WASHINGTON -- Citing a desire to return to his teaching position at Columbia University's Graduate School Business, Federal Reserve Board Governor Frederic S. Mishkin announced late last month that he will leave his position as of Aug. 31.
Mishkin, a board member since September 2006, is serving a term that expires in 2014. While on the board, he has chaired the Committee on Economic Affairs and was a member of the Committee on Consumer and Community Affairs.
"Rick's contributions to the intellectual underpinnings of monetary policy at the Federal Reserve have been invaluable," said Federal Reserve Board Chairman Ben S. Bernake. "His keen insights, deep analysis, and humor have enriched our deliberations.
President Bush can appoint a successor to Mishkin, subject to the advice and consent of the Senate.