Fed Governor to Resign in August


Federal Reserve Governor Elizabeth Duke, who had taken a lead role on housing issues at the U.S. central bank, and whose term had expired in January 2012, resigned on Thursday, the Fed said.

Her resignation is effective August 31. Fed governors can remain in office after their terms have expired, until they are replaced.

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Duke, 60, was appointed in August 2008 by former President George W. Bush. The Fed said she made no announcement about her future plans.

Fed Chairman Ben Bernanke thanked Duke for her service, particularly in the field of banking.

"She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors," he said in a statement.