Minneapolis Fed Begins Search For New President

MINNEAPOLIS (AP) -- The Federal Reserve Bank of Minneapolis is starting the search for a new president.

Current president Narayana Kocherlakota announced in December he will step down when his current term ends. Kocherlakota has accepted a position with the University of Rochester and will start there in early 2016.

The Minneapolis Fed said Monday the search committee will be led by directors MayKao Hang and Randall Hogan. The committee includes the bank's Class B and C directors, who are not affiliated with a supervised entity.

The search firm Spencer Stuart will provide the search committee with applicants' resumes and conduct background checks.

The Minneapolis Fed has one branch in Montana and serves Minnesota, Montana, North Dakota, South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.