New Academia Venture for St. Louis Fed President
James Bullard, the President of the St. Louis Federal Reserve, has publicly announced his resignation from the bank, effective from August 14. He plans to assume the role of inaugural dean at Purdue University's Mitchell E. Daniels, Jr. School of Business.
Interim Leadership Appointment at St. Louis Bank
Following Bullard's departure, the bank's chief operating officer, Kathleen O’Neill Paese, has taken on the responsibilities of interim president and CEO.
Bullard Steps Away from Monetary Policy Role
Bullard, who is a non-voting member of the Federal Open Market Committee, the rate-setting division of the Fed, has withdrawn from his monetary policy role. The official statement further disclosed that Bullard has stopped all public speaking and rescinded other related responsibilities.
A Long-Standing Steward of the St. Louis Fed
Reflecting on his tenure, Bullard expressed his gratitude, “It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years.”
Transition and Search for New Leadership
To ensure a seamless transition, Bullard has offered to provide advisory support to the bank’s leadership until his official departure on August 14. The bank is set to employ a “national executive search firm” to assist in identifying a suitable successor.
Impending Federal Reserve Two-Day Meeting
Bullard's departure was announced just before the Fed's two-day meeting scheduled for July 25-26, a significant event in the bank's calendar.