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Kansas City Fed names ex-bank executive as new president
Jeffrey Schmid, a former bank executive, will be the next president of the Federal Reserve Bank of Kansas City, the regional Fed bank said on Wednesday — ending an unusually lengthy search for a new leader. Why it matters: Schmid succeeds Esther George, who retired earlier this year after 12 years as its leader. He will become a member of the rotating group of Fed presidents that vote on critical interest rate decisions. The intrigue: The announcement of the Kansas City Fed's new leader comes just weeks before it's set to host an annual gathering of influential economists and policymakers in Jackson Hole, Wyoming. ... (full story)