Narayana Kocherlakota, Federal Reserve Bank of Minneapolis president, announced Friday that he will not seek reappointment when his term expires on Feb. 29, 2016.
"Earlier this week, I informed the board of directors of the Federal Reserve Bank of Minneapolis that I do not intend to seek reappointment to a new term as president of the Bank after my current term ends on February 29, 2016," Kocherlakota said in a statement. "I became president of the Minneapolis Bank in October 2009 so that I could be of service to my country in an economic emergency. 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."
Kocherlakota
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