Fed Member Elizabeth Duke to Resign

Federal Reserve Governor Elizabeth Duke, who had taken a lead role on housing issues at the U.S. central bank, submitted her resignation Thursday, effective Aug. 31, the Fed said.

Duke’s term had expired in January 2012, but Fed governors can remain in office longer, until they are replaced.

Duke, 60, was appointed in August 2008 by then-President George W. Bush. The Fed said she made no announcement about her plans.

Her departure creates a vacancy for President Barack Obama to fill at time when he may also need to find a replacement for Chairman Ben Bernanke. Many expect Bernanke to leave the Fed when his second four-year term ends in January.

In her resignation letter to Obama, Duke praised Bernanke’s leadership during the 2008 financial crisis. She said the Fed under Bernanke’s guidance had “met every test in a thoughtful, innovative and effective way.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza