The Federal Reserve Bank of Cleveland has announced the death of W. Lee Hoskins, who served as its president and chief executive officer from October 8, 1987 to November 15, 1991.

According to the Cleveland Fed, Hoskins is remembered for his leadership in both public and private sectors, as well as his service in the US Army. During his tenure at the bank, he was known for advocating Federal Reserve independence and emphasizing accountability and candor in monetary policy decisions.

"Lee is remembered for exemplary leadership in banking and economics in the public and private sectors, as well as for service to his country in the US Army."

"As president of the Cleveland Fed, Lee championed Federal Reserve independence as an essential condition for carrying out monetary policy with candor, commitment and accountability."

"Lee was a proponent of improved communications from Fed policymakers, and a believer in the value of robust debate to educate, influence, and change minds."

The institution highlighted Hoskins’s focus on anti-inflation measures. His strong support for price stability influenced broader Federal Reserve policy discussions. "Lee’s anti-inflation focus as a policymaker and in particular his vigorous advocacy of price stability as the main goal of monetary policy remain enduring legacies. His emphasis on zero inflation was influential in the Federal Open Market Committee’s decision to set an explicit inflation goal."

Within the organization, Hoskins also focused on resource stewardship and efficient financial services delivery: "Within the Bank, Lee was a careful steward of resources and insisted on efficient delivery of financial services to commercial bank customers."

The statement concluded with condolences: "We offer our heartfelt condolences to Lee’s family and friends."