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Cleveland Fed Bank Chief to Retire

July 10, 2002

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CLEVELAND (AP) _ Jerry Jordan, president of the Federal Reserve Bank of Cleveland for the last 10 years, plans to retire in January. In the post, Jordan helped set the nation’s monetary policy.

Jordan, 60, said he plans to spend more time with friends and family.

The Cleveland Fed distributes currency to banks and provides check-clearing services in Ohio, eastern Kentucky, western Pennsylvania and the northern panhandle of West Virginia. It is one of 12 Federal Reserve banks in the nation.

As part of his job, Jordan served as a member of the Federal Open Market Committee which sets monetary policy on behalf of the Federal Reserve System.

``I have truly enjoyed the opportunity to serve as a policymaker and to work with esteemed colleagues on the Federal Open Market Committee and here at the Cleveland Reserve Bank,″ Jordan said in a statement Tuesday.

Jordan became Cleveland Fed president in 1992 after leaving First Interstate Bancorp in Los Angeles as its senior vice president and chief economist.

In 1981 he served on President Ronald Reagan’s Council of Economic Advisers.

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On the Net:

Federal Reserve Bank of Cleveland http://www.clev.frb.org

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