Kansas City Fed President Esther George announces retirement

By AP News

Share:

WASHINGTON (AP) — The president of the Federal Reserve Bank of Kansas City, Esther George, said Wednesday that she will retire in January, as required by the Fed's mandatory retirement rules.

WASHINGTON (AP) — The president of the Federal Reserve Bank of Kansas City, Esther George, said Wednesday that she will retire in January, as required by the Fed's mandatory retirement rules.

George, who has typically supported higher interest rates to ward off inflation — a “hawk,” in Fed parlance — spent 40 years at the Kansas City Fed and became president nearly 11 years ago. Historically, Kansas City Fed presidents have had hawkish views, so her retirement may not have a significant impact on interest rate policy.

George's departure will extend a period of significant turnover among top Fed officials, just as the central bank is confronting the worst inflation in 40 years. The president of the Chicago Fed, Charles Evans, also faces a mandatory retirement in the coming months.

The Senate this month confirmed two new members to the Fed's board of governors in Washington, and also approved Chair Jerome Powell to a second four-year term. Governor Lael Brainard was confirmed as Vice Chair, replacing Richard Clarida, who resigned in January.

The turnover has increased the Fed's diversity. Biden's two new governors, Lisa Cook and Philip Jefferson, are the fourth and fifth Black governors in the Fed's 108-year history.

And on July 1, Susan Collins, an economist and provost at the University of Michigan, will become president of the Boston Federal Reserve, the first Black woman to run a regional Fed bank.

In August, Lorie Logan, an executive vice president at the New York Federal Reserve, will become president of the Dallas Fed. Logan currently oversees the Fed's trillions of dollars of Treasury and mortgage-backed bond holdings.

Share:

In this article:

Industries:
Financials

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

Sign up for VTM Updates

Form submitted successfully!

VTM Exclusive Reports

Crypto Corner

Learn your NFTs from your BTCs