Fisher, president of Dallas Fed, to step down in March; search firm hired to find replacement

The president of the Federal Reserve Bank of Dallas plans to retire March 19.

A search firm has been hired to find a replacement for Richard Fisher. He's led the Dallas Fed since 2005. He was required to step down by April 30 under the central bank's retirement rules but had not set a date until Thursday.

Fisher is considered a leading "hawk" for his frequent concern that Fed policy favoring low interest rates could trigger inflation. Fisher has dissented this year when the central bank's policymaking committee voted to continue planning to keep a key short-term interest rate at a record low for a "considerable time."

The Dallas Fed said it hired the executive search firm of Heidrick & Struggles to look for a successor.