Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City, announced Friday that he will retire Oct. 1.
Hoenig has served nearly 40 years on the Federal Reserve Board, 20 as Kansas City Fed chief. His announcement was expected this year, as he approached age 65, the Fed’s mandatory retirement age.
Hoenig has been a critic among the Fed officials over policy on monetary easing, having dissented from the Fed’s action at every meeting in 2010.
Federal Reserve Chairman Ben Bernanke said last month after the board’s Federal Open Market Committee meeting that the Fed would continue its strategy of buying vast amounts of Treasury bonds and keeping short-term interest rates low in an effort to help boost the economic recovery.
Hoenig has expressed concern that the bond-buying measures will trigger expectations of long-term inflation.
The Kansas City Fed said in a news release that its Board of Directors would form a search committee for Hoenig’s successor led by Terry Moore, president of the Omaha Federation of Labor, AFL-CIO.
“As directors, our challenge is to identify a successor who will continue the high standards of performance that Tom has established for the Tenth District,” Moore said.