Jeffrey Schmid

Jeffrey Schmid
Jeffrey Schmid
Born	Template:Birth year and age or 1959
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 banker and central banking official who has served as the president and chief executive officer of the Federal Reserve Bank of Kansas City since August 21, 2023. Before assuming the leadership of one of the twelve regional Federal Reserve Banks, Schmid built a career spanning community banking, federal bank regulation, and banking education. He served as chairman and CEO of Mutual of Omaha Bank from its formation in 2007 through its sale in 2019, subsequently led Susser Bank in Dallas, and served as president and CEO of the Southwestern Graduate School of Banking Foundation at Southern Methodist University. Since taking office at the Kansas City Fed, Schmid has emerged as a notable voice on monetary policy, frequently articulating cautious positions on interest rate reductions and emphasizing the importance of returning inflation to the Federal Reserve's two percent target.

Early Life and Education

Jeffrey Schmid was born in approximately 1958 or 1959. Details regarding his family background and upbringing have not been extensively documented in public sources. Schmid attended the University of Nebraska–Lincoln, where he earned a Bachelor of Science degree. He also attended Southern Methodist University, where he was associated with the Southwestern Graduate School of Banking, an institution with which he would later have a significant professional relationship.

Career

Banking and Regulatory Career

Prior to entering the community banking sector, Schmid held positions within the Federal Deposit Insurance Corporation (FDIC), gaining experience in federal bank regulation and supervision. His tenure at the FDIC provided him with insight into the regulatory framework governing American financial institutions, experience that would inform his subsequent roles in both commercial banking and central banking.

Mutual of Omaha Bank

In 2007, Schmid became the chairman and chief executive officer of Mutual of Omaha Bank, a position he held until 2019. Schmid led the formation and growth of the institution from its inception. Under his leadership, the bank expanded significantly, growing to a workforce of nearly 2,000 employees. The bank operated as a subsidiary of Mutual of Omaha, one of the largest insurance and financial services companies in the United States.

In 2019, Mutual of Omaha Bank was sold to CIT Group, concluding Schmid's twelve-year tenure at the helm of the institution. The sale marked the end of a period during which Schmid had overseen the bank's development from a startup operation into a sizable community banking enterprise.

Susser Bank and SMU

Following the sale of Mutual of Omaha Bank, Schmid became the CEO of Susser Bank, a family-owned banking institution based in Dallas, Texas. He subsequently transitioned to the academic and professional development side of banking when, in 2021, he joined the Southwestern Graduate School of Banking Foundation at Southern Methodist University as its president and CEO. The Southwestern Graduate School of Banking is a prominent executive education program that has trained banking professionals for decades. Schmid's role there combined his extensive practical banking experience with the institution's educational mission.

Federal Reserve Bank of Kansas City

On August 2, 2023, the Federal Reserve Bank of Kansas City announced that Schmid had been selected as its new president and chief executive officer. He formally assumed office on August 21, 2023, succeeding Esther L. George, who had retired in January 2023 after more than a decade leading the bank. Kelly Dubbert had served as acting president in the interim period between George's departure and Schmid's arrival.

The selection of Schmid was made by the Kansas City Fed's board of directors, subject to the approval of the Board of Governors of the Federal Reserve System in Washington, D.C., as is standard practice for all regional Federal Reserve Bank presidents. The Kansas City Fed, which is one of the twelve regional Reserve Banks that make up the Federal Reserve System, is headquartered in Kansas City, Missouri, and serves the Tenth Federal Reserve District, which encompasses Colorado, Kansas, Nebraska, Oklahoma, Wyoming, the western third of Missouri, and the northern half of New Mexico.

As president of the Kansas City Fed, Schmid serves as a member of the Federal Open Market Committee (FOMC), the body responsible for setting U.S. monetary policy, including decisions on the federal funds rate. Under the Federal Reserve System's rotating voting schedule, regional Fed presidents (other than the president of the Federal Reserve Bank of New York, who holds a permanent vote) rotate onto the FOMC as voting members. Schmid participates in all FOMC meetings and deliberations regardless of his voting status in a given year.

Monetary Policy Positions

Since taking office, Schmid has become known for his monetary policy commentary, particularly his cautious stance regarding interest rate reductions. His public statements have generally reflected a preference for maintaining restrictive monetary policy until inflation is convincingly on a path back to the Federal Reserve's two percent target.

In August 2025, as financial markets widely anticipated a rate cut at the Federal Reserve's September meeting, Schmid expressed hesitation about such a move. In a CNBC interview on August 21, 2025, Schmid indicated doubt about lowering interest rates in September, noting that "very consequential" economic data was expected in the coming weeks that would inform his assessment. While he did not close the door to rate cuts entirely, he signaled wariness about acting prematurely given ongoing inflation pressures in the economy.

In November 2025, Schmid delivered remarks at the 2025 Energy Conference hosted by the Federal Reserve Banks, titled "Maintaining the Balance in Monetary Policy." The conference, themed "Energy and the Economy: The Geography of Energy Flows," provided a forum for Schmid to address the intersection of energy markets and broader economic conditions as they related to monetary policy decisions.

During the same period, Schmid stated that inflation remained "too hot" and that monetary policy was positioned appropriately, reinforcing his view that the Federal Reserve should not ease policy prematurely. His comments were part of a broader chorus of hawkish signals from Federal Reserve officials in November 2025, which led financial market participants to reduce their expectations for an interest rate cut at the December 2025 FOMC meeting.

In February 2026, Schmid continued to advocate for maintaining tight monetary policy. In a speech in Albuquerque, New Mexico, titled "Monetary Policy and the Economic Outlook," he addressed the economic conditions facing the nation and the implications for the Federal Reserve's policy path. In remarks reported by Reuters on February 11, 2026, Schmid argued that it was "too soon to expect productivity to fix still-elevated inflation," emphasizing that despite continued strong economic growth, the central bank needed to keep tight monetary policy in place.

As of late February 2026, Schmid reaffirmed his resistance to further interest rate cuts, arguing that additional easing by the Federal Reserve would pose risks to the economy. His position, as reported by The Wall Street Journal and other outlets, reflected a broader concern that premature rate reductions could reignite inflationary pressures or undermine the progress already achieved in bringing inflation down from its post-pandemic highs.

Schmid's monetary policy positions have placed him among the more hawkish voices on the FOMC during his tenure. His emphasis on maintaining the current policy stance until inflation data more conclusively indicates a sustained return toward the two percent target has been a consistent theme in his public communications since assuming the Kansas City Fed presidency.

The Kansas City Fed's Role

As leader of the Kansas City Fed, Schmid oversees one of the Federal Reserve System's twelve regional banks. The Kansas City Fed conducts economic research, supervises and regulates financial institutions within its district, and provides financial services to depository institutions and the U.S. government. The Tenth Federal Reserve District that the bank serves encompasses a geographically diverse region that includes significant agricultural, energy, and manufacturing sectors. The Kansas City Fed has historically been known for hosting the annual Jackson Hole Economic Symposium, one of the most prominent central banking conferences in the world.

Schmid's background in community banking—particularly his experience building and leading Mutual of Omaha Bank and serving at a family-owned institution like Susser Bank—has informed his perspective on the Federal Reserve's supervisory and regulatory functions. His experience at the FDIC adds an additional dimension of regulatory expertise to his role.

Personal Life

Limited information about Schmid's personal life has been made publicly available. He relocated to the Kansas City area upon assuming the presidency of the Federal Reserve Bank of Kansas City in August 2023. Prior to that appointment, his career had been based primarily in the Omaha, Nebraska, and Dallas, Texas, metropolitan areas, corresponding to his tenures at Mutual of Omaha Bank, Susser Bank, and the Southwestern Graduate School of Banking at SMU.