Richmond Fed President Jeffrey Lacker is retiring

President of the Federal Reserve Bank of Richmond Jeffrey Lacker is retiring as of October 1, according to a release from the Richmond Fed.

"It's been an honor to serve the Federal Reserve," Lacker said in a release.

"I feel fortunate to have spent time throughout the Fifth District learning first-hand about people's economic experiences, and to have participated in some of the most extraordinary policy deliberations in our nation's history. It's been my deepest privilege to lead the Richmond Fed and the dedicated people who work here."

Lacker joined the Richmond Fed is 1989, according to teh release, and was appointed to the top job in 2004.

A search committee has been formed by the Richmond Fed, led by the chair of its Board of Directors Margaret Lewis to find a replacement.

NOW WATCH: Wendy's is roasting people on Twitter, and it's hilarious

Please enable Javascript to watch this video