Federal Reserve Bank
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.
The head of Minneapolis-based U.S. Bancorp warns that he might have to lay off some of his employees if interest rates don’t start climbing later this year. Chairman and CEO Richard Davis made that comment at a conference this week.
Narayana Kocherlakota, the president of the Federal Reserve Bank of Minneapolis, says he will step down when his current term ends in early 2016, marking the departure of one of the Fed’s leading proponents of easier credit conditions to battle unemployment.
Hundreds of demonstrators continue to stream in and out of the Hennepin County Government Center plaza as some make plans to stay overnight spreading their anti-Wall Street message.