The Federal Reserve Bank of St. Louis' president and chief executive officer, James Bullard, said on July 13 that he would be stepping down on Aug. 14. On Aug. 15, he will take over as the first dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.
“This is an outstanding organization with staff in every area of the Bank bringing their passion, integrity and a deep sense of purpose to our mission of promoting a healthy economy and financial stability. The Bank is well-positioned for ongoing success and impact," Bullard said, according to a news release issued on July 13. "I am also grateful to have worked alongside such dedicated and inspiring colleagues across the Federal Reserve System and for the opportunity to have worked for the many outstanding directors who have served on the St. Louis Fed board. It’s been an honor to serve this great institution.”
Bullard resigned as president and CEO of the Bank on July 13, although he will continue to serve the bank's leadership in an advisory capacity until Aug. 14 to aid with the transition. He has stepped down from all public speaking duties and has recused himself from his monetary policy duties on the Federal Open Market Committee of the Federal Reserve.
Bullard was praised by Jim McKelvey, the chair of the board of directors at the St. Louis Fed, for his years of dedication to the Federal Reserve System, according to the release. While serving as president of the St. Louis Fed for 15 years, Bullard "brought his scholarly expertise and frequently prescient views to the policy table as the Fed navigated several remarkable economic issues: the Great Recession, the zero lower bound, high unemployment, the COVID pandemic, and the current high inflation," McKelvey said, the release reported. "His dedication to transparency and outreach has been unrelenting. We have faith in the Bank's continued performance and commitment to the Eighth Federal Reserve District during this transition because Bullard also assembled a solid management team.
The Bank's first vice president and chief operational officer, Kathleen O'Neill Paese, assumed the responsibilities of interim president and CEO with immediate effect in accordance with the Federal Reserve Act and with the approval of the St. Louis Fed Board of Directors on July 13, according to the release. O'Neill Paese was praised by McKelvey for leadership abilities both within the Bank and throughout the Fed System. In this interim phase, he noted, "the board of directors has full confidence in O'Neill Paese and the management team of the Bank."
The six Bank directors who are not connected to regulated banks or financial institutions will serve as the search committee's members under the direction of McKelvey, who will also serve as the board's chair, and the Bank's deputy chair, Carolyn Chism Hardy, the release reported
