Fed Governor Kelley resigns effective end of year

<p>WASHINGTON-Federal Reserve Board Governor Edward W. Kelley, Jr., 69, submitted his resignation recently as a member of the Board of Governors of the Federal Reserve System, effective Dec. 31, 2001. Kelley, who has been a member of the Board since May 26, 1987, submitted his letter of resignation to President George W. Bush. “During his more than fourteen years on the Board, I have valued his sound judgment, hard work and, above all, his friendship,” Fed Chairman Alan Greenspan said. “I know of no one in public life with greater integrity or higher principles.” Kelley, the senior member of the Board, said he was resigning to turn his attention to family and other personal interests. He announced June 4 that he planned to leave the board when at least one of two vacant seats was filled. Susan Schmidt Bies and Mark W. Olson were sworn in to fill those seats on December 7. Kelley was originally appointed to the board by President Ronald Reagan and was reappointed by President George H. Bush in 1990 to a term that expires on Jan. 31, 2004.</p>