Bob McTeer

The Wall Street Journal

WASHINGTON – Federal Reserve Bank of Dallas President Robert McTeer resigned yesterday to become chancellor of the Texas A&M University System, as expected.

Helen Holcomb, first vice president and chief operating officer at the Dallas Fed, will be acting president until a permanent successor is found, the Fed said in a statement. She will represent the Dallas Fed at next Wednesday’s meeting of the Federal Open Market Committee, which sets interest rates. The Dallas Fed does not have a vote this year on FOMC decisions. Mr. McTeer’s replacement will be selected by the bank’s board of directors, subject to approval from the Federal Reserve Board in Washington.