[The question of when Williams should step down as president of the New York Fed has sparked debate within the Federal Reserve] On November 12, according to people familiar with the matter, as the longest-serving policymaker of the Federal Reserve is about to retire, there has been a discussion within the Federal Reserve around the rules for term limits for regional Fed heads. Federal Reserve officials are studying whether New York Fed President John Williams can serve until June 2028, when he will have served 10 years in his current position, or whether he should step down when he turns 65 in June 2027, in accordance with internal rules. If Williams leaves next year, it will give Fed Chairman Kevin Warsh a year early the opportunity to influence the appointment of the head of the central bank's most important region.