Fed Governor to Step Down

June 4, 2001 (PLANSPONSOR.com) - After 14 years on the Board of Governors of the Federal Reserve System, Governor Edward Kelly, 69, has announced resignation plans.

He will resign formally once an additional Governor has been confirmed.

Kelly announced his plans ahead of time to provide a substantial notice period to accommodate the search for a replacement.

The Board, which consists of seven members, has been operating with only five for almost two years.

Kelley took office in 1987, appointed to the Board by the Reagan administration and then reappointed in 1990 by President Bush to a term that that expires on January 31, 2004.