WASHINGTON — Thomas M. Hoenig, the longest serving of the Federal Reserve’s 12 regional bank presidents, announced late last week he will retire Oct. 1.
Hoenig, whose Fed district includes Colorado, had headed the Fed’s Kansas City regional bank since 1991.
His departure was expected because he will reach the retirement age for Fed bank presidents of 65 in September.
The Kansas City Fed has formed a search committee to select Hoenig’s successor. The successful candidate will need the approval of the directors who serve on the Kansas City Fed’s board.
Hoenig 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.
He dissented against those policies at all eight Fed meetings last year. He argued the Fed’s efforts to spur growth could kindle future inflation.
Hoenig first joined the Kansas City Fed in 1973 as an economist in bank supervision and his time in that division included the banking crisis of the 1980s. He was involved with regulatory actions on nearly 350 banks that failed or needed assistance.
