New York CNN —St. Louis Federal Reserve President James Bullard announced Thursday he is stepping down from his position in mid-August. “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,” Bullard said in a statement released Thursday afternoon. With the exception of the president of New York Fed, four regional bank presidents from the remaining 11 branches serve one-year terms on the Federal Open Market Committee on a rotating basis. Kathleen O’Neill Paese, the St. Louis Fed’s first vice president and chief operating officer, was confirmed Thursday by the bank’s board and assumed Bullard’s duties “immediately” in the interim, according to the statement. The St. Louis Fed said it is hiring “a national executive search firm” to help identify Bullard’s permanent successor.

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