The Federal Reserve Bank of Minneapolis named Narayana Kocherlakota as its new president and chief executive, effective Oct. 8.

"For an economist who has spent his career working on issues related to macroeconomics, monetary policy and finance, there can hardly be a better job than president of a Federal Reserve Bank," Kocherlakota said in a press release.

Kocherlakota succeeds Gary Stern, who was the longest serving regional Fed bank president until he announced his retirement in April. Stern was a vocal critic of the dangers posed by institutions that are "too big to fail."

Kocherlakota is currently an economics professor at the University of Minnesota.

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