Minneapolis Fed president to step down in 2016

Narayana Kocherlakota surprised the banking world with a Dec. 12 announcement that he will not seek reappointment to a new term as president of the Federal Reserve Bank of Minneapolis following conclusion of his current term on Feb. 29, 2016.."I became president of the Minneapolis bank in October 2009 so that I could be of service to my country in an economic emergency," Kocherlakota said. "I have been honored to play a role in shaping the response to that dire situation. While challenges lie ahead for the Federal Reserve System, the state of crisis has passed, and I have decided not to continue my service into a new term.".Before his appointment as president, Kocherlakota served as a member of the Minneapolis Fed's research staff, as well as a research consultant for the bank. His prior experience also includes professorships at the University of Minnesota, where he was chair of the Economics Department, and at Stanford University.."My service as president has been the most rewarding period of my professional career," Kocherlakota added. "The people at the Federal Reserve Bank of Minneapolis, and the people of the Federal Reserve System more generally, are fantastic contributors to their country. I have been humbled on a daily basis by their knowledge, their talent and their dedication. It has been an enormous honor for me to serve the public with them, and I am deeply thankful to the Minneapolis Fed's board of directors for giving me the opportunity to do so. I look forward to continuing to work with my Fed colleagues and the board of directors during the remainder of my time as president.".Randy Hogan, chairman of the Minneapolis Fed's board of directors, expressed his appreciation for Kocherlakota's service. "The board of directors thanks Narayana for his outstanding leadership and for his many contributions to the bank and to the Federal Reserve System. Among those contributions, his focus on improving communication between the bank and its constituents is a key legacy of his tenure and will serve as a guide for years to come."