Dallas Fed names longtime New York Fed executive as next president

WASHINGTON — The Federal Reserve Bank of Dallas has named Lorie Logan, the manager of the overall Fed system’s $9 trillion bond portfolio, its next president and CEO.

Logan, 49, will take the reins of the 11th Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico, on Aug. 22. The 23-year veteran of the New York Fed next year will also assume a rotating seat on the Federal Open Market Committee, which oversees U.S. monetary policy. 

“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,” Fed Chair Jerome Powell said in a statement Wednesday. “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.”

Lorie Logan is said have played a key role in crafting and implementing the Fed’s response to the pandemic. She also piloted the expansion of the Fed’s balance sheet following the global financial crisis.

Logan replaces Robert Kaplan, who resigned from the Dallas Fed’s top post last October amid a stock-trading scandal. The Office of Inspector General for the Federal Reserve is reviewing trades made by Kaplan and other officials to see if they violated any laws or ethical standards. 

As manager of the Fed’s System Open Market Account, Logan is responsible for implementing the FOMC’s monetary policy. She has been credited with playing a key role in crafting and putting into effect the central bank’s response to the COVID-19 pandemic. She oversaw several credit facilities that were rolled out in 2020 to bolster the U.S. financial system. Logan also piloted the expansion of the Fed’s balance sheet following the global financial crisis.

“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,” John C. Williams, president and CEO of the New York Fed, said in a statement Wednesday.

Her other duties for the New York Fed include leading its Market Operations, Monitoring and Analysis division as well as several public-private committees. She also represents the Fed on the Bank for International Settlements’ markets committee.

Logan emerged from a nationwide search launched by the Dallas Fed last fall. Her experience working with monetary policy and managing a variety of teams made her stand out in a crowded pool of candidates, the bank said. Her depth of knowledge of the financial system was also a differentiator.

“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,” Thomas J. Falk and Claudia Aguirre, co-chairs of the Dallas Fed’s presidential search committee, said in a joint statement.

A Kentucky native, Logan holds a bachelor’s degree from Davidson College and a master’s degree in public administration from Columbia University. She joined the New York Fed in 1999.

“Throughout my career, I have been driven by a commitment to public service,” she said in a statement. “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.”

Meredith Black, a former vice president at the Dallas Fed who has been serving as interim president and CEO, will retire from the bank on Sept. 1.