Richmond Federal Reserve President Jeffrey Lacker, one of the U.S. central bank's most reliable proponents of interest rate increases, will retire from his post in October, the Richmond Fed said in a statement on Tuesday.

Lacker, 61, does not have a vote on rate policy this year but participates in policy discussions. He was next due to vote on monetary policy in 2018.

Lacker, who has led the Richmond Fed since 2004 and participated in the central bank's efforts to fight the 2007-08 financial crisis, will step down on Oct. 1.

The Richmond Fed said it has already formed a committee to find a successor to Lacker and has hired search firm Heidrick & Struggles to aide its efforts.