Richmond Fed appoints Thomas Barkin of McKinsey as its president – tech2.org

Richmond Fed appoints Thomas Barkin of McKinsey as its president



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The directors of the Federal Reserve Bank of Richmond confirmed Monday that they had elected Thomas Barkin, a senior executive at world consultancy McKinsey & Co., as the next president of the institution.

"We are fortunate to have found an extremely qualified person to serve the Fifth Federal Reserve District and the American people," Margaret Lewis, president of the Richmond board of directors, said in a statement.

Source: McKinsey & Co.

The appointment of Barkin was approved by the Board of Governors of the Fed in Washington, according to the statement.

Barkin, 56, will succeed Jeffrey Lacker, who resigned in April after admitting his role in leaking confidential and market-sensitive information to a Wall Street newsletter.

Barkin is a senior partner and risk manager at McKinsey, where he oversaw offices in the southern United States. UU

"He has unique knowledge about many industries that drive our nation's ec, onomy and employ millions of Americans, as well as a well-informed perspective on the problems facing the Federal Reserve and our nation," Lewis said.

Barkin holds a bachelor's degree in economics, a bachelor's degree in law and an MBA from Harvard University. He is a member of the executive committee of the Metro Atlanta Chamber of Commerce and the board of directors of Emory University in Atlanta. He is a former chairman of the Atlanta Fed board of directors.

Barkin's selection to serve as a policy maker in the world's most important central bank may not pbad without criticism. Although he is immersed in administrative and consulting experience, in some cases for financial companies, he has no experience in formulating monetary policies. The decision will also not satisfy critics who have called for more racial and gender diversity in the Fed's leadership.

The activist group Fed Up, which has repeatedly called for more openness in the selection of presidents of the Fed, said that too I was disappointed. news from the selection of Barkin. The board of directors of the Richmond Fed "chose a financial industry adviser who will probably prioritize the interests of the investment clbad over the interests of working people," said the group's co-director, Shawn Sebastian, in a statement.

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