William J. Polley

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February 22, 2006

Fed Vice Chair Ferguson resigns

From the press release:

Roger W. Ferguson, Jr., submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective April 28, 2006.

Ferguson, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. He will not attend the March 27-28 meeting of the Federal Open Market Committee.

"Roger has made invaluable contributions to the Federal Reserve and to the country," said Federal Reserve Board Chairman Ben S. Bernanke. "He led the Fed's first response to the 9/11 terrorist attacks, was a strong advocate for increased transparency of monetary policy, and ably represented the Federal Reserve in important international fora. I value his friendship and counsel greatly and wish him all the best in his new endeavors."

Ferguson, 54, was first appointed to the Board by President Clinton to fill an unexpired term ending January 31, 2000. He was then appointed by President Bush to a full term that expires on January 31, 2014.

Ferguson is the last member of the Board who was not originally appointed by President Bush.

Mr. Ferguson was involved in a number of important activities while at the Fed. His work has largely been in the area of payments systems and financial stability. It's important work that perhaps does not always get the attention it deserves. As the senior member on the Board, his institutional experience will be missed as well.

Here is an interview with Mr. Ferguson that the Minneapolis Fed published back in 2000.

Posted by William Polley at February 22, 2006 10:46 AM

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Posted by: calmo at February 22, 2006 1:30 PM

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