Kansas City Federal Reserve to Get New Leader. Jeffrey R. Schmid will Take Over as Inflation-Fighting Central Bank Maps Its Future. Jeffrey R. Schmid, a seasoned regulator, and banker with over 40 years of experience, is set to become the new leader of the Kansas City Federal Reserve on August 21. He will be succeeding Esther George, who retired earlier this year. Schmid’s extensive background includes serving as the president and CEO of Southern Methodist University’s Cox School of Business, as well as holding significant positions at the Federal Deposit Insurance Corporation and Mutual of Omaha Bank, where he played a key role in its establishment. Maria Griego-Raby, president and principal of Contract Associates in Albuquerque, New Mexico, expressed confidence in Schmid’s capabilities, citing his regional ties, banking experience, and unique perspective as a native Nebraskan. She led the search for George’s successor as deputy chair of the bank’s board of directors.
The appointment follows the Federal Reserve’s approval of 11 interest rate increases aimed at combating a 40-year high in inflation. George was known for her hawkish stance, advocating tighter monetary policy. Schmid’s tenure as the head of the Kansas City Fed will last until February 28, 2026, completing the remainder of George’s five-year term. Notably, Schmid will assume his new role just before the annual Jackson Hole summit hosted by the Kansas City district. The summit, scheduled from August 24 to 26 this year, traditionally features a keynote address from the Fed chair and plays a significant role in shaping policy strategy.
