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Fed Governor Elizabeth Duke submits resignation

Federal Reserve Board Governor Elizabeth Duke is resigning from her post, effective Aug. 31.

Duke, who joined the board in August of 2008, spent her five years at the Fed dealing with the aftermath of the housing crisis and recession — a period that led to massive Fed intervention into the housing economy and banking sector.  

“I believe history will judge that the Federal Reserve, under the resolute leadership of Chairman Bernanke, met every test in a thoughtful and effective way,” Duke wrote in her resignation letter. “Such a response would not have been possible without the unique mix of intellect, expertise, creativity and tireless dedication to service that the people who make up the Federal Reserve System bring to work every day.”

Duke, 60, was appointed by President Bush for a term that ended on Jan. 31, 2012.

She served as chair of the Committee on Consumer and Community Affairs and Subcommittee on Supervision and Regulaton of Community and Small Regional Banking Organizations.

Previously, Duke served TowneBank, a Virginia community bank, as chief operating officer and senior executive vice president.

Click here to read Duke’s resignation letter. 

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