# Lorie Logan **Lorie K. Logan** has been President and CEO of the **Federal Reserve Bank of Dallas** since August 22, 2022, succeeding Robert Kaplan. Before that she spent more than two decades in the New York Fed's Markets Group, which runs the Fed's market operations. She is the FOMC's leading expert on the plumbing of monetary policy. ## The Desk years During the September 2019 repo spike, when overnight rates briefly topped 9%, Logan was acting head of the Markets Group, and she laid out the Desk's plan for keeping funding markets stable over year-end. From January 1, 2020 she was manager of the **System Open Market Account**, the portfolio through which all [[Open Market Operations]] are run. She ran it through the 2020 emergency facilities. Her later speeches on reserve scarcity, the [[Standing Repo Facility]] and the right stopping point for [[Quantitative Tightening]] framed the debate ahead of the Committee's October 2025 decision to end balance-sheet runoff on December 1, 2025 (a Committee decision; she was not a 2025 voter). **Reform proposal.** In late 2025 she proposed replacing the federal funds rate as the Fed's policy target with a repo-market benchmark, the tri-party general collateral rate. **Chair shortlist.** In August 2025 she was among the roughly 11 names Treasury Secretary [[Scott Bessent]] vetted to succeed Powell (Fox Business; MPA). Trump chose Kevin Warsh. ## The 2026 hawkish bloc Dallas, Cleveland and Minneapolis all hold rotating [[Federal Open Market Committee]] votes in 2026, and their three presidents have voted as a bloc: | Meeting | Decision | The three | |---|---|---| | Jan 28 | Hold at 3.50–3.75% (10–2; Miran and Waller wanted a cut) | with the majority | | Mar 18 | Hold (11–1) | with the majority | | **Apr 29** | Hold (8–4), [[Jerome Powell]]'s last meeting as chair | **dissented together** against the statement's easing bias | | Jun 17 | Hold (12–0), [[Kevin Warsh]]'s first meeting | with the majority | | **Jul 29** | Hold (9–3) | **dissented together**, preferring a quarter-point *increase* | | Sept 16 | **Raised to 3.75–4.00%** (12–0), the first hike since 2023 | with the majority | In September the Committee came around to their position. On December 12, 2025 the Board reappointed all three to five-year terms running to February 2031 (one source). See [[Interest Rate Policy Timeline]]. ## See Also - [[Federal Open Market Committee]] · [[Interest Rate Policy Timeline]] · [[Ample Reserves]] · [[Standing Repo Facility]] - [[Beth Hammack]] · [[Neel Kashkari]] · [[Kevin Warsh]] · [[Jerome Powell]] · [[Federal Reserve]]