From Bloomberg News comes some exciting news for James Lyon, Lawrence (’74):
Minneapolis Fed Appoints Lyon as Acting President
By Vivien Lou Chen
Sept. 1 (Bloomberg) — The Federal Reserve Bank of Minneapolis named James Lyon as acting president to succeed Gary Stern, the central bank’s longest-serving policy maker and a critic of bank bailouts.
Lyon, chief operating officer, will lead the Minneapolis Fed bank until a successor is named, district bank spokesman David Fettig said. Lyon joined the Minneapolis Fed in 1977 as an attorney and has served as first vice president and chief operating officer since 2000, the bank said on its Web site. Stern’s tenure ended yesterday, it said.
The Minneapolis Fed spent years under Stern warning about the risks posed by financial institutions deemed “too big to fail,” the focus of three congressional hearings from March until May. The district bank’s committee leading the search for a new president is headed by James Hynes, chairman of the Minneapolis Fed’s board.
“The board wants somebody who is trained as an economist, somebody very knowledgeable about monetary policy and who will provide a lot of feedback,” said V.V. Chari, a consultant to the Minneapolis Fed who teaches economics at the University of Minnesota.
Lyon, 57, leads the district bank on an interim basis amid the worst recession since the 1930s and efforts by the Obama administration to turn the central bank into the supervisor for the largest, most interconnected financial institutions.
Coordinates Operations
Lyon is chairman of the Conference of First Vice Presidents, which coordinates the operations of the 12 regional Fed banks. He is a graduate of Lawrence University in Appleton, Wisconsin and the University of Minnesota Law School.
For the rest of the story, click here.