Dennis Lockhart, president and chief executive officer of the Federal Reserve Bank of Atlanta, today announced his intention to step down from his position effective February 28, 2017.
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“It has been an enormous privilege to serve as president of the Federal Reserve Bank of Atlanta”, Lockhart said. But as a long-serving and respected member of the Fed he is an influential voice within the central bank. “Lockhart has led the Atlanta Fed since 2007”. Visit MarketWatch.com for more information on this news.
In prepared remarks for a speech to the National Association for Business Economics, Lockhart said economic data released over the past few weeks, “warrant.serious discussion of a policy rate increase”. Rosengren, a voting member of the Federal Open Market Committee, said that the risks to the USA economy have diminished and that there are concerns of “growing imbalances in some asset classes” if the Fed does not step in to normalize rates. Executive search firm Spencer Stuart will help with the effort.
There is no set timetable for naming a new president. “Here’s an opportunity for change in Atlanta, one of America’s biggest cities and one of the largest cities for people of color”, Mr. Sebastian said. Join us on September 12 as our panel of the world’s top financial experts provide trusted information on the investment risks and opportunities that arise with the upcoming presidential election in November. If no replacement has been found by the time Mr. Lockhart leaves, bank First Vice President Marie Gooding would hold the job on an interim basis.
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The search for Lockhart’s successor is likely to also receive pressure from activists and politicians, who have called into question the process by which regional Fed bank presidents are identified and chosen.
