The Federal Reserve Bank of Dallas said President Richard Fisher will step down on March 19, making him the second district chief and voting policy maker this year to announce his retirement from the central bank.
The reserve bank said it has hired the executive search firm Heidrick & Struggles International Inc. to conduct a search for a new president, according to an e-mailed statement today. Fisher, 65, is a former deputy U.S. trade representative who’s served as president since April 2005. He had previously announced that he would retire by April 30.
“We intend to consider a broad and diverse group of candidates from inside and outside of the Federal Reserve System,” Dallas Fed Chairman Mike Ullman said in the release. “Richard will be sorely missed.”
Fisher will join Philadelphia’s Charles Plosser, 66, in exiting the central bank after serving this year as voters on the policy-setting Federal Open Market Committee. Both have been consistent critics of the Fed’s unprecedented policy actions, and each cast dissenting hawkish votes against the September policy statement. Fisher said it didn’t reflect the strenghtening economy and the improved labor market outlook.
The FOMC has 12 voting seats. Eight of those are reserved for the bank’s board of governors and the president of the New York Fed. The presidents of the other 11 regional banks rotate through four remaining spots on an annual basis.
Fed Chair Janet Yellen, who took office in February, has just one more meeting Dec. 16-17 with the current FOMC roster before the annual rotation brings on new voters. Next year brings a dove, Charles Evans of Chicago; dovish-leaning John Williams of San Francisco; one consistent hawk, Richmond’s Jeffrey Lacker; and centrist Dennis Lockhart of Atlanta.
Source: Bloomberg (14 Nov 2014)
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