Federal Reserve Alert! St. Louis Fedโ€™s Bullard says has stepped down from his post immediately, will leave in August.

Source: https://www.stlouisfed.org/news-releases/2023/07/13/st-louis-fed-president-jim-bullard-announces-he-is-stepping-down

TLDRS:

  • James Bullard, the president and CEO of the Federal Reserve Bank of St. Louis, announced that he will be leaving the Bank effective Aug. 14, 2023. He will become the inaugural dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University, effective Aug. 15, 2023.
  • Bullard has stepped down from his position as president and CEO but will remain available to the Bankโ€™s leadership in an advisory capacity until Aug. 14 to help ensure a smooth transition. He has recused himself from his monetary policy role on the Federal Reserveโ€™s Federal Open Market Committee and other related duties and has ceased all public speaking.
  • Jim McKelvey, chair of the St. Louis Fedโ€™s board of directors, commended Bullard for his years of service to the Federal Reserve System.
  • Kathleen Oโ€™Neill Paese, the Bankโ€™s first vice president and chief operating officer, assumed the duties of interim president and CEO, effective immediately.
  • A search committee composed of the six Bank directors who are not affiliated with regulated banks or financial institutions will lead the search for a new president and CEO. The committee will retain a national executive search firm to assist in the search process.