Kevin Warsh resigns from Federal Reserve Board of Governors
Kevin Warsh, one of the Federal Reserve Board of Governors that steered the nation through the recession, resigned Thursday after five years of service. Warsh joined the Board in 2006, focusing his attention on monetary policy and the financial markets. He was a close adviser to Fed chair Ben Bernanke and became the only governor to question the Fed's November decision to continue with expansionary monetary policies to stimulate the economy, Bloomberg-BusinessWeek reported. In a resignation letter submitted to President Obama, Warsh told the president he "is honored to have served at a time of great consequence." Prior to his time at the Board, Warsh spent four years as special assistant to the president for economic policy and as executive secretary of the White House National Economic Council. He also served Morgan Stanley's mergers and acquisitions department as vice president and executive director. "Kevin rendered the Federal Reserve and the nation exemplary service during his time at the Board," said Bernanke. "In particular, his intimate knowledge of financial markets and institutions proved invaluable during the recent crisis. And he worked energetically and effectively behind the scenes overseeing the operations of the Board and the Federal Reserve System. I deeply appreciate his insights and wise counsel and, most especially, his fortitude and friendship during the difficult days, nights, and weekends of the crisis." Write to Kerri Panchuk.