Board of Governors of the Federal Reserve System

Frederic S. Mishkin submitted his resignation on Wednesday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2008.

Mishkin, who has been a member of the Board since September 5, 2006, submitted his letter of resignation to President Bush.  He will return to the Graduate School of Business at Columbia University as a professor of economics and resume teaching in the fall.  The Federal Open Market Committee meeting on August 5 will be his last.

"Rick's contributions to the intellectual underpinnings of monetary policy at the Federal Reserve have been invaluable," said Federal Reserve Board Chairman Ben S. Bernanke.  "His keen insights, deep analysis and humor have enriched our deliberations.  I greatly value his friendship and counsel and wish him all the best as he returns to teaching."

Mishkin, 57, was appointed to the Board by President Bush to fill an unexpired term ending January 31, 2014.  During his time on the Board, he served as Chairman of the Committee on Economic Affairs and as a member of the Committee on Supervisory and Regulatory Affairs and the Committee on Consumer and Community Affairs.

Before joining the Board, Mishkin was the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, from 1999 to 2006.  In addition, he has taught at the University of Chicago, Northwestern University, and Princeton University.

A copy of his resignation letter is attached.