First Vice President, COO and Fed System Treasury Director Kathy O’Neill to Retire

Kathy O’Neill

ST. LOUIS — The Federal Reserve Bank of St. Louis today announced First Vice President, Chief Operating Officer and Federal Reserve System Treasury Director Kathy O’Neill intends to retire effective Aug. 15, 2024. O’Neill’s retirement comes after a 36-year career of dedicated public service to the Bank, the Federal Reserve’s Eighth District and the Federal Reserve System.

“Kathy’s commitment to the St. Louis Fed and the Federal Reserve System has been remarkable,” St. Louis Fed President Alberto Musalem said. “Over her career, she provided strong leadership during significant change in the banking system, the payments industry and the Fed System. She also helped steer the Bank through executive leadership changes and the pandemic. As a highly collaborative colleague, she has been instrumental in the overall performance and culture of the Bank, and in strengthening the fiscal agency relationship between the Fed System and the U.S. Treasury.”

Musalem added, “Kathy has always focused on talent development and diversity, equity and inclusion, helping to mentor and advance the careers of many in the Bank and System. I am also grateful for her distinguished service as interim president of the Bank and for the support she has given to me so far. I am looking forward to continuing to work closely with her during the next several months.”

A search committee comprising President Musalem and St. Louis Fed Class B and Class C directors (those not affiliated with a financial institution) will conduct a selection process to replace O’Neill, subject to approval by the Board of Governors of the Federal Reserve System.

O’Neill has served as first vice president, COO and Treasury director since Jan. 1, 2021, and has responsibility for the St. Louis Fed’s day-to-day operations throughout the entire Eighth District. She chairs the Bank’s Management Committee and leads the Fed System’s overall fiscal agency relationship with the U.S. Treasury.

O’Neill assumed the duties of interim Bank president following the retirement of James Bullard in July 2023 until Musalem’s appointment in April 2024. She participated in six meetings of the Federal Open Market Committee (FOMC) during that time.

“Working at the St. Louis Fed has truly been an honor and a privilege. I am proud of what we do to foster an economy that works for all,” O’Neill said. “I am grateful to have had the opportunity to partner with many dedicated, diverse and distinguished individuals over the course of my career, and I hope to leave behind a legacy of excellence, empowerment, integrity and inclusion throughout the organization.”

A native of Chicago and a graduate of the University of Illinois, O’Neill joined the Federal Reserve Bank of Chicago in February 1988 as a product manager in the Financial Services department. She moved to the St. Louis Fed in August 1989 to take a similar product management role. During her Fed career, she has held a variety of positions of increasing responsibility in the Operations, Public Affairs, Financial Services and Business Development functions. She also performed numerous leadership roles in the Fed System during her tenure. In February 2001, she joined the newly established Treasury Relations and Support Office (TRSO) as vice president and helped establish and enhance the Fed System’s fiscal agency support functions for the U.S. Treasury. She was promoted to senior vice president in charge of the TRSO and Treasury Operations functions in 2009. She has worked closely with Fed System and Treasury leaders to guide this national fiscal agency support function for the last 23 years.

O’Neill is also a graduate of the Kellogg School of Business’ Executive Leadership Program at Northwestern University and serves on the Board of Trustees for Webster University and the Chair’s Council of Greater St. Louis, Inc.