Bergsten to step down from Peterson Institute

C. Fred Bergsten, a towering figure in Washington economic policy circles, will step down from his position leading the Peterson Institute for International Economics after 30 years.

Bergsten will leave at the end of 2012, once a new director has been named, the Institute said in a statement.

"Upon completing my thirtieth year as director, I have decided that this is the optimal time to arrange an orderly transition to new leadership," Bergsten said.

The Peterson Institute is possibly the foremost Washington think tank on trade policy. It was formerly named the Institute for International Economics.

Bergsten, who is especially known for his expertise on international currency issues, serves on several Obama administration trade advisory panels and is frequently called to testify before Congress.

In the 1970s and early 1980s he served as assistant Treasury secretary.

Bergsten is a leading advocate for free trade and has also argued that President Obama should do more to end the undervaluation of China’s currency, something that hurts U.S. exports while giving Chinese imports an advantage.