The president of the Federal Reserve Bank of Dallas announced Thursday that he plans to retire March 19, and the Fed says a search firm has been hired to find his replacement.
Richard Fisher, 65, has led the Dallas Fed since 2005. He was required to step down by April 30 under the central bank's retirement rules but had not set a date until Thursday.
Fisher is considered a leading "hawk" for his frequent concern that Fed policy favouring low interest rates could trigger inflation. Fisher has dissented this year when the central bank's policymaking committee voted to continue planning to keep a key short-term interest rate at a record low for a "considerable time."
The Dallas Fed said it hired the executive search firm of Heidrick & Struggles to look for a successor.
Fisher's announcement means that the Fed policymaking committee will be losing two of its leading hawks. Charles Plosser of the Fed's Philadelphia regional bank plans to retire March 1.
The Dallas Fed posted video tributes to Fisher from Fed Chairman Janet Yellen and several Texas business leaders who had led the bank's advisory committee.
Fisher's background is in banking and as a fund manager. He was an assistant to the Treasury secretary during the Carter administration and served as deputy U.S. trade representative from 1997 to 2001. In the latter job, he worked on enactment of trade agreements with Japan and several other countries.
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