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.
I am speechless. This is bizzaro world
ReplyDeleteThe mandatory retirement age at the bank is 65
ReplyDelete8 more years of Bernanke, then.
@taylor
ReplyDeleteUnfortunately, 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:)
Wenzel,
ReplyDeleteTouche, I definitely did not remember.
That, or I was trying so hard to forget.