Financial Update (July-September 2001)
Membership Changes Announced on Federal Reserve Board
number of membership changes have been announced for the Federal Reserve’s Board of Governors. In June, Fed Governor Edward W. Kelley Jr. announced his intention to leave the Board after one of the Board’s current vacancies is filled. In other action, President George W. Bush nominated two individuals to fill the currently vacant positions.
On the board
Kelley said that he will submit a formal letter of resignation to the president after an additional governor has been nominated and confirmed and is at work at the Board. Kelley was originally nominated to fill an unexpired term on the Board in 1987. In 1990 he was renominated to a 14-year term that expires on Jan. 31, 2004.
The other members of the Federal Reserve’s Board of Governors are Chairman Alan Greenspan, Vice Chairman Roger W. Ferguson Jr., who was recently confirmed by the U.S. Senate for a new 14-year term, Edward M. Gramlich and Laurence H. Meyer.
Bush announces two nominations
During the summer President Bush nominated two individuals to the Board who must first be confirmed by the Senate. In June, Bush announced the nomination of Susan Schmidt Bies, who is currently an executive vice president at First Tennessee National Corp. The nomination of Mark W. Olson, a former banker who most recently served as staff director of the Securities Subcommittee for the U.S. Senate Banking, Housing and Urban Affairs Committee, was announced in July. There has been no indication about when the Senate will consider these nominations.