| For immediate release |
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Edward W. Kelley, Jr., submitted his resignation Wednesday as a member of the Board of Governors of the Federal Reserve System, effective December 31, 2001. Kelley, who has been a member of the Board since May 26, 1987, submitted his letter of resignation to President Bush. In view of his impending departure and in keeping with Board practice, he did not attend the December 11 meeting of the Federal Open Market Committee. "During his more than fourteen years on the Board, I have valued his sound judgment, hard work and, above all, his friendship," Chairman Alan Greenspan said. "I know of no one in public life with greater integrity or higher principles." Kelley, the senior member of the Board, said he was resigning to turn his attention to family and other personal interests. He had announced on June 4 that he planned to leave the Board after at least one of two vacant seats was filled. Susan Schmidt Bies and Mark W. Olson were sworn in to fill those seats on December 7. Kelley, 69, was first appointed to the Board by President Ronald Reagan. President George H.W. Bush reappointed him in 1990 to a term that expires on January 31, 2004. During much of his tenure, he served as Chairman of the Board's Committee on Reserve Bank Affairs, overseeing the operations and payment services of the twelve Federal Reserve Banks. He led the Reserve Banks' efforts to prepare their computer systems for a smooth transition during the century date change. Before becoming a member of the Board, Kelley had been Chairman of the Board of Investment Advisers, Inc., in Houston, Texas, and President and Chief Executive Officer of Kelley Industries, Inc., a Houston-based company with subsidiaries in manufacturing, distribution and business services. Attached is a copy of his letter of resignation. |