Fed chief in St. Louis resigns
James Bullard, the former President of the St. Louis Federal Reserve (Fed), has stepped down from his position to become the dean of the Mitch Daniels School of Business at Purdue University. His departure from the Fed comes after a career marked by dissents on monetary policy decisions and calls for more aggressive steps to counter inflation.
Bullard had been pushing for larger interest-rate increases by 0.75% since mid-2021, a stance that was not always popular among his colleagues. His departure, expressed as shock by a former colleague, David Andolfatto, leaves the St. Louis Fed post open.
The St. Louis Fed will not vote on interest-rate increases this year, a decision that was previously announced. The bank's next vote on the Federal Open Market Committee (FOMC) is scheduled for 2025, as previously stated.
In Bullard's absence, Kathleen O'Neill Paese, the bank's first vice president and chief operating officer, will serve as the interim president. This change comes after the resignations of the presidents of the Boston and Dallas Fed in late 2021 due to stock trading revelations.
The St. Louis Fed's research director, Christopher Waller, was ultimately nominated by the Trump administration to fill one of the open seats on the Fed's board of governors, a position that Bullard was also considered for but declined.
Meanwhile, the Kansas City Fed post remains open following the retirement of Charles Evans, President of the Chicago Fed, and Esther George, Chief of the Kansas City Fed, in January. New York Fed veteran Lorie Logan was chosen to lead the Dallas Fed last year, replacing the resigned president.
In 2019, Bullard expressed interest in becoming Fed chair if the position were offered, according to The Wall Street Journal. However, his hiring at Purdue University capped an eight-month search and he was not due for age-related mandatory retirement from the Fed until February 2026.
Bullard has recused himself from his monetary policy role on the FOMC, leaving the decision-making process in the hands of his successor. The St. Louis Fed, under new leadership, will continue to play a crucial role in shaping the nation's monetary policy in the years to come.
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