Federal Reserve Bank of St. Louis President James Bullard announced he is stepping down from his position and will leave the bank on August 14th. Bullard is leaving to become dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University. Yahoo Finance Federal Reserve Reporter Jennifer Schonberger has the details

Video Transcript

– We have some breaking news from the Fed. Saint Louis Federal Reserve President James Bullard is stepping down. We want to get right to Washington D.C. Jennifer Schonberger here with more on this latest development. Jen.

JENNIFER SCHONBERGER: Hi Diane. That’s right. Saint Louis Fed President James Bullard stepping down today, leaving that regional Fed Bank to become a Dean of the business school at Purdue University. While Bullard is stepping down today, he will remain on at the Saint Louis Fed until August 14 to ensure a smooth transition. Bullard worked for the Saint Louis Fed for 33 years, 15 of the last in which he was President.

Bullard saying, in a statement, quote, it has been both a privilege and an honor to be part of the Saint Louis Fed. He went on to Thank so many people saying, I’m so grateful to have worked alongside such dedicated and inspiring colleagues across the Federal Reserve System, and for the opportunity to have worked for so many outstanding directors who have served on the Saint Louis Fed board. Today the Fed losing one of its major Hawks.

Bullard perpetually one of the most hawkish members of the Federal Open Market Committee. He perpetually called for more rate hikes than the median. He was also one of the few who wasn’t as worried about the fallout from the regional bank failures earlier this year and the possible credit crunch that could ensue. More focused on how persistent inflation has been and trying to get the Fed to move more quickly and more aggressively at the get go to bring inflation down.

Saint Louis, Fed’s first President and chief operating officer, is going to replace Bullard in the interim effective immediately as a Saint Louis Fed assembles a search team to search for a new President. Given the experience we’ve seen with the Kansas City Fed, which is still in the process of trying to replace their former President Esther George who stepped down back in January, this process can take a while.

Again, the breaking news here, Diane, Saint Louis Fed President James Bullard stepping down today in order to go to become the Dean of the business school at Purdue University. Back to you.

– All right, thanks so much, Jen.