WASHINGTON — Thomas M. Hoenig, the longest-serving of the Federal Reserve’s 12 regional bank presidents, announced Friday that he will retire Oct. 1.
Hoenig, who has headed the Fed’s Kansas City regional bank since 1991, has opposed the Fed’s efforts to boost the economy through an extended period of low interest rates and the purchase of billions of dollars in Treasury securities. Colorado is in the bank’s district.
He dissented against those policies at all eight Fed meetings last year. He argued that the Fed’s efforts to spur growth could kindle future inflation.
His departure had been expected because he will reach the mandatory retirement age for Fed bank presidents of 65 in September.
Hoenig was not joined in his opposition to the Fed policies by other members of the Federal Open Market Committee, the panel of Fed board members and regional bank presidents who set monetary policy. This year, there have been no dissents. Hoenig does not have a vote on the FOMC this year. The Associated Press
