President of Richmond Fed Bank retiring in October

Markets Associated Press

FILE - In this Monday, Dec. 19, 2011, file photo, Jeffrey Lacker, president, Richmond Federal Reserve, speaks during the Charlotte Chamber's Economic Outlook Conference in Charlotte, N.C. Lacker announced Tuesday, Jan. 10, 2017, that he plans to ... retire on Oct. 1, stepping down after 28 years at the bank. (AP Photo/Chuck Burton, File) (The Associated Press)

Jeffrey Lacker, the president of the Federal Reserve's Richmond bank, announced Wednesday that he plans to retire on Oct. 1, stepping down after 28 years at the bank.

Continue Reading Below

Lacker becomes the second of the Fed's 12 regional bank presidents who will be departing this year. Atlanta Fed President Dennis Lockhart is retiring at the end of February.

Margaret Lewis, chair of the Richmond Fed's board of directors, said that she would lead a search committee to select a successor. Lacker, who had been an economics professor at Purdue University, joined the Richmond Fed in 1989 and served in a variety of leadership positions before becoming president of the bank in August 2004.