Federal Reserve Governor Elizabeth Duke, a former community banker who focused on regulation, plans to resign her seat effective Aug. 31, the central bank said in a statement.
Duke, who never dissented from a Federal Open Market Committee decision, submitted her letter of resignation to President Barack Obama and made no announcements about her future plans, the Fed said today in Washington.
Duke, 60, took office in 2008 and is the only member of the Fed Board not appointed or reappointed by Obama. Her term expired on Jan. 31, 2012, and she continued to serve in the absence of a replacement being named.
“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” Fed Chairman Ben S. Bernanke said in the statement. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders.”
Duke’s departure creates another opportunity for Obama to leave his stamp on the Fed’s seven-member panel. The president also needs to choose who will lead the central bank after the expiration of Bernanke’s second term on Jan. 31.
Duke focused during her tenure on small banking institutions and consumer issues.
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