The Federal Reserve Board announced it appointed a new secretary for the Federal Open Market Committee Wednesday.
Soon-to-be Secretary James Clouse [pictured below] will succeed the committee’s current secretary, Brian Madigan, effective November 26.
Clouse will be responsible for producing minutes and transcripts of FOMC meetings as well as continuing as deputy director of the board’s division of monetary affairs. He will continue to report to Division Director Thomas Laubach.
After serving as an officer in the U.S. Army, Clouse began his career at the Board in 1989. During a brief leave from December 2005 to November 2006, Clouse served as a deputy assistant secretary at the U.S. Department of the Treasury, where he oversaw Treasury debt financing. In 2007, Clouse was placed as deputy director of the monetary affairs division.
“I'm very pleased that Jim is undertaking additional duties as FOMC secretary,” Fed Chair Janet Yellen said. “Over the past three decades, Jim has developed deep expertise in central banking broadly, the Federal Reserve in particular, and most especially in monetary policy implementation.”
Madigan will continue on as a senior adviser before he retires in 2018. He was appointed as the FOMC secretary in June 2015 after returning to the Board staff from a five-year absence. Before that, Madigan had served on staff since 1979, holding roles such as director of the division of monetary affairs and FOMC Secretary from 20017 to 2010.
“I'm very grateful for Brian's service through a long and distinguished career and, most particularly, for his leadership during the challenging years of the financial crisis.” Yellen said.