And so another Fed president has decided to call it a day, when moments ago, Dennis Lockhart, president of the Atlanta Fed, announced he would step down on February 28, 2017. Either Dennis is not too excited with the path the Fed is on, or the Atlanta Fed’s uncanny accuracy in predicting GDP finally forced the copycat NY Fed to demand a scalp.
That said, we doubt the Atlanta Fed will be headless for too long: we are confident the line of (soon to be former) Goldman employees submitting their resumes to fill his slot is already around the block.
From the full release:
Dennis Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, today announced his intention to step down from his position effective February 28, 2017. After nearly 10 years of service at the Atlanta Fed, Lockhart plans to continue to pursue interests in public policy, civic work and private business.
“It has been an enormous privilege to serve as president of the Federal Reserve Bank of Atlanta,” Lockhart said. “The Atlanta Fed is an outstanding organization, and its employees are steadfastly dedicated to helping ensure the health and stability of our nation’s economy and financial system. I am proud of the work we have accomplished together, and I believe the Bank is well positioned for the future.”
Thomas Fanning, chairman, president and CEO of Southern Company and chair of the Atlanta Fed’s board of directors, said, “Dennis has provided outstanding leadership to the Sixth Federal Reserve District and its communities as well as to the Federal Reserve System as a whole. Since becoming president in early 2007, Dennis has promoted better understanding of monetary policy’s role in the economy through extensive interaction with business and community leaders, who in turn have provided him with valuable information on what is happening in the economy and the financial system.”
In line with the Federal Reserve Act and Board of Governors policy, Fanning will lead a search committee comprised of non-banking members of the Atlanta Fed’s board of directors. This committee will conduct a nationwide search, seeking a diverse slate of candidates to replace Lockhart as president of the Atlanta Reserve Bank. The Bank has retained Spencer Stuart, an executive search firm, to assist in this important effort.
There is no set timetable for naming a new president. Should a successor not be appointed by February 28, 2017, the Bank’s first vice president and chief operating officer, Marie Gooding, will assume the duties of president on an interim basis until a new president is appointed, in accordance with Section 4 of the Federal Reserve Act.
The Atlanta Fed will host a live webcast on October 6, 2016, at 2:00 p.m. ET to explain the search process and answer questions from the public. For additional information, visit http://ift.tt/2ciUV6i.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and portions of Louisiana, Mississippi and Tennessee. As part of the nation’s central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payment services to financial institutions and the U.S. government
via http://ift.tt/2cp20xY Tyler Durden