For immediate release

The Federal Reserve Board today released the following statement from Governor Edward W. Kelley, Jr., announcing his plans to resign from the Board after at least one of the current vacancies is filled. Kelley said he will submit a formal letter of resignation to the President when an additional Governor has been nominated and confirmed, and is at work at the Board. "After fourteen highly rewarding years of service on the Board of Governors of the Federal Reserve System, I want to focus on family and other interests. I intend to resign but I will remain at the Board for as long as necessary to accommodate the need for a minimum of five active members. I am announcing my plans now to provide substantial notice to my colleagues and the Administration and to facilitate scheduling the work of the Board over the period ahead. It has been a great privilege to be a part of the Federal Reserve System, an institution for which I have the most profound respect. I look forward to working in the coming months with my friends on the Board and the staff, and in the Reserve Banks, to accomplish the continuing work of the organization and ensure a smooth transition." Kelley, 69, was first appointed to the Board by President Reagan, taking office on May 26, 1987. President Bush reappointed him in 1990 to a term that expires on January 31, 2004. The Board of Governors consists of seven members but it has been operating with two vacancies since July 1999.

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