Minneapolis FRB President Kocherlakota Won't Seek Another Term

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Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, speaks to the Minnesota Bankers Association in St. Paul, Minnesota, U.S., on Tuesday, Feb. 16, 2010. Kocherlakota predicted the U.S. economic recovery will continue and said the central bank should keep its bank-supervision role to avert a future crisis. Photographer: Craig Lassig/Bloomberg *** Local Caption *** Narayana Kocherlakota

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 dissented at the most recent Federal Open Market Committee meeting, saying, "I felt that the FOMC needed to reduce possible downside risk to the credibility of its 2 percent inflation target by taking more purposeful steps to move inflation back up to 2 percent."

He also has spoken out recently against a rate hike in 2015.

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