The head of the Federal Reserve Bank of Minneapolis is retiring. Gary Stern will leave his position as president and CEO of the Minneapolis Fed this summer. He reaches the Fed's mandatory retirement age of 65 in November.***
Stern will leave behind many legacies, including his almost prophetic writings about banks that are believed to be "too big to fail."
He's been at the Minneapolis Fed for 24 years, a pretty long tenure and the longest amongst the current Federal Reserve Branch heads.
***The MPR article is slightly incorrect here. The limit of 65 applies to voting members of the Federal Reserve Board, which is chosen on a rotating basis from the 12 member branch banks. Mr. Stern, if he wanted, could continue in his post, but he (and thus the Minneapolis Fed) could not be chosen as a voting member again.
I also need to read his book, he did come up with the phrase "too big to fail" a few years before it became common parlance.Posted by Jvstin at April 3, 2009 6:56 AM