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Elizabeth A. Duke Submits Resignation as a Member of Federal Reserve Board of Governors


July 15 - Elizabeth A. Duke has submitted her resignation as a member of the Board of Governors of the Federal Reserve System, effective Aug. 31, 2013.

Duke, who has been a member of the board since Aug. 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.

"Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the board," said Federal Reserve Chairman Ben S. Bernanke. "She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors."

Duke, 60, was appointed to the board by President Bush to fill an unexpired term that ended Jan. 31, 2012. During her time on the board she served as chairman of both the committee on consumer and community affairs and the subcommittee on supervision and regulation of community and small regional banking organizations.

Before joining the board, Duke was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an executive vice president at Wachovia Bank and as an executive vice president at SouthTrust Bank. Earlier in her career, Duke was president and CEO of Bank of Tidewater, based in Virginia Beach, Va.