The New York Federal Reserve’s Brian Sack, the man pretty much responsible for overseeing the Fed’s quantitative easing, is resigning from his post as head of the Markets Group, Reuters reported.
The Financial Times’ FT Alphaville points out that Sack will stay in his position until around the time Operation Twist ends this summer.
The Federal Reserve Bank of New York today announced that Brian Sack, executive vice president and head of the Markets Group, is resigning from the Bank effective September 14, 2012.
Mr. Sack will remain in his current position as head of the Markets Group and Manager of the System Open Market Account (SOMA) until June 29, 2012, to help ensure a smooth transition. The New York Fed has started the search process for Mr. Sack’s replacement.
“Brian’s service to the Bank over the past three years has been critical to our response to the financial crisis and the country’s economic recovery,” said William C. Dudley, president and chief executive officer of the New York Fed. “I accepted his resignation with great regret and wish him well.”
Mr. Sack will step down as head of the Markets Group and SOMA Manager on June 29, 2012. He will then be placed on leave until September 14, 2012, during which he will have limited contact with the Bank and no access to Bank information, including FOMC and supervisory materials.
Mr. Sack joined the New York Fed as head of the Markets Group in June of 2009.
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