The Federal Reserve Bank of Dallas named Lorie K. Logan its new president. She will replace Robert Kaplan, who retired last year.
Currently, Logan’s title is the manager of the System Open Market Account (SOMA) at the New York Federal Reserve, and she oversees a $9 billion asset portfolio.
Kaplan, Federal Reserve Bank of Dallas’s previous president, resigned after allegations of illegal stock trading activity. Logan will replace him on August 22, 2022.
In a statement, Logan said, “I look forward to engaging with business and community leaders across the Eleventh District and representing all of the hard-working people of the district at the FOMC [Federal Open Markets Committee].”
In addition to the SOMA operation, Logan was also the New York Federal Reserve vice president. She became familiar with the FOMC‘s interest rate-setting meetings in this role.
Federal Reserve Bank of Dallas board members Thomas J. Falk and Claudia Aguirre released a joint statement, saying the group was looking for someone capable of handling the district’s needs. The district includes Texas, northern Louisiana, and New Mexico.
Their statement continued, “[Lorie Logan] 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.”
This shift has arrived at a pivotal time for the Federal Reserve as it attempts to control inflation, nearing a 40-year high. The FOMC already confirmed two interest rate hikes this year, and expectations are that more hikes are in store.
Current Fed Chairman Jerome Powell commented on Lorie Logan’s appointment, saying she 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.”
This year, Logan will have reduced authority since the Federal Reserve Bank of Dallas President will not vote on Monetary Policy.
President and CEO of the New York Fed John C. Williams also commented on Logan’s appointment, saying, “Lorie has a deep knowledge of capital markets, market operations, and related policy, which she has leveraged to provide expert analysis and advice to the FOMC, particularly in times of crisis.”