St. Louis Fed chief James Bullard steps down

Federal Reserve Bank of St. Louis President and CEO James Bullard is leaving his post effective Aug. 14 to become the inaugural dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University, the St. Louis office announced Tuesday (July 18).

According to the announcement, Bullard, 62, stepped down Tuesday from his post but is available to bank leadership in an advisory capacity until Aug. 14. He has recused himself from his monetary policy role on the Federal Reserve’s Federal Open Market Committee and other related duties and has ceased all public speaking.

“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. “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. 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.”

St. Louis Fed First Vice President and Chief Operating Officer Kathleen O’Neill Paese assumed the duties of interim president and CEO, effective immediately. Jim McKelvey, chair of the St. Louis Fed’s board of directors, called O’Neill Paese an outstanding leader both at the Bank and across the Fed System. He also commended Bullard for his years of service to the Federal Reserve System.

As board chair, McKelvey and the Bank’s deputy chair, Carolyn Chism Hardy, will lead a search committee composed of the six Bank directors who are not affiliated with regulated banks or financial institutions.