WASHINGTON (MNI) – The following is the text of a statement from
the Federal Reserve Thursday announcing the resignation of Gov. Kevin
Warsh effective on or around March 31. Warsh took office on February 24,
2006, to fill an unexpired term ending January 31, 2018:
Kevin Warsh announced his intent to resign as a member of the Board
of Governors of the Federal Reserve System on or around March 31, 2011.
Governor Warsh, a member of the Board since February 2006,
submitted his letter of resignation to President Obama today.
“Kevin rendered the Federal Reserve and the nation exemplary
service during his time at the Board,” Federal Reserve Board Chairman
Ben S. Bernanke said. “In particular, his intimate knowledge of
financial markets and institutions proved invaluable during the recent
crisis. And he worked energetically and effectively behind the scenes
overseeing the operations of the Board and the Federal Reserve System. I
deeply appreciate his insights and wise counsel and, most especially,
his fortitude and friendship during the difficult days, nights and
weekends of the crisis.”
Warsh has focused most significantly on issues related to financial
markets and the conduct of monetary policy.
Warsh has served as the Federal Reserve’s representative to the
Group of Twenty and the Board’s emissary to the emerging and advanced
economies in Asia. In addition, he has served as Administrative
Governor, managing and overseeing the Board’s operations, personnel, and
financial performance.
Prior to his appointment to the Board, from 2002 until 2006, Warsh
served as Special Assistant to the President for Economic Policy and
Executive Secretary of the White House National Economic Council.
Previously, Warsh was a member of the Mergers & Acquisitions
department at Morgan Stanley & Co. in New York, serving as Vice
President and Executive Director. Warsh was born in Albany, New York. He
received his A.B. from Stanford University, and his J.D. from Harvard
Law School.
** Market News International Washington Bureau: 202-371-2121 **
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