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Fed governor resigns
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June 4, 2001: 2:50 p.m. ET
Edward Kelley's resignation takes effect when board vacancy filled
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NEW YORK (CNNfn) - Federal Reserve Board Governor Edward W. Kelley Jr. said Monday he plans to resign from the Federal Reserve Board of Governors as soon as one of two vacant seats on the board is filled.
"After fourteen highly rewarding years of service on the Board of Governors of the Federal Reserve System, I want to focus on family and other interests," Kelley said.
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Edward W. Kelley Jr.
The Federal Reserve Board governor was appointed by President Ronald Reagan in 1987. | |
Kelley also is a member of the Federal Open Market Committee, which sets the Federal Reserve's monetary policy.
The Federal Reserve is the central bank of the U.S. and is charged with encouraging U.S. economic growth while avoiding inflation. The Fed steers U.S. monetary policy by manipulating short-term interest rates by raising or lowering its target for the federal funds rate, an overnight bank lending rate.
The Fed's Board of Governors, which manages the Fed system, consists of seven members, but has been operating with two vacancies since July 1999.
Special Report: Eyes on the Fed
Kelley took office May 26, 1987, after being appointed t by President Ronald Reagan. President George Bush reappointed him in 1990 to a term that expires Jan. 31, 2004.
"Governor Kelley is a man of the highest principle," said Fed Chairman Alan Greenspan, who was also appointed by Reagan in 1987. "I will miss his wise counsel. In his fourteen years on the Board, he has given more than sound judgment and hard work; he has given us the gift of his friendship." 
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Federal Reserve Board
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