© Reuters
Investing.com — St. Louis Federal Reserve Chairman James Bullard announced Thursday that he is leaving the bank on Aug. 14 to become the first dean of the Mitchell E. Daniels, Jr. School of Business in St. Louis. ‘Purdue University.
St. Louis Bank’s chief operating officer, Kathleen O’Neill Paese, has assumed the role of interim president and CEO.
Bullard, a nonvoting member of the Federal Open Market Committee, the Fed’s rate-setting arm, has “recused himself from his monetary policy role on the Federal Reserve’s Federal Open Market Committee and other functions related and has ceased all public speaking”. “, according to the press release.
“It has been both a privilege and an honor to be part of the St. Louis Fed for the past 33 years, including serving as its chairman for the past 15 years,” Bullard said.
Bullard will remain available to bank management in an advisory capacity until August 14 to help ensure a smooth transition. The bank will hire a “national executive search firm” to help find a replacement.
The announcement comes just before the Fed’s two-day meeting on July 25-26.
