The Federal Reserve Bank of Kansas City announced Wednesday that Jeffrey Schmid will become its new president and CEO later this month.
Schmid comes from the Southwestern Graduate School of Banking Foundation at Southern Methodist University’s Cox School of Business, where he was president and CEO.
He has more than 40 years of banking and regulatory experience, including prior positions at the Federal Deposit Insurance Corporation and as chairman and CEO of Mutual of Omaha Bank.
He arrives at a time when the Fed is toward the end of the central bank’s most aggressive interest rate hiking cycle since the 1980s.
Fed officials decided last week to raise interest rates for the 11th time since March 2022 in what may be the first of two rate hikes that officials have penciled in for the remainder of the year.
Wall Street is betting that last week’s rate hike will mark the Fed’s last before holding rates at the current level into the first half of next year.
Schmid’s appointment comes after the Kansas City Fed formed a search committee and spent over a year to find a successor to Esther George, who retired from the bank in January after turning 65, as required by Fed rules.
Schmid will take the helm on Aug. 21, just days before the Kansas City Fed puts on the Fed's annual Economic Symposium in Jackson Hole, Wyoming.
Since this is a regional Federal Reserve Bank, Schmid will not have to go through a nomination process and be confirmed by the Senate.
Schmid started his career in 1981 as a field examiner based in the FDIC’s Kansas City office, where he spent eight years examining banking organizations and helped oversee a significant portfolio of troubled banks.
In 1989, he was named president of American National Bank in Omaha, where he served until 2007 as the community bank grew from $500 million to $1.5 billion in assets.
"I am honored to be selected to serve the Tenth District in this role and for the opportunity to lead the Kansas City Fed’s talented workforce as it carries out its important public mission," Schmid said.
"It is a privilege to represent this region and to be able to build upon the long tradition of service that the Bank is well known for."
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