- The Washington Times - Thursday, April 2, 2009

MINNEAPOLIS (AP) - Gary Stern is retiring as president and chief executive of the Federal Reserve Bank of Minneapolis.

The 64-year-old Stern says he’ll step down this summer. Stern has headed the Minneapolis Fed since 1985, and is the longest-serving of the country’s 12 Federal Reserve Bank presidents.

Five years ago, Stern sounded an early alarm on the dangers of excessive risk-taking and bank bailouts. He published a book called “Too Big To Fail: The Hazards of Bank Bailouts.” It called on regulators to enact reforms that would reduce bankers’ expectations of getting bailed when they run into trouble.

Stern was also known as tough on inflation, occasionally being the sole vote for Fed moves to restrain economic growth in order to keep inflation in check.

The bank will conduct a nationwide search for Stern’s replacement.


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