Fed Member Elizabeth Duke to Resign

Federal Reserve Governor Elizabeth Duke, who had taken a lead role on housing issues at the U.S. central bank, submitted her resignation Thursday, effective Aug. 31, the Fed said.

Duke’s term had expired in January 2012, but Fed governors can remain in office longer, until they are replaced.

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

Her departure creates a vacancy for President Barack Obama to fill at time when he may also need to find a replacement for Chairman Ben Bernanke. Many expect Bernanke to leave the Fed when his second four-year term ends in January.

In her resignation letter to Obama, Duke praised Bernanke’s leadership during the 2008 financial crisis. She said the Fed under Bernanke’s guidance had “met every test in a thoughtful, innovative and effective way.”

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.