of Philadelphia, announced Tuesday that he will retire May 31.

Mr. Boehne, a voting member of the Federal Open Market Committee, has headed the Philadelphia Fed since February 1981.

"It has been a privilege to work with Chairman Alan Greenspan and with colleagues both in Philadelphia and in Washington, D.C.," said Mr. Boehne, 59. "I've been fortunate to have served during one of the longest economic expansions in our country's history."

His successor will be chosen by the bank's board of directors, and the choice will be submitted for approval by the Federal Reserve Board.

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