Mishkin resigns from Fed board

Frederic Mishkin will step down as one of the governors of the US Federal Reserve in August, creating a third vacancy on the seven-seat board.

Mishkin plans to return to New York's Columbia University, where he was a professor of banking before joining the Fed in September 2006. He joined to replace Roger Ferguson, who resigned from the board in April that year; Mishkin's term would have finished in 2014.

The vacancies left on the board by the resignations of Susan Bies in March 2007 and Mark Olson in June 2006 have still not been filled, as the proposed successors, former TowneBank chief operating officer Elizabeth Duke and Capital One president of financial services Larry Klane, have not been approved by the Senate.

See also: Risk USA: Rate cuts do not “bail out Wall St”
Mishkin joins Fed board