Banking executive Jeffrey Schmid named president of Kansas City Federal Reserve Bank

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Jeffrey Schmid, a former banking executive, has been appointed the next president of the Federal Reserve Bank of Kansas City, beginning Aug. 21. As president of one of the 12 regional Fed banks, Schmid will participate in the eight meetings the Fed holds each year to determine the path of short-term interest rates. Schmid is joining at a fraught time, as Fed officials are considering whether to lift their key interest rate for a 12th time in the past year and a half at their next meeting in September.