Jeffrey Schmid

Jeffrey Schmid
Jeffrey Schmid
Born	Template:Birth year and age or Template:Birth year and age
Nationality	American
Occupation	Central banker, banking executive
Known for	President and CEO of the Federal Reserve Bank of Kansas City
Education	University of Nebraska–Lincoln (BS) Southern Methodist University

Jeffrey R. Schmid (born 1958 or 1959) is an American central banker and former banking executive serving as the president and chief executive officer of the Federal Reserve Bank of Kansas City. He assumed office on August 21, 2023, succeeding Esther L. George, who retired in January of that year. Before entering the Federal Reserve System, Schmid built a career spanning several decades in commercial banking and financial regulation, including service at the Federal Deposit Insurance Corporation (FDIC), a tenure as chairman and CEO of Mutual of Omaha Bank, and leadership roles at Susser Bank and the Southwestern Graduate School of Banking Foundation at Southern Methodist University. Since taking office, Schmid has become a prominent voice in Federal Reserve monetary policy discussions, frequently articulating views on inflation, interest rates, and economic growth in public speeches and media appearances.

Early Life and Education

Jeffrey R. Schmid was born in 1958 or 1959. Details about his upbringing and family background have not been extensively documented in public sources. He attended the University of Nebraska–Lincoln, where he earned a Bachelor of Science degree. He also studied at Southern Methodist University, where he maintained a long association that would later include a professional role at the university's Southwestern Graduate School of Banking Foundation.

Career

Early Career and FDIC

Before entering the private banking sector, Schmid held positions within the Federal Deposit Insurance Corporation (FDIC), the U.S. government agency responsible for insuring deposits and supervising financial institutions for safety and soundness. The specific roles he held and the duration of his service at the FDIC have not been detailed in publicly available sources, though his regulatory experience provided a foundation in bank supervision and financial stability that would inform his subsequent career in banking leadership.

Mutual of Omaha Bank

From 2007 to 2019, Schmid served as the chairman and chief executive officer of Mutual of Omaha Bank. He led the formation of the institution, building it from its inception into a financial enterprise with a workforce of nearly 2,000 employees. The bank operated as part of the broader Mutual of Omaha family of companies, one of the largest insurance and financial services organizations in the United States. Under Schmid's leadership over a twelve-year period, the bank grew significantly in scale and operations.

In 2019, Mutual of Omaha Bank was sold to CIT Group, a financial holding company. The transaction marked the end of Schmid's tenure at the institution he had helped establish and grow.

Susser Bank

Following the sale of Mutual of Omaha Bank to CIT Group in 2019, Schmid became the CEO of Susser Bank, a family-owned banking institution based in Dallas, Texas. His tenure at Susser Bank represented a transition from leading a large-scale banking operation to managing a privately held community bank.

Southwestern Graduate School of Banking Foundation

In 2021, Schmid joined the Southwestern Graduate School of Banking Foundation at Southern Methodist University as its president and CEO. The Southwestern Graduate School of Banking is one of the oldest and most established banking education programs in the United States, offering executive education and professional development for banking industry leaders. Schmid's appointment placed him at the intersection of banking practice and education, drawing on his extensive experience in commercial banking and financial regulation.

Federal Reserve Bank of Kansas City

Appointment

On August 2, 2023, the Federal Reserve Bank of Kansas City announced that Schmid had been selected as the bank's new president and CEO. He formally assumed office on August 21, 2023, succeeding Esther L. George, who had served as president from 2011 until her retirement in January 2023. During the interim period between George's retirement and Schmid's appointment, Kelly Dubbert served as acting president of the bank.

The Kansas City Fed is one of twelve regional Reserve Banks in the Federal Reserve System and serves the Tenth Federal Reserve District, which encompasses Colorado, Kansas, Nebraska, Oklahoma, Wyoming, the northern half of New Mexico, and the western third of Missouri. As president, Schmid participates in the Federal Open Market Committee (FOMC), the body responsible for setting U.S. monetary policy, on a rotating basis with other regional bank presidents.

Schmid's selection was notable for his deep background in commercial banking and regulatory oversight, distinguishing him from predecessors who had risen primarily through the Federal Reserve System or academic economics. His experience in building and managing banking institutions, combined with his regulatory background at the FDIC, brought a practitioner's perspective to the role.

Monetary Policy Views

Since assuming the presidency of the Kansas City Fed, Schmid has emerged as a vocal participant in national monetary policy debates, frequently delivering public speeches and engaging with media on topics related to inflation, interest rates, and the broader economic outlook.

2025 Policy Positions

In August 2025, as financial markets and many economists anticipated a rate cut by the Federal Reserve at its September meeting, Schmid expressed hesitation about lowering interest rates. In an interview with CNBC on August 21, 2025, he indicated doubt about reducing rates in September, noting that there was "very consequential" economic data still to be released in the coming weeks that could influence the decision. While he did not rule out the possibility of a rate cut, his comments signaled a more cautious approach relative to market expectations at the time.

In November 2025, Schmid delivered remarks at the 2025 Energy Conference hosted by the Federal Reserve Banks, titled "Maintaining the Balance in Monetary Policy." In the speech, he addressed the theme of "Energy and the Economy: The Geography of Energy Flows," connecting energy market dynamics to broader monetary policy considerations. Around the same time, Reuters reported that Schmid stated inflation remained "too hot" and that monetary policy was positioned appropriately, contributing to a broader pattern of hawkish commentary from Federal Reserve officials that led traders to bet against a December 2025 rate cut.

2026 Policy Positions

In February 2026, Schmid delivered a speech in Albuquerque, New Mexico, titled "Monetary Policy and the Economic Outlook," in which he discussed the state of the U.S. economy and the Federal Reserve's policy trajectory.

On February 11, 2026, Reuters reported that Schmid argued it was "too soon to expect productivity to fix still-elevated inflation," asserting that the U.S. central bank needed to maintain tight monetary policy amid continued strong economic growth. His remarks pushed back against the notion that gains in economic productivity would be sufficient to bring inflation down to the Federal Reserve's target without maintaining restrictive interest rate policy.

By late February 2026, Schmid continued to reaffirm his resistance to further interest-rate reductions. Reporting by The Wall Street Journal and other outlets characterized his position as arguing that further Federal Reserve easing would pose risks to the economy, particularly in terms of reigniting inflationary pressures.

Taken together, Schmid's public statements since assuming office have consistently emphasized caution regarding monetary easing, a focus on inflation containment, and skepticism about premature rate cuts. His positions have placed him among the more hawkish voices within the Federal Reserve System during this period, frequently cited alongside other regional bank presidents advocating for maintaining or tightening monetary policy in the face of persistent inflation.

Kansas City Fed Leadership

As president and CEO of the Kansas City Fed, Schmid oversees the operations of the regional bank and its branches. The Kansas City Fed plays a significant role in the Federal Reserve System, with particular expertise in areas such as agricultural economics, energy markets, and community banking — reflecting the economic composition of the Tenth Federal Reserve District. The bank also hosts the annual Jackson Hole Economic Symposium, one of the most prominent central banking conferences in the world, organized by the Kansas City Fed since 1978.

Schmid's background in commercial banking and bank regulation has informed his approach to the role. His career trajectory — spanning the FDIC, community and regional banking, and banking education — provided him with a range of perspectives on the financial system that differs from the academic or central banking backgrounds more typical of Federal Reserve Bank presidents.

Personal Life

Limited information about Schmid's personal life is available in public sources. He has maintained a career centered in the Midwest and Southern United States, with professional ties to Omaha, Nebraska; Dallas, Texas; and Kansas City, Missouri. His long association with Southern Methodist University, both through education and professional service at the Southwestern Graduate School of Banking Foundation, represents a significant connection to the Dallas area.

Recognition

Schmid's appointment as president of the Federal Reserve Bank of Kansas City in 2023 was covered by major news organizations, including Axios, Reuters, and regional media outlets. The Brookings Institution has included him in its analyses of Federal Reserve leadership and governance.

Since taking office, Schmid has become a frequently cited figure in financial media coverage of U.S. monetary policy. His speeches and public remarks have been reported on by outlets including Reuters, CNBC, The Wall Street Journal, and Yahoo Finance, reflecting his role as an influential participant in national economic policy discussions. His November 2025 remarks on inflation and his February 2026 statements on productivity and monetary policy received particular attention from financial markets and economic analysts.