UPDATE 2-Minneapolis Fed seeks new research chief after Schulhofer-Wohl leaves

By Ann Saphir
Reuters

(Adds comment from Minneapolis Fed, recasts lede)

DALLAS, Sept 9 (Reuters) - Minneapolis Federal Reserve Bank is seeking a new research director after Sam Schulholfer-Wohl, who ran the bank's research department for the last three years, left to take a job at the Chicago Federal Reserve Bank.

"After six years at the bank, Sam Schulhofer-Wohl decided to leave the bank in late August," Minneapolis Fed spokesman David Wargin said in response to a query from Reuters.

"We are grateful for Sam's many contributions to the research department and to the bank and wish him every success in his future endeavors."

Minneapolis Fed President Neel Kashkari, who took the top job at the bank in January, wants a new research director who will also advise on monetary policy and attend policy-setting meetings in Washington, an ad for Schulhofer-Wohl's replacement shows. The ad, posted on the Minneapolis Fed's website, states that the application review will begin on Monday.

Fed policymakers, who next meet on Sept. 20-21, are mulling the timing of their next rate hike.

Many regional Fed presidents bring their research directors to the meetings. Kashkari, who does not have a background in economic research himself, has not brought his research chief to a policy-setting meeting since April.

Kashkari ran the U.S. Treasury's bank bailout program during the financial crisis and later ran as Republican candidate for governor in California. He has sought to put his mark on the Fed's smallest regional bank with a project aimed at solving the problem of too-big-to-fail banks, and does not often speak extensively about monetary policy matters.

Schulhofer-Wohl's published research has been on issues related to monetary policy and the macroeconomy, rather than on regulatory or banking issues.

His new position at the Chicago Fed is senior economist and research adviser.

Schulhofer-Wohl and a spokesman for the Chicago Fed did not immediately respond to an emailed query after regular business hours on Friday. (Reporting by Ann Saphir; editing by Diane Craft and Himani Sarkar)

09/09/2016 22:36