| For immediate release |
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Laurence H. Meyer submitted his resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective the last day of his term, January 31, 2002. Meyer has been a member of the Board since June 20, 1996. "During my term here, we have seen remarkable developments, both in the economy and in the structure of financial market institutions," he said in a letter to President Bush. "These developments have required the Federal Reserve to adapt its monetary and regulatory policies to help our economic system realize its full potential," he wrote. "As an independent central bank, the Federal Reserve is well-structured to accomplish this goal, and I hope I have been able to make a contribution to this effort." In view of his impending departure and in keeping with Board practice, Dr. Meyer will not attend the January 29-30 meeting of the Federal Open Market Committee. "Larry Meyer has made a major contribution to the Board's monetary policy," said Chairman Alan Greenspan. "His thoughtful insights into difficult issues and his technical expertise have materially enhanced the deliberations of the Board and the Federal Open Market Committee. His influence will carry on beyond his tenure as a Board member." Dr. Meyer, 57, was appointed to the Board by President Clinton. During much of his tenure, he served as Chairman of the Board's Committee on Supervisory and Regulatory Affairs. In that capacity, he oversaw the Board's regulatory implementation of the Gramm-Leach-Bliley Act and its participation in negotiations toward a new international capital accord. He also led the effort to encourage the development of sophisticated risk-management techniques at the nation's large, complex banking organizations. Recognized as one of the nation's leading economic forecasters before becoming a member of the Board, Meyer was president of Laurence H. Meyer and Associates, a St. Louis-based economic consulting firm specializing in macroeconomic forecasting and policy analysis, and a professor of economics at Washington University. Attached is a copy of his letter of resignation. |