St. Louis Fed names Alberto Musalem as its new president

Washington, DC (CNN) — Latino economist Alberto Musalem has been named as the next president and CEO of the Federal Reserve Bank of St. Louis, the bank announced Thursday.

Posted 5:00 p.m. Jan 4 — Updated 5:00 p.m. Jan 4

Bryan Mena

, CNN

CNN — Washington, DC (CNN) — Latino economist Alberto Musalem has been named as the next president and CEO of the Federal Reserve Bank of St. Louis, the bank announced Thursday.

Musalem, 55, replaces James Bullard, who left the bank on August 14 to become the inaugural dean of Purdue University’s Mitchell E. Daniels, Jr. School of Business.

After completing his 2022 term, Bullard did not vote on monetary policy decisions in 2023. Bullard would have served as an alternate voting member in 2024. Musalem will not be a voting member at the central bank’s policy meetings until 2025.

“As an experienced economist, former Federal Reserve leader, collaborator and communicator, he comes with the exceptional technical expertise and leadership abilities needed to contribute to effective policymaking and advance a large organization in service to the public,” Carolyn Chism Hardy, who serves on the bank’s board of directors, said in a release.

Musalem was previously CEO and co-founder of Evince Asset Management and a senior adviser to the president at the New York Fed.

Born in Bogota, Colombia, Musalem is another Latino economist to become a top Fed policymaker, following the confirmation of Adriana Kugler to become a Fed governor in 2023.

Musalem will begin his role on April 2. Kathleen O’Neill Paese, the St. Louis Fed’s former first vice president and chief operating officer, continues to assume Bullard’s duties in the interim.

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