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Minneapolis Federal Reserve President to retire

Gary Stern, the president and chief executive of the Federal Reserve Bank of Minneapolis, is retiring.

Stern, 64, will retire this summer, according to the Fed on Thursday.

"I am confident that with the chairman's leadership, along with other outstanding policymakers in the Federal Reserve, our financial system will fully stabilize and our economy will once again resume growth," Stern told the Wall Street Journal.

Stern is the longest-serving U.S. Federal Reserve Bank president of the country’s 12 prior presidents. He became president in 1985, the Associated Press reported.

He currently is not a voting member of the interest rate setting Federal Open Market Committee, but he has been voicing concerns on monetary policy, according to the Associated Press and Wall Street Journal.

He tried to direct attention on addressing issues with financial institutions which were considered too big to fail, the Wall Street Journal reported. He even wrote and published a book called “Too Big to Fail: The Hazards of Bank Bailouts” in 2004.

A nationwide search will be conducted to find a replacement, the Associated Press reported.