Federal Reserve’s Richmond Bank president retiring in October

FILE PHOTO Former chairmen of the Federal Reserve Paul Volcker, left, and Alan Greenspan, right, shake hands as Jeffrey M. Lacker, center, President of the Federal Reserve Bank of Richmond, watches before a ceremonial signing of a certificate commemorating the 100th anniversary of the signing of the Federal Reserve Act, Monday, Dec. 16, 2013 at the Federal Reserve Building in Washington. Joined by his two predecessors, Ben Bernanke marked the 100th anniversary of the Federal Reserve by reflecting on the bold actions past chairmen have had to take in the best interest of the U.S. economy. (AP Photo/Pablo Martinez Monsivais)
FILE PHOTO Former chairmen of the Federal Reserve Paul Volcker, left, and Alan Greenspan, right, shake hands as Jeffrey M. Lacker, center, President of the Federal Reserve Bank of Richmond, watches before a ceremonial signing of a certificate commemorating the 100th anniversary of the signing of the Federal Reserve Act, Monday, Dec. 16, 2013 at the Federal Reserve Building in Washington. Joined by his two predecessors, Ben Bernanke marked the 100th anniversary of the Federal Reserve by reflecting on the bold actions past chairmen have had to take in the best interest of the U.S. economy. (AP Photo/Pablo Martinez Monsivais)

WASHINGTON (AP) – Jeffrey Lacker, the president of the Federal Reserve’s Richmond bank, announced Wednesday that he plans to retire on Oct. 1, stepping down after 28 years at the bank.

Lacker becomes the second of the Fed’s 12 regional bank presidents who will be departing this year. Atlanta Fed President Dennis Lockhart is retiring at the end of February.

Margaret Lewis, chair of the Richmond Fed’s board of directors, said that she would lead a search committee to select a successor. Lacker, who had been an economics professor at Purdue University, joined the Richmond Fed in 1989 and served in a variety of leadership positions before becoming president of the bank in August 2004.

FILE PHOTO Richmond Federal Reserve president Jeffrey M. Lacker speaks to West Virginia bankers at the Marriott Hotel in Charleston, W.Va. Tuesday, Feb. 5, 2008. (AP Photo/Bob Bird)
FILE PHOTO Richmond Federal Reserve president Jeffrey M. Lacker speaks to West Virginia bankers at the Marriott Hotel in Charleston, W.Va. Tuesday, Feb. 5, 2008. (AP Photo/Bob Bird)

 

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