Cleveland Fed President Pianalto to retire in 2014

Channels Television  
Updated August 8, 2013

Federal Reserve Bank of Cleveland President Sandra Pianalto will retire as head of the U.S. regional central bank in early 2014, the bank said on Thursday.

Pianalto has been president of the Cleveland Fed, one of 12 regional banks in the U.S. Federal Reserve system, since 2003.

Pianalto is the latest senior Federal Reserve official to announce plans to step down, adding yet more uncertainty to the future of U.S. monetary policy as policy makers debate how much longer to keep the central bank’s extraordinary stimulus measures in place.

Federal Reserve Chairman Ben Bernanke’s second term at the bank’s helm expires in early 2014, and he is widely expected not to seek a third term.

Pianalto joined the Cleveland Fed in 1983 and was tapped to be its president 20 years later. She is a member of the Federal Open Market Committee, the panel that sets U.S. monetary policy, but she is not a voting member this year.

The Cleveland Fed’s chairman, Richard Smucker, who is also chief executive officer of the J.M. Smucker Co (SJM.N), said the board has formed a search committee to seek a successor with a decision due in early 2014.

More on World News