St. Louis Fed President Resigns

Thomas C. Melzer, the president of the Federal Reserve Bank of St. Louis for nearly 13 years, has announced his retirement, effective Jan. 31, 1998. John F. McDonnell, chairman of the Bank's board of directors, has formed a search committee and hopes to have a successor in place within a few months.

Melzer, 53, joined the St. Louis Fed in 1985 after serving as managing director of Morgan Stanley & Co., Inc. In addition to his responsibilities at the St. Louis Bank, Melzer was chairman of the Financial Services Policy Committee (FSPC), created in 1994 to ensure that the 12 regional Reserve Banks continue to provide reliable, high-quality financial products. Cathy E. Minehan, president of the Boston Fed, will become the new FSPC chair.