After working at Goldman, Kaplan joined Harvard University where he was the senior associate dean of the business school, according to a Dallas Fed press release.
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He will replace Richard Fisher, who was president from April 2005 to March 2015.
As a local bank president, Kaplan is not just planned to effectively rotation inside balloting plug throughout the Fed’s financial insurance policy agency up to the point 2017.
Mr. Kaplan, a prominent voice and author on leadership issues, takes office in time to attend the Fed’s pivotal September policy meeting, which could see officials boost short-term interest rates for the first time since cutting them to near zero levels at the end of 2008. Mr. Harker had to recuse himself from the search oversight role when he became a candidate for the job.
The Dallas Fed Board said it had cast a wide net to find someone who “appreciates the impact decisions made by the Federal Reserve have on people from all walks of life”. “Rob is committed to improving the economy for all Americans”, said Dalls Fed board chair Renu Khator in a statement.
The policy-setting Federal Open Market Committee has 12 voting seats.
William Dudley, the president of the New York Fed, was previously the Wall Street bank’s chief economist. He also will oversee 1,200 employees at the Dallas Fed, which includes branches El Paso, Houston and San Antonio.
Mr. Kaplan holds a master’s degree in business administration from Harvard Business School. He was Vice Chairman of Goldman Sachs, responsible for the investment management division.
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He will step down from that post, along with other board memberships including chairman of the Investment Advisory Committee at Google Inc., when he takes over at the Dallas Fed.
