Nov. 2 (Bloomberg) -- Federal Reserve Bank of Dallas President Robert D. McTeer Jr. plans to leave the central bank in mid-November if he becomes head of the Texas A&M University system, said school spokeswoman Ann Kellett.

The university's regents will hold a telephone meeting on Nov. 4 at 11 a.m., local time, to vote on the appointment, Kellett said in a telephone interview. Texas A&M identified him as the sole finalist for the job on Oct. 13.

The timing of the departure would enable McTeer to attend the next meeting of the Fed's rate-setting committee Nov. 10. Central bankers raised the overnight bank-lending rate three times since June to 1.75 percent from 1 percent. All 47 economists surveyed by Bloomberg News expect another quarter point increase next week.

Dallas Fed spokesman James Hoard declined to comment on McTeer's possible departure date and the search for a successor. The Dallas Fed president, a non-voting member of the committee this year, makes his next public appearance in two days at a globalization conference in Dallas.

As a voting member of the committee in the past, McTeer, 62, opposed boosting rates in an expanding economy and pushed for lower rates when growth slowed.

The Texas A&M University system has about 100,000 students and includes nine state universities, seven state agencies and a health science center. It conducts more than $500 million in research each year.

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