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Fed's Poole to Retire

He will step down in March.
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Federal Reserve

Bank of St. Louis said President and CEO William Poole will retire from his position in March 2008. The search for a successor is underway.

Fed policy requires a president who begins service after the age of 55 to retire upon reaching 10 years of service. Poole, 70, assumed the presidency in March 1998.

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Irl F. Engelhardt, chairman of the St. Louis Fed's board, will head a search committee to identify candidates to replace Poole.

"For many years, the St. Louis Federal Reserve Bank has played a noteworthy role in the formulation of U.S. monetary policy," Engelhardt said in a statement. "Our goal is to select a president who will maintain that tradition and help the St. Louis Bank play an important role in the Federal Reserve System as it adapts to a changing operating environment."

The St. Louis Fed serves the Eighth Federal Reserve District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. The St. Louis Fed is one of 12 regional reserve banks.