Tom Hoenig, the outspoken president of the Kansas City Federal Reserve Bank, announced today that he will retire on Oct. 1.
Hoenig has served as president for nearly 20 years. He's worked for the Federal Reserve for nearly 38 years.
Paul DeBruce, chairman of the Kansas City Fed's board of directors, said a committee will be formed to begin a search for a replacement.
Hoenig was frequently the lone dissenter when he served on the Federal Reserve's Open Market Committee last year, on issues such as the Fed's $600 billion bond-purchase program and on keeping interest rates historically low.