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San Francisco Fed Chief to Retire as Expected in June

September 26, 2003|From Reuters

NEW YORK — 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.

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