Dallas Fed names Fisher as new president

The Dallas Federal Reserve on Tuesday named former U.S. trade negotiator Richard Fisher as its next president, effective April 4, 2005.

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The president of the Dallas Fed is a voting member of the central bank's Federal Open Market Committee next year, with the first policy-setting meeting of the year to be held on Feb. 1 and 2. The bank had already said Atlanta Fed President Jack Guynn will vote in its place if it did not have a new president appointed by then.

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Fisher, who also was an assistant to the Treasury secretary, succeeds Robert McTeer, the U.S. central bank's poetry penning self-styled "lonesome dove". McTeer left in November to become chancellor of the Texas A&M University System.

Fisher, who ran for the U.S. Senate in 1993 as a conservative Democrat, was Deputy U.S. Trade Representative during former President Bill Clinton's second term.