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

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