Less than a year after taking the job, the head of the Federal Reserve’s Miami branch is leaving.
Tim Smith took over as the Fed’s regional executive for southern Florida in December when Juan del Busto retired after nine years on the job. This month, Smith announced his own retirement, effective Sept. 1.
Before coming to Miami Smith was an economist and public affairs officer in the Fed’s Atlanta office. His quick departure leaves the Fed to again find a replacement for del Busto, a fixture on the Miami civic and business-group speaking circuit.
The Fed’s Miami executive is charged with reporting on the status of southern Florida’s economy — often by interviewing CEOs and other business leaders. Those reports end up as part of the Fed’s regular Beige Book report, which is closely watched by financial markets. The Miami branch, based in Doral, also keeps vaults of currency for bank exchanges and processes checks.