Fed Governor Elizabeth Duke to resign from board

126px-US-FederalReserveSystem-Seal.svgFederal Reserve Governor Elizabeth A. Duke, who has served as a board member since 2008, announced her resignation on Thursday, effective Aug. 31.

“I am especially gratified to have brought my own practical banking experience and community banking perspective to the massive overhaul of financial system regulation that was required by the provisions of the Dodd-Frank Act and informed by the lessons learned during the financial crisis,” Duke said in her resignation letter to President Obama. “It has been an honor to serve my country at the Federal Reserve.”

Duke was appointed by President Bush to fill an unexpired term that ended last January. During her time on the board, she served as the chairman of the Consumer Community Affairs Committee and Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.

“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” Federal Reserve Chairman Ben S. Bernanke said. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors.”

Before coming to the board, Duke served as the COO and senior executive vice president of Virginia-based TowneBank. Prior to TowneBank, she served as executive vice president at Wachovia and an executive vice president at SouthTrust Bank. She was also the president and CEO of Bank of Tidewater.

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