is hovering near a 40-year high. The FOMC has already approved two interest rate hikes of 75 basis points this year and is expected to continue throughout the year.
“I look forward to engaging with business and community leaders across the Eleventh District and representing all of the district’s hardworking people in the FOMC,” Logan said. “I’m excited about moving to Texas and getting involved with the community.”
Fed Chairman Jerome Powell warmly welcomed Logan, calling him “a faithful colleague and dedicated public servant whose extraordinary skills and experience in complex financial markets have informed us of our decisions and helped implement monetary policy to support the US economy.”
Since Kaplan’s resignation, Meredith Black, the first vice president of the Dallas Fed, has been playing an interim role.
Logan’s appointment is the second major Fed staff move of the week. On Tuesday, the Senate confirmed Lisa Cook as governor, making her the first black woman to hold the post.
Correction: The spelling of Laurie Logan’s first name was incorrect in previous editions.