Outgoing Federal Reserve Bank of Minneapolis President Narayana Kocherlakota will not attend the Federal Open Market Committee next week, the bank said.
"I'm recusing myself from participating in the December FOMC meeting," Kocherlakota said in a statement. "Per FOMC rules, the First Vice President of the Federal Reserve Bank of Minneapolis, Jim Lyon, will participate in my stead."
The Minneapolis Fed does not have a vote this year, or next. Lyon will be responsible for the bank's Summary of Economic Projections forecast.
"The minutes from the meeting are not released until after my final date of December 31, and so I would not have an opportunity to comment on the final draft of the minutes," Kocherlakota said to explain why he bowed out of the meeting.
Kocherlakota will join the University of Rochester and be replaced at the Fed by Neel Kashkari.
