Dallas Fed seeking Fisher replacement

The Dallas Fed is looking for a replacement to take Richard W. Fisher’s place, who said he is retiring in 2015. The bank said on Tuesday it is hiring a headhunting company, but has not released details of the firm.

The Dallas Fed is one of the twelve Reserve Banks, alongside the Board of Governors in Washington D.C., that make up the United States’ central bank.

On Tuesday, Dallas Fed spokesman James Hoard said the bank had formed an advisory group, comprising five current and former board members, including Mike Ullman, board chairman, to advise the headhunt. Deputy chancellor of the University of Houston System, Renu Khator, is also a member of the group.

The final candidates will be selected by the nine members of the board of directors of the Dallas Fed. Only six of them will vote for the new president. The selected person is then approved by the Federal Reserve Board of Governors.

After heading the Dallas Fed for ten years, Mr. Fisher announced in December he would be retiring in April 2015.

Federal Bank presidents retire when they reach the age of 65. If they are appointed after fifty-five years of age, the board of directors can extend their tenure until the age of 75 or until ten years of services are completed.

Fisher is one of two Fed “hawks” who will be retiring in 2015. Charles Plosser (66) President of the Philadelphia Fed, another hawk, is stepping down in March 2015.

Plosser and Fisher believe the Fed should raise interest rates before mid-2015.

During Fisher’s ten-year tenure, he has voted against policy decisions on eight occasions, the last time being earlier in September. Plosser, during his 8-year tenure, dissented at the last two meetings and four previous meetings.