Susan Schmidt Bies has resigned as a member of the Board of Governors of the Federal Reserve System
Susan Schmidt Bies submitted her resignation as a member of the Board of Governors of the Federal Reserve System, with effect from March 30.
Bies, who has been a member of the Board since December 7, 2001, submitted her resignation to President Bush, and plans to spend more time with her family. She does not plan to attend the March 20-21 meeting of the Federal Open Market Committee.
"Sue's invaluable contributions to both monetary and regulatory policy at the Federal Reserve have been aided by her unique perspective as both an economist and a banker," said Federal Reserve Board chairman Ben Bernanke. "Her leadership at the Board was most evident in guiding our efforts in banking policy and community affairs. I will miss her counsel, and wish her all the best in her new endeavours."
Bies, 59, was appointed by President Bush to a full term on the Federal Reserve Board ending January 31, 2012. During her time on the Board, she has served as chairman of the Committee on Supervisory and Regulatory Affairs; chairman of the Committee on Consumer and Community Affairs; and as a member of the Committee on Federal Reserve Bank Affairs. In addition, she represented the Federal Reserve in the Financial Stability Forum and led the Federal Reserve's efforts to modernize the Basel capital accord.
Before joining the Board, Bies served in various positions at First Tennessee National Corporation, and was a member of the Emerging Issues Task Force of the Financial Accounting Standards Board. Earlier in her career, she taught economics at Rhodes College and at Wayne State University, and served as an economist at the Federal Reserve Bank of St. Louis.
More on People
Michele Foresti officially resigns from role after failing to receive regulatory approval
James Coulson joins Swiss bank after 18 years at SocGen
Job changes in the derivatives, regulation and risk industry throughout Asia
Hoodless and Madaras among those suspended
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.