David Stockton, the director of the Federal Reserve Board's division of research and statistics, will retire on Sept. 30, the central bank said Tuesday.

Stockton spent three decades at the Fed serving under two chairmen, Ben Bernanke and Alan Greenspan.

He held the position of director for 11 years. In that post, he was responsible for overseeing more than 300 employees in the division as well as briefing the Federal Open Market Committee on the U.S.' economic outlook.

Before joining the central bank in 1981, Stockton was an instructor and lecturer at Yale University and at Trinity College.

He began his career at the Fed as an economist and later became a member of the economic activity section coordinating staff economic projections for the FOMC.

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