By Cynthia Lin and Anusha Shrivastava
The Federal Reserve Bank of New York said Thursday the head of its markets group, Brian Sack, is resigning from the bank effective Sept. 14.
Sack, 41, is to stay in his current post until June 29 as the bank searches for his replacement. In his current role, Sack oversees market-related studies and manages the System Open Market Account.
According to a New York Fed representative, Sack doesn’t have another job. If he did, he would have had to leave his post effective immediately, the representative said.
In a press release on the New York Fed website, the bank says Sack will step down from his post on June 29, then be placed on leave until Sept. 14, during which he will have limited contact with the bank.
Sack joined the New York Fed as head of the markets group in June 2009. He replaced William Dudley, who is now the bank’s president and plays a central role on theFederal Reserve‘s policy-setting board.