St. Louis Fed President Bill Poole will retire in March 2008 after 10 years as Bank president. A search is under way for his successor.
As Bank president, Poole directs the activities of the Bank's head office in St. Louis and its three branches in Little Rock, Louisville and Memphis. In addition, he represents the Bank on the Federal Open Market Committee (FOMC), the Federal Reserve's chief monetary policymaking body.
Poole has often explained that the anecdotal evidence gathered from industries throughout the Eighth District helps him formulate a clearer picture of the District's overall economic situation, which in turn informs his reports for and decisions at FOMC meetings. Poole also travels frequently to give speeches on various economic and Bank-related topics.
"For many years, the St. Louis Fed has played a noteworthy role in the formulation of U.S. monetary policy," says Irl F. Engelhardt, chairman of the St. Louis Fed's Board of Directors, who is leading the search committee to identify candidates to succeed Poole. "Our goal is to select a president who will maintain that tradition and help the St. Louis Bank play an important role in the Federal Reserve System as it adapts to a changing operating environment."