WASHINGTON — Minneapolis Federal Reserve Bank President Narayana Kocherlakota will become the next chair of the Financial Services Policy Committee starting on March 17.

Kocherlakota, who has been a member of the committee since 2010, will succeed Sandra Pianalto, the president of the Federal Reserve Bank of Cleveland, who is retiring from that post on May 31.

"The pace of change within the payment system has accelerated greatly in recent years. Against that backdrop of rapid change, the Federal Reserve Banks remain committed to working collaboratively with a wide variety of stakeholders, so as to meet evolving end-user needs for speed, efficiency, and security," said Kocherlakota, in a press release.

In his new role, he will be overseeing the strategies and operations of the Fed's product offices, including retail payment office and the cash product office.

The FSPC was created in 1994 to help coordinate management and strategic planning for the provision the Fed's financial services by the 12 Reserve Banks.

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