Jeffrey M. Lacker
| Jeffrey M. Lacker | |
|---|---|
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| President of the Federal Reserve Bank of Richmond | |
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In office August 1, 2004 – April 4, 2017 |
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| Preceded by | J. Alfred Broaddus |
| Personal details | |
| Born |
September 27, 1955 Lexington, Kentucky |
Jeffrey M. Lacker (born September 27, 1955) is an American economist and was president of the Federal Reserve Bank of Richmond until April 4, 2017.
Lacker was born in Lexington, Kentucky, and grew up in Ridgewood, New Jersey. He received his bachelor's degree in economics from Franklin and Marshall College in 1977. Following graduation, he joined Wharton Econometric Forecasting Associates in Philadelphia. He went on to earn a Ph.D. in economics from the University of Wisconsin–Madison in 1984. He was an assistant professor of economics at the Krannert School of Management at Purdue University from 1984 to 1989.
Lacker joined the Federal Reserve Bank of Richmond in 1989 as an economist in the banking area of the Research Department. He was named research officer in 1994, vice president in 1996, and senior vice president and director of the Research Department in May 1999.
Lacker took office on August 1, 2004, as the seventh chief executive of the Fifth District Federal Reserve Bank at Richmond. He served the remainder of a term that began on March 1, 2001. He served as a voting member of the Federal Open Market Committee, bringing his district's perspective to policy discussions in Washington.
Lacker's vote was the solitary dissent in the August, September, October, and December 2006 Federal Open Market Committee (FOMC) meetings. The FOMC decided to keep interest rates steady at 5.25 percent after a series of seventeen consecutive increases of twenty-five basis points each, while Lacker voted for additional tightening. At the January 2009 meeting, "Mr. Lacker dissented because he preferred to expand the monetary base by purchasing U.S. Treasury securities rather than through targeted credit programs", according to the FOMC minutes.
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