Thomas C. Melzer became the tenth president of the Federal Reserve Bank of St. Louis on June 1, 1985, succeeding Theodore H. Roberts. He resigned January 31, 1998.
Melzer received his bachelor’s degree in electrical engineering and his master’s degree from Stanford University in 1966 and 1968, respectively. Prior to joining the St. Louis Fed, Melzer spent seventeen years with Morgan Stanley. He joined the company in 1968 and served as managing director from 1977 to 1984. In his last five years with the company, he ran the Government Securities Department, which provided him valuable experience and knowledge of the Federal Reserve System.
Melzer’s background in financial markets and insight into the process and effects of monetary policy served him well as a Reserve Bank president. He stated that, in his twelve years at the St. Louis Fed, setting monetary policy was the most rewarding part of his job. His perspectives on policy (especially inflation controls) also aligned him closely with the St. Louis Fed’s Research Division.
Melzer served as chairman of the Federal Reserve System’s Financial Services Policy Committee and the investment committee for its pension and thrift plans. One of his stated goals was to expand the role of the St. Louis Fed in the Federal Reserve System, and the Bank indeed became a System leader in the provision of priced services.
After resigning from the St. Louis Fed, Melzer cofounded RiverVest, a venture capital firm; he is currently its managing director. He serves on many boards and committees, including the National Council for the Olin School of Business at Washington University in St. Louis.
Written by the Federal Reserve Bank of St. Louis. See disclaimer.