Saturday, March 26, 2011

Bulletin: Fed's Tom Hoenig is Resigning

Lauren Tara LaCapra financial reporter for Reuters is reporting via her twitter account:

Fed's top hawk Tom Hoenig is resigning. His replacement will be selected by president of local AFL-CIO. That's not a joke.

Hoening will step down October 1. He is president of the Kansas City branch of the Federal Reserve.  The mandatory retirement age at the bank is 65. Hoening will turn 65 on September 6.

While never having any impact on  Fed monetary policy actions, and having a seeming simple understanding of the role of money creation methods by the Fed, he could be counted on for an occasional warning about inflation.

A replacement search committee of members of the Kansas City Federal Reserve Board of Directors has been named. Terry Moore, president of the Omaha Federation of Labor, AFL-CIO, Omaha, Nebraska, will head the committee.


  1. The mandatory retirement age at the bank is 65

    8 more years of Bernanke, then.

  2. @taylor

    Unfortunately, the mandatroy retirement age doesn't apply to Fed chairmen. If you recall, Greenspan served well beyond 65.

    You should no by now that rules don't apply to elitsits and their top apologists:)

  3. Wenzel,

    Touche, I definitely did not remember.

    That, or I was trying so hard to forget.