[Bloomberg: Fed Discusses Williams' Term, May End in 2027 or 2028] BlockBeats reported on November 12th, citing sources familiar with the matter, that as the Fed's longest-serving policymaker approaches retirement, the Fed is internally discussing rules regarding term limits for regional Fed presidents. The focus is on whether New York Fed President John Williams can serve until June 2028, completing his 10-year term, or whether he must leave office in June 2027 when he turns 65. According to relevant rules, regional Fed presidents typically retire at age 65; however, those first appointed after age 55 can have their term extended to 10 years or until age 75 (whichever comes first) at the discretion of the regional Fed's board of directors. The report states that one point of contention is whether Williams' years as president of the San Francisco Fed from 2011 to 2018 should be counted towards these 10 years. Williams himself and several observers had previously interpreted the rule as allowing him to serve until June 2028. He told Bloomberg last month that he planned to serve until then, stating it was a commitment to the New York Fed Board and his family. If Williams leaves in 2027, Fed Chairman Kevin Warsh will have the opportunity to influence the appointment of this key regional Fed head a year earlier. Sources say it is unclear whether Warsh or other Board members support ending his term early; requiring him to leave early could provoke opposition from other regional Fed presidents, who fear further Washington intervention in regional Fed operations. A spokesperson for the Federal Reserve Board and New York Fed Board President Pat Wang declined to comment. The New York Fed Board has not yet formally announced the start of the succession selection process, a process that typically takes several months. [Original Link]