Philly Fed president Charles Plosser to retire on March 1
Charles I. Plosser, president and chief executive of the Federal Reserve Bank of Philadelphia since 2006, announced that he will retire on March 1.
Charles I. Plosser, president and chief executive of the Federal Reserve Bank of Philadelphia since 2006, announced that he will retire on March 1.
"For more than eight years, I have had the honor to work alongside many talented colleagues here at our bank and throughout the Federal Reserve System during an extraordinary period in this nation's economic history," Plosser said in a statement.
"After more than three decades of economic research and teaching, this has been a unique opportunity and privilege to serve the nation," he said.
Plosser has been among the so-called "inflation hawks," providing constant pressure within the Federal Reserve system to avoid stimulating the economy to the point that prices start rising at a dangerous clip.
Such inflation amounts to what Plosser has termed an "insidious tax" on household incomes.
Federal Reserve Chair Janet Yellen called Plosser "an insightful and dedicated leader."
"My colleagues and I will miss his keen insights, deep analysis, and good humor," she said.
James E. Nevels, chairman of the Philadelphia Fed's board of directors, and Michael J. Angelakis, vice chairman of the Fed's board, will cochair a search committee for Plosser's replacement.
Nevels founded the Swarthmore Group, and investment firm. Angelakis is chief financial officer of Comcast Corp.
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