Recognizing Esther George's Retirement From the Federal Reserve Bank of Kansas City

Floor Speech

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Mr. CLEAVER. Mr. Speaker, it is with a profound sense of gratitude that I rise today to celebrate the decades-long career of Esther George, who has served as the President and CEO of the Federal Reserve Bank of Kansas City since October 2011. Having made the Federal Reserve Bank her professional home since 1982, Esther has dedicated 40 years to helping ensure the financial well-being of the United States. With her retirement nearing, let us take a moment to reflect on Esther's illustrious career and her efforts to steer our country's economy through periods of historic uncertainty.

Born on January 15, 1958, in Faucett, Missouri--a rural farming community in the northwestern part of the state--Esther remembers getting paid 25 cents an hour while working on her family's plot of land. After learning about an opportunity for high school students to study abroad in France, Esther secured a loan from a bank in St. Joseph, Missouri to cover the costs of the foreign exchange program. Representing her first meaningful visit to a local bank, this experience sparked Esther's lifelong interest in banking, and she soon began working at the institution while still in high school. While earning her degree in Business Administration from Missouri Western State University, Esther continued to work at the bank that had helped facilitate her trip to France, thereby expanding her knowledge of community banking while gaining an even deeper appreciation for the ways in which well-run banks can empower everyday people. Making use of another bank loan, Esther returned to Europe during her college years to study the finer points of international banking.

Made aware of job openings at the Federal Reserve Bank of Kansas City through a newspaper ad, Esther joined the Bank on April 5, 1982, as a bank examiner trainee. At the time of her hiring, the banking industry was going through a period of relative stability. This smooth sailing, however, gave way to rough and stormy seas when the failure of a bank in Oklahoma City initiated a financial crisis whose waves of volatility crashed most violently against the Federal Reserve's 10th District, where Esther had begun working just 3 months earlier. This baptism by fire made clear the importance of the Federal Reserve's role in safeguarding America's financial system, and Esther quickly began rising up the ranks. Promoted 3 times by 1984, the young banker worked tirelessly to lessen the impacts of this financial storm.

Esther went on to earn an MBA from the University of Missouri-Kansas City in addition to graduating from the American Bankers Association Stonier Graduate School of Banking and the Stanford Graduate School of Business. Esther held leading positions within the Bank's research, public affairs, and human resources departments before taking the reins of the Bank's Division of Supervision and Risk Management in August 2001, making her the chief regulator of the Federal Reserve's 10th District. In this role, Esther oversaw the regulation of the District's 200 state-chartered member banks along with 1000 bank and financial holding companies. Following the terrorist attacks on September 11, 2001, Esther's responsibilities took on even greater significance as our country's financial system was made to appear vulnerable. Once again, Esther rose to the occasion and did her part in minimizing the harm inflicted to America's economy.

In 2009, Esther became the Bank's Chief Operating Officer and assumed additional duties as the Director of the Federal Reserve's Division of Banking Supervision and Regulation at the Board of Governors in Washington, D.C. With the United States in the grips of the Great Recession, Esther answered the call to offer her wisdom and expertise to a weary nation. And in 2011, Esther was appointed President of the Federal Reserve Bank of Kansas City. In this position, Esther has overseen the 10th District of the Federal Reserve, which includes western Missouri, Kansas, Nebraska, Oklahoma, Colorado, Wyoming, and northern New Mexico. Leading a team of over 2000 employees at the Bank's Kansas City office and Branch offices in Denver, Oklahoma City, and Omaha, Esther has helped shape our country's monetary policy, supervised financial institutions, and provided payment and financial services to depository institutions and the U.S. Treasury. Notably, the 10th District's workforce has more than doubled since Esther took command in 2011--a testament to her vision and leadership capabilities. Moreover, as a voting member of the Federal Open Market Committee, Esther has consistently stood out as an independent voice of reason during monetary policy deliberations.

Esther has participated in the Bank for International Settlements' Financial Stability Institute programs in countries all around the world, and as the host of the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Symposium, Esther has used her influence to ensure that women are afforded equal opportunities to offer their insights on pressing economic matters.

Mr. Speaker, please join me in applauding Esther George in recognition of 40 years of public service at the Federal Reserve Bank of Kansas City. On behalf of the 118th Congress, I wish Esther a joyous retirement.

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