San Francisco Fed Chief to Retire as Expected in June
San Francisco Federal Reserve President Robert Parry will retire as expected next June, and a search committee has been formed to find his successor, the Federal Reserve said Thursday.
Parry, the second-longest-serving Fed policymaker, turns 65 in May and will retire June 1. Under Fed rules, regional bank presidents usually retire at age 65, barring any special circumstances.
“It has been a great honor to serve in the making of monetary policy by the Federal Reserve,” said Parry, a voting member of the Federal Open Market Committee.
Parry has headed the San Francisco Federal Reserve Bank since February 1986, and in June this year made a rare dissent in favor of an aggressive half-percentage-point cut in interest rates. The central bank instead cut rates by a quarter-point.
The board of directors of the San Francisco Fed said it had formed a search committee to find a successor.
Board Chairman George M. Scalise said the committee and an outside firm would conduct a nationwide search for candidates.