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Thomas Barkin
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Thomas I. Barkin (born 1961) is an American central banker, currently serving as the 8th president and CEO of the Federal Reserve Bank of Richmond since January 2018,[1] and member of the Federal Open Market Committee.

Key Information

Early life and education

[edit]

Barkin was born and raised in Tampa, Florida.[1]

Graduated from Harvard University, Barkin received a Bachelor of Arts degree (with a major in economics) in 1983 and a JD/MBA joint degree in 1987.[2][3]

Career

[edit]

Barkin worked for global management consulting firm McKinsey for 30 years. From 2009 to 2015, Barkin served as the firm's chief financial officer.[4]

Most recently, Barkin was a senior partner in McKinsey's Atlanta office, where his primary client focus was helping financial institutions and travel and transportation companies. From 2015 to 2017, he served as the McKinsey's chief risk officer.[5]

Board membership

[edit]

While in Atlanta, he served on the executive committee of the Metro Atlanta Chamber of Commerce. He is a member of the Emory University Board of Trustees.[6] He also was a member of the executive board of the United States Golf Association, and in 2017 on the board's Audit, Finance and Handicap Committees.[7]

Barkin served on the board of directors for the Federal Reserve Bank of Atlanta from 2009 to 2014, and was the board’s chairman from 2013 to 2014.[1]

Personal life

[edit]

Barkin and his wife, Robyn Rieser Barkin, have two children.[6]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Thomas Barkin

View on Grokipedia
from Grokipedia
Thomas I. Barkin is an American central banker who has served as the eighth president and chief executive officer of the since January 2, 2018. A native of , Barkin holds bachelor's, MBA, and law degrees from . Prior to his appointment, he spent over three decades at , advancing to senior partner, chief financial officer, and chief risk officer, while leading the firm's southern U.S. offices and advising clients across industries. He previously served on the board of the from 2009 to 2014, including as chairman in 2013–2014. In his current role, Barkin oversees the Richmond Fed's contributions to , bank supervision, payment services, and the Federal Reserve System's information technology infrastructure, while participating as a rotating voting member on the to help set U.S. interest rates and broader . Barkin emphasizes direct engagement with businesses and communities in the Fifth Federal Reserve District—encompassing , , , , , and —to gather empirical insights informing national economic assessments.

Early Life and Education

Family Background and Upbringing

Thomas Barkin was born in 1961 and raised in . He is the son of Marvin E. Barkin, a Tampa resident and attorney, and Trudy Barkin; Marvin, who was born on November 9, 1933, in , to parents Isadore Barkin and Jean Epstein Barkin, died on February 7, 2018, at age 84. Barkin has two siblings: brother Michael Barkin and sister Pamela Vargo. The family's obituary appeared in the Jewish Press of Tampa, indicating ties to Tampa's Jewish community, though specific details on religious observance or cultural influences during Barkin's upbringing remain undocumented in public sources. No extensive records detail his childhood environment, family dynamics, or early formative experiences beyond his Tampa origins, with biographical accounts primarily emphasizing his transition to higher education at .

Academic Achievements

Thomas I. Barkin earned a bachelor's degree in from . He subsequently obtained a joint and from and , respectively. These degrees equipped him with interdisciplinary expertise in , , and economic analysis, foundational to his subsequent career in consulting and financial leadership. No public records indicate additional academic honors, fellowships, or publications from his university tenure.

Pre-Federal Reserve Career

Entry into Consulting

After obtaining a joint JD/MBA degree from in 1987, Thomas Barkin entered the management consulting industry by joining , where he began his professional career as a . This transition followed his undergraduate studies in at Harvard, completed in 1983, positioning him for a role leveraging his combined legal, business, and economic expertise in strategic advisory services. Barkin started in McKinsey's Atlanta office, focusing initially on client engagements that built his foundation in operational and financial consulting, though specific early projects remain undocumented in . His entry coincided with a period of expansion for the firm, which emphasized problem-solving frameworks and data-driven recommendations for corporate clients, aligning with Barkin's academic preparation for analytically rigorous work. Over the subsequent 30 years at McKinsey, this initial foray evolved into senior leadership, but his 1987 onboarding represented a direct pivot from graduate studies to private-sector consulting without prior legal practice or other professional interludes.

Leadership Roles at McKinsey & Company

Barkin joined in 1987 and spent three decades there, advancing to the position of senior partner. In 1999, he began leading the firm's office, which expanded into oversight of McKinsey's operations across the , a role he held for approximately 10 years. During this period, he managed regional offices, led multiple functional areas, and advised a broad range of clients on strategic matters. In addition to his regional responsibilities, Barkin served in firm-wide executive capacities, including as , where he handled McKinsey's financial operations. He later assumed the role of from 2015 to 2017, focusing on enterprise-wide processes amid growing scrutiny of the firm's advisory practices. These positions underscored his influence on McKinsey's governance and operational resilience during a time of internal and external challenges.

Expertise in Retail and Apparel Sectors

Barkin's career at spanned 30 years, during which he advanced to senior partner in the office, advising clients primarily in financial institutions and and transportation sectors. In these roles, he focused on strategic counsel involving , , and market positioning, contributing to the firm's engagements with businesses facing competitive pressures and complexities common in consumer-oriented industries. Public records do not detail specific projects in retail or apparel, but his oversight of McKinsey's southern U.S. offices exposed him to regional economic dynamics influencing patterns in those areas. From 2006 to 2012, as global , Barkin managed budgeting and resource allocation across diverse practices, including those supporting client transformations in high-volume, trend-sensitive markets. His subsequent tenure as from 2012 to 2015 further honed skills in assessing vulnerabilities to economic shifts, such as demand fluctuations and inventory management, relevant to retail operations.

Appointment to the Federal Reserve

Selection Amid Prior Leadership Scandal

Jeffrey Lacker, the previous president of the , resigned abruptly on April 4, 2017, following an investigation into his disclosure of confidential supervisory information during a 2012 telephone conversation with a at Financial Group. Lacker admitted that the discussion likely contributed to the unauthorized release of details from a closed briefing on potential foreign exchange interventions, prompting a criminal probe by the Department of Justice and internal reviews. Although Lacker had announced plans to retire later in 2017, the scandal accelerated his departure, leaving the bank under interim leadership by First Vice President and creating urgency for a permanent successor amid concerns over and at the institution. The Richmond Fed's , comprising nine members with three appointed by the bank's member banks and six by the Board of Governors, initiated a search for a new president prior to Lacker's but intensified efforts post-scandal to restore and operational stability. chair Margaret Lewis, a director on the board, led the process, emphasizing candidates with strong in complex organizations and economic insight, rather than solely internal Fed experience, to bring fresh perspectives amid the recent breach of trust. The selection adhered to protocols, requiring approval from the eligible directors (non-Class B and C directors to avoid conflicts) and subsequent ratification by the in Washington. On December 4, 2017, the Richmond Fed announced Thomas Barkin, a 56-year-old senior partner at McKinsey & Company with expertise in retail, risk management, and finance, as the new president and CEO, effective January 1, 2018. Barkin's appointment was positioned as a deliberate choice for an outsider to address lingering reputational damage from Lacker's tenure, with Fed officials highlighting his 30-year track record at McKinsey—including roles as chief financial officer and chief risk officer—as evidence of his ability to manage high-stakes operations and uphold ethical standards. No direct evidence emerged linking the scandal to alterations in the selection criteria, but the timing—eight months after Lacker's exit—underscored a priority on swift stabilization, with Barkin committing to focus on the Fifth District's economic conditions, including manufacturing and agriculture in Maryland, North Carolina, South Carolina, Virginia, and West Virginia. The decision drew some external critique for lacking diversity, as Barkin represented continuity in demographic terms from Lacker, though such concerns were secondary to qualifications in official statements.

Transition to Richmond Fed Presidency

Thomas I. Barkin was named the eighth president and chief executive officer of the on December 4, 2017, following selection by the bank's Class B and C directors and approval by the . This appointment concluded a search process that had prioritized candidates with strong private-sector leadership experience over traditional central banking backgrounds. Barkin, then a 56-year-old senior partner at with over three decades in , departed the firm to assume the role, marking his entry into public-sector responsibilities. His transition emphasized operational and strategic expertise gained from advising companies, particularly in retail and , rather than prior regulatory or roles. The handover occurred with minimal delay, as Barkin officially took office on , 2018, succeeding interim leadership that had managed the bank since the prior president's abrupt resignation in April 2017. In his initial weeks, Barkin integrated into the as a voting member on , focusing on the Fifth District's economic conditions in , , , , , and .

Tenure as President of the Federal Reserve Bank of Richmond

Operational Leadership and District Focus

As president and chief executive officer of the since January 1, 2018, Thomas Barkin oversees all facets of the institution's operations, encompassing the implementation of , supervision of financial institutions, management of payment systems, and programs within the Fifth Federal Reserve District, which comprises the District of Columbia, Maryland, , , , and most of . Under his leadership, the bank maintains strategic and operational support through a management committee led by First Vice President Becky Bareford, focusing on efficient execution of these responsibilities amid varying economic conditions. Barkin's operational approach emphasizes hands-on engagement over desk-bound analysis, prioritizing direct interaction with district stakeholders to inform decision-making and operational priorities. He has implemented initiatives such as "Community Conversations," launched shortly after his appointment, to systematically visit and gather insights from businesses, policymakers, and residents across the district's urban, rural, and underserved areas, enabling the bank to tailor its research, supervision, and development efforts to local economic dynamics. In focusing on the Fifth District's diverse economy—characterized by manufacturing hubs in the , financial services in , agriculture in rural , and port activities in —Barkin has directed resources toward addressing regional challenges, including workforce training for projects and growth barriers in small towns. For instance, he participated in a May 14, 2024, roundtable with the Investment Council to discuss investment strategies for equitable , underscoring operational commitments to data-driven community reinvestment and supervision of district banks serving varied populations. This district-centric strategy has informed the bank's economic research, such as analyses of rural prosperity hurdles, while ensuring operational resilience, as evidenced by Barkin's public emphasis on learning from on-the-ground experiences to refine policy execution and risk assessments.

Participation in Federal Open Market Committee

As President of the , Thomas Barkin participates in all eight scheduled annual meetings of the (FOMC), the principal monetary policymaking body of the System, where he contributes to deliberations on interest rates, economic projections, and policy implementation. All 12 Reserve Bank presidents attend these meetings to provide regional economic insights, though voting privileges rotate among them, with the New York Fed president holding a permanent vote and four others selected annually from predefined groups to ensure balanced representation. Barkin's Richmond presidency falls within of the rotation (alongside and ), granting voting rights in years such as 2021 and 2024, but not in 2025. During his voting years, Barkin has consistently supported consensus actions, including rate maintenance and adjustments amid inflation concerns. For instance, at the January 30–31, 2024, meeting, he voted alongside the committee to keep the federal funds rate target range at 5-1/4 to 5-1/2 percent, citing balanced risks to employment and price stability. In non-voting years like 2025, Barkin remains active in discussions and economic assessments but defers final decisions to the designated voters, as evidenced by his post-meeting comments on limited dual-mandate risks without influencing the tally. This rotational structure, established under the Federal Reserve Act, prevents any single regional perspective from dominating while ensuring Barkin's Fifth District observations—spanning Maryland, Virginia, North Carolina, South Carolina, and most of West Virginia, plus Washington, D.C.—inform the committee's data-driven process.

Monetary Policy Positions and Voting Record

Thomas Barkin has consistently emphasized a data-dependent approach to , prioritizing the Federal Reserve's of and maximum while expressing caution regarding persistent risks. In his public statements, Barkin has advocated for policy actions informed by real-time economic indicators rather than preconceived paths, drawing on his background to stress the importance of on-the-ground feedback. During the high-inflation period of 2022, Barkin supported aggressive increases to restore . In June 2022, he endorsed a 50 or 75 hike at the FOMC meeting, aligning with the committee's efforts to combat exceeding the 2% target. By August 2022, he stated that rates needed to reach a "restrictive" level to address inflationary pressures, reflecting his view that must actively counter demand-driven price increases. In November 2022, while favoring a slower pace of hikes to assess economic responses, Barkin projected a potentially higher terminal rate than previously anticipated, citing the need for sustained restriction to anchor expectations. As a voting member during Richmond's years, including 2022, he supported the FOMC's consensus decisions for multiple 75 increases that year. In 2023, Barkin backed the FOMC's decision to pause rate hikes in , arguing that further tightening's necessity depended on incoming data, though he noted unresolved risks required vigilance. His voting record showed no recorded dissents, consistent with alignment to the committee's actions during the hiking cycle and subsequent holds. As moderated in , Barkin voted for rate cuts during Richmond's voting rotation, including the 50 reduction in —supported by 11 members against one for a smaller cut—and subsequent 25 decreases in November and December. He cautioned, however, against rushing further easing, emphasizing that policy should remain restrictive until sustainably approached 2%. In 2025, as a non-voting participant, Barkin has reiterated preferences for prolonged restrictiveness, warning in February that rates might need to rise if headwinds reemerged and in June dismissing urgency for cuts amid tariff-related risks. By September, he viewed risks to both and as limited, supporting gradual adjustments toward neutrality without committing to a specific path. This stance underscores his risk-management framework, balancing downside risks against upside pressures.

Economic Views and Public Statements

Perspectives on Inflation and Fiscal Policy

Barkin attributes much of the post-2020 inflation surge to a combination of supply disruptions from , labor shortages, and geopolitical events like the war, alongside robust demand fueled by approximately $6 trillion in U.S. and excess household savings exceeding $1.5 trillion. He notes that monetary policy accommodation, including a 40% expansion of the money supply, delayed the recognition of persistent , leading to peak core PCE inflation of around 5.5% in 2022. By mid-2022, as indicators began easing—the New York Fed's global pressure index reached its lowest since January 2021—Barkin emphasized the Federal Reserve's commitment to sustained rate hikes, which totaled 525 basis points from 2022 to 2023, to restore . In early 2025 assessments, Barkin acknowledged significant disinflationary progress, with headline PCE falling to 2.6% and core PCE to 2.8% by December 2024, driven by healed supply chains, rising , and adaptations such as trading down to lower-priced . However, he highlighted ongoing public frustration with cumulative price increases of about 18% over four years, despite nominal wage growth of 19%, underscoring 's uneven impact and the challenge of returning to the 2% target amid lingering services and geopolitical risks. By September 2025, with at 2.7% (headline) and 2.9% (core), Barkin described risks as balanced but limited, citing business reluctance to pass through cost increases visibly—such as from tariffs—and pushback against price hikes as mitigating factors, alongside gains. Regarding fiscal policy's interplay with , Barkin has pointed to its role in amplifying demand during the recovery, contributing to the initial inflationary surge through direct stimulus and infrastructure spending. In March 2025, he analyzed potential future effects, noting that proposed tax cuts could stimulate growth while exerting upward pressure on prices, whereas spending reductions might dampen both; , by contrast, could enhance productivity and ease inflationary tendencies. He expressed caution about policy-induced "fog," including tariffs averaging over 15% under current proposals—far exceeding the 2.5% baseline—which could elevate input costs more than the modest 0.3% passthrough observed in , though offset potentially by energy policy expansions or + supply decisions. Barkin advocates a data-dependent monetary stance, maintaining modestly restrictive rates (e.g., federal funds at 4% post-2025 cuts) to counter fiscal uncertainties without preemptively overreacting, emphasizing the Fed's independence in pursuing the of and maximum employment.

Assessments of Economic Forecasts and Risks

In early 2025, Thomas Barkin assessed the U.S. economy positively, estimating 2024 GDP growth at 2.7 percent, at 4.2 percent near its rate, and headline PCE at 2.4 percent approaching the Federal Reserve's 2 percent target, though he identified risks tilted toward higher from potential wage and cost pressures amid policy uncertainties such as tariffs, restrictions, and regulatory changes. By March 2025, Barkin highlighted a "dense " of uncertainty from rapid shifts, leading businesses to pause hiring and , consumers to exhibit caution, and to weaken, with at 2.6 percent PCE and at 4.1 percent; he warned this could prolong elevated while the (FOMC) maintained a moderately restrictive stance. In June 2025, amid solid economic indicators including 135,000 average monthly job growth and stable 4.2 percent , Barkin noted balanced risks: downside employment pressures from business hesitation and a reduced labor supply (potentially 2 million fewer workers due to lower ), countered by risks from tariffs (effective rates rising above 15 percent) and possible oil price volatility, advocating FOMC patience in holding the steady. Barkin reiterated in August 2025 that his baseline forecast anticipated modest economic movements implying corresponding adjustments in interest rates, rather than aggressive cuts, given resilient and absence of recessionary signals despite prior predictions. By 2025, with at 4.3 percent, subdued job growth averaging 29,000 monthly, and at 2.7 percent (core at 2.9 percent), Barkin described limited risks to both and , attributing labor market balance to shrinking supply (e.g., 1.3 million annual retirements and fewer immigrants) and containment via gains and consumer resistance to price hikes, despite upward pressures from tariffs and costs like ; he supported a 25 FOMC rate cut to 4 percent to address tensions.

Comments on Trade Policies and External Factors

Thomas Barkin has cautioned that recent tariff increases, raising average rates from approximately 2.5% to over 15%, are likely to exert upward pressure on inflation in the coming months. In a June 26, 2025, speech, he noted that while effects on measured inflation have been modest to date, businesses report intending to pass input cost increases onto consumers, either directly or via price hikes on non-tariffed goods, with greater impacts anticipated starting in July or August 2025 following April and May implementations. Barkin emphasized that the inflationary effect would likely be less severe than during the pandemic era, potentially moderated by consumers shifting away from tariffed goods. He has observed that tariff passthrough to consumers is common but not universal, as not all firms can successfully raise prices amid limited consumer tolerance after years of elevated inflation. In May 2025 remarks, Barkin highlighted that businesses previously halted orders from high-tariff sources like China during prior trade escalations, suggesting adaptive supply chain shifts, though renewed tariffs could still lead to higher costs, reduced hiring, and slower growth if price resistance emerges. By September 2025, he reiterated that tariffs continue to elevate input costs, with delayed effects due to shipping transit times, pre-built inventories, and fixed contracts, contributing to an inflation outlook above the Federal Reserve's 2% target at 2.7% overall and 2.9% core. Regarding broader external factors, Barkin has identified geopolitical tensions, such as those in the , as potential triggers for oil price spikes that could amplify inflationary risks. He has also noted disruptions from trade policies as a persistent headwind, echoing earlier 2019 comments on global demand slowdowns and uncertainty dampening policy effectiveness and business investment. Barkin maintains that the U.S. economy's underlying strength provides leeway to monitor these developments without immediate policy shifts.

Controversies and Criticisms

Ethics Issues and Trading Disclosures

In 2021, amid heightened scrutiny of officials' personal investments following revelations of active trading by and Fed presidents, Thomas Barkin's financial disclosures revealed holdings of $1.35 million to $3 million in individual corporate bonds acquired before 2020, along with over $1 million in state and municipal bonds, but no significant purchase or sale transactions during 2020. These pre-existing assets drew attention from media and congressional inquiries into potential conflicts, though Barkin maintained compliance with contemporaneous ethics guidelines prohibiting trades based on nonpublic information. Following the adoption of stricter ethics rules in early 2022—which banned ownership of individual stocks, bonds, and certain other securities for presidents and senior staff—Barkin divested Georgia state bonds and permitted his individual holdings to mature without reinvestment by the end of 2022, with remaining municipal bonds scheduled for sale or maturity by May 2023. In June 2022, the Fed granted Barkin a for family grantor trusts holding some prohibited company shares; he serves as but does not own, manage assets in, or derive personal benefit from these trusts, which primarily facilitate distributions to beneficiaries. Barkin's annual disclosures, filed publicly via the Richmond Fed's website in compliance with the , have since reflected diversified holdings such as mutual funds, ETFs, and retirement accounts, with transactions limited to reinvestments and no reported conflicts as of his 2024 filing reviewed on May 13, 2025. Separate ethics concerns emerged in September 2021 from the Revolving Door Project, a public , which questioned Barkin's prior executive roles at —including six years as chief financial officer and three as chief risk officer—given the firm's consulting for opioid manufacturer on sales strategies amid the U.S. crisis. No evidence has surfaced linking Barkin directly to McKinsey's opioid-related engagements, and the critique focused on potential reputational risks rather than specific actions by him. The Federal Reserve's review of broader trading practices in 2021 included regional presidents but identified no violations attributable to Barkin.

Policy Stance Debates and Economic Outcomes

Barkin's alignment with the 's early characterization of post-pandemic as primarily transitory has drawn scrutiny from economists and market observers, who argue it contributed to a delayed monetary tightening that exacerbated price pressures and subsequent economic adjustment costs. In June 2021, Barkin described elevated market-based expectations as indicative of transitory dynamics tied to recovery, echoing the broader FOMC consensus that supply disruptions would abate without entrenching higher prices. Critics, including monetarist analysts, contend this underestimation overlooked persistent demand-side factors fueled by fiscal stimulus and loose policy, allowing core PCE inflation to surge from 1.4% in December 2020 to 5.8% by May 2022, necessitating sharper rate hikes that reached 525 basis points by mid-2023. supports partial validity in the critique: while supply shocks accounted for roughly 40% of the 2021-2022 variance per studies, delayed recognition of wage-price spirals amplified the peak, correlating with a 20% cumulative loss in real household income before stabilization. Proponents of Barkin's stance counter that the transitory framework aligned with uncertainties, such as global metrics showing bottlenecks peaking in late 2021, and that premature tightening risked derailing gains, with the rate holding below 4% through 2022. Outcomes under his tenure reflect this balancing act: U.S. GDP growth averaged 2.5% annually from 2022-2024 despite restrictive policy, averting a forecasted by 60% of economists in mid-2022, though regional Fifth manufacturing indices declined 15% from peaks, highlighting uneven sectoral impacts. Barkin later advocated sustained hikes into 2023, dissenting implicitly from doves by emphasizing data-dependent persistence risks, which facilitated inflation's retreat to 2.6% core PCE by late 2024 without exceeding the natural rate estimated at 4.2%. Another focal debate concerns expansionary policy's distributional effects, with critics attributing widened gaps to asset price surges under near-zero rates, as indices rose 50% from 2020-2021 while growth lagged for lower quintiles. Barkin has acknowledged these concerns, noting indicating low rates' inflationary pass-through disproportionately burdens low-income households via essentials pricing, yet defended the approach by linking it to closing racial gaps from 6.7 percentage points in January 2020 to 3.9 by mid-2023. from models attributes 25-30% of inequality widening to policy-driven asset returns, though employment multipliers offset this for non-asset holders, yielding net positive effects in aggregate outcomes like a 12% rate drop from 2020-2023. These trade-offs underscore ongoing contention over whether Barkin's pragmatic, outcomes-focused voting—consistent with majority FOMC actions on 525 hikes—prioritized stability over mitigating inequality, amid evidence of persistent Fifth District disparities in credit access post-recovery.

Other Roles and Affiliations

Board Memberships and Advisory Positions

Prior to his appointment as president of the in January 2018, Thomas Barkin served on the board of directors of the from 2009 to 2014, including as chairman from 2013 to 2014. Barkin holds several current board and advisory roles outside his responsibilities. He has been a on the Board of Trustees since January 2015. He serves as a board member of the for a Greater Richmond, a , since January 2021. Additionally, he is a member of the executive committee of the Richmond Management Round Table, a business organization, since June 2018, and an honorary advisory member of the Greater Washington Partnership, another business organization, since June 2018. In the realm of sports governance, Barkin was a member of the (USGA) Executive Committee from 2017 to 2023. During his tenure, he chaired the Committee in 2022 and served on the Compensation & Leadership Development, Governance, and Nominating Committees. Within the System, Barkin serves on the Payments System Policy Advisory Committee, which advises the Board of Governors on payments system policies and includes presidents from select Reserve Banks.

Involvement in Educational and Civic Organizations

Thomas Barkin serves as a member of the Board of Trustees, contributing to the oversight of one of the leading private research universities in the . His tenure on this board aligns with his professional background, having earned his bachelor's, master's, and law degrees from prior to his career in consulting and central banking. Barkin is also a board member of the Community Foundation for a Greater Richmond, a focused on philanthropic initiatives and in the , metropolitan area. He joined the board in January 2021 and continues to serve in this capacity. This role supports efforts to address local economic and social challenges through grantmaking and strategic . Additionally, Barkin participates in the Greater Washington Partnership, a civic organization dedicated to fostering , , and across the , region. His involvement reflects engagement with regional business and community leaders to promote competitiveness and infrastructure development. These affiliations underscore Barkin's commitment to educational governance and civic leadership beyond his primary responsibilities at the .

Personal Life

Family and Residences

Thomas Barkin was born and raised in . He is married to Robyn Barkin. The couple has two children. Barkin spent much of his professional career based in Atlanta, Georgia, where he worked for for approximately 30 years. Upon his appointment as president and CEO of the Federal Reserve Bank of Richmond in January 2018, he relocated to , where he currently resides.

Recreational Interests and Public Persona

Barkin maintains a strong interest in , a pursuit he has followed avidly since . He won his junior club championship at age 16 in , and remains an active player, holding membership at Kinloch Golf Club in , while enjoying rounds both domestically and abroad. His involvement extends to , having served on the United States Golf Association's Executive Committee until 2023. Publicly, Barkin projects a pragmatic and fieldwork-focused , prioritizing direct over remote . Since assuming his role in 2018, he has committed to visiting every part of the Fifth District to consult with local businesses, farmers, and residents, gathering on-the-ground perspectives to inform economic assessments. This approach, described as "boots-on-the-ground," underscores his emphasis on real-world interactions amid mixed economic signals. In speeches and interviews, he communicates in a measured, data-informed manner, often highlighting consumer and regional dynamics without overt partisanship.

References

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  20. https://www.bloomberg.com/news/articles/2017-12-04/richmond-fed-names-mckinsey-s-thomas-barkin-as-its-president
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  40. https://www.linkedin.com/posts/tombarkin_the-richmond-fed-is-an-on-the-ground-fed-activity-7316124130523709440-lbEk
  41. https://www.stlouisfed.org/open-vault/2021/february/what-is-federal-open-market-committee
  42. https://www.barrons.com/articles/federal-reserve-policy-committee-new-voters-hawkish-fomc-4ee5f7b1
  43. https://www.federalreserve.gov/monetarypolicy/fomcminutes20240131.htm
  44. https://www.bloomberg.com/news/articles/2025-09-26/fed-s-barkin-says-risks-to-employment-and-inflation-are-limited
  45. https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2025/barkin_speech_20250926
  46. https://www.reuters.com/markets/us/feds-barkin-50-or-75-bps-rate-hike-july-pretty-reasonable-2022-06-21/
  47. https://financialpost.com/pmn/business-pmn/feds-barkin-interest-rates-need-to-get-restrictive
  48. https://www.bloomberg.com/news/articles/2022-11-29/fed-s-barkin-urges-slowing-rate-hikes-but-higher-destination
  49. https://www.stlouisfed.org/open-vault/2022/nov/fomc-voting-rotation-explained
  50. https://www.pbs.org/newshour/politics/powell-reinforces-the-federal-reserves-cautious-approach-toward-further-interest-rate-hikes
  51. https://www.reuters.com/markets/us/more-hawkish-fed-policy-committee-may-increase-dissent-2025-2024-12-19/
  52. https://fortune.com/2024/09/27/fed-president-caution-interest-rate-cuts-inflation-not-beaten/
  53. https://www.federalreserve.gov/newsevents/pressreleases/monetary20241107a.htm
  54. https://www.federalreserve.gov/newsevents/pressreleases/monetary20241218a.htm
  55. https://www.investopedia.com/fed-official-says-economy-showing-strength-no-need-to-rush-interest-rate-cut-8692917
  56. https://www.marketwatch.com/story/feds-barkin-says-interest-rates-may-have-to-rise-to-combat-inflation-headwinds-06630ea9
  57. https://www.reuters.com/business/feds-barkin-no-rush-cut-cant-dismiss-inflation-risks-tariffs-2025-06-20/
  58. https://www.reuters.com/business/feds-barkin-risks-both-inflation-jobs-may-be-limited-2025-09-26/
  59. https://www.bloomberg.com/news/articles/2025-08-26/fed-s-barkin-says-his-forecast-is-for-modest-adjustment-in-rates
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  66. https://www.reuters.com/business/feds-barkin-says-tariffs-will-start-pushing-up-inflation-2025-06-26/
  67. https://www.bloomberg.com/news/articles/2025-05-09/fed-s-barkin-says-not-all-firms-can-raise-prices-on-tariffs
  68. https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2019/barkin_speech_20191113
  69. https://www.bficapital.com/blog/insider-trading-at-the-fed
  70. https://www.cnbc.com/2021/10/04/office-of-inspector-general-to-review-whether-fed-officials-trading-activity-broke-ethics-rules-or-the-law.html
  71. https://www.reuters.com/business/feds-barkin-daly-dump-stocks-bonds-after-ethics-scandal-2022-06-24/
  72. https://www.richmondfed.org/-/media/RichmondFedOrg/about_us/our_governance/pdf/barkin_financial_disclosure_2021.pdf
  73. https://www.reuters.com/markets/us/year-after-trading-scandal-fed-is-again-under-ethics-spotlight-2022-11-01/
  74. https://www.richmondfed.org/-/media/RichmondFedOrg/about_us/our_governance/pdf/barkin_financial_disclosure_2024.pdf
  75. https://www.richmondfed.org/about_us/our_governance/code_of_conduct
  76. https://www.cnbc.com/2021/06/29/this-chart-shows-we-are-past-peak-inflation-fear-supporting-the-stock-market-rally.html
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  80. https://www.bloomberg.com/news/articles/2021-05-13/fed-leaders-are-confident-inflation-is-transitory-here-s-why
  81. https://www.reuters.com/markets/us/feds-barkin-year-ahead-outlook-positive-with-upside-risk-2025-01-03/
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  83. https://www.richmondfed.org/press_room/speeches/thomas_i_barkin/2021/barkin_speech_20210323
  84. https://columns.wlu.edu/president-and-ceo-of-the-federal-reserve-bank-of-richmond-to-present-h-parker-willis-lecture/
  85. https://www.federalreserve.gov/paymentsystems/pspa_committee.htm
  86. https://newsadvance.com/business/article_3c79e8a0-5743-5531-855b-dee0b6c8fac3.html
  87. https://www.usga.org/content/usga/home-page/articles/2022/12/2023_Executive_Committee.html
  88. https://www.richmondfed.org/press_room/speeches
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