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Martha R. Seger: resignation as a member of the Board of Governors.

SR0172

On January 23, 1991, Martha R. Seger announced her resignation as a member of the Board of Governors of the Federal Reserve System, effective at a date to be determined later. Governor Seger has been a member of the Board since July 2, 1984.

In her letter of resignation to President Bush, Governor Seger said she felt it was the appropriate time to leave the Board to pursue other interests and to tend to personal and family responsibilities.

During her term as a Board member, Governor Seger has also chaired the Neighborhood Reinvestment Corporation and filled the Federal Reserve seat on the National Women's Business Council.

Her letter of resignation follows:
January 22, 1991
President George Bush
The White House
Washington, D.C.


Dear President Bush:

I have been trying to get an appointment to see you for the last few months and for very understandable reasons have not been able to get on your schedule. Besides wanting to discuss some concerns I had over the health of our economy and the financial system, I wanted to inform you of my family situation and why it would probably cause me to leave Washington in the not too distant future.

After lengthy discussions with family members and good friends, I have decided that this is the appropriate time to make that decision. Thus, after serving nearly seven years as a Governor of the Federal Reserve and getting half way through my very long term, I would like to resign to pursue other interests and tend to personal and family responsibilities.

For nine of the past ten years-which should have been my peak earning years-I have been in public service either in Michigan or in Washington earning subpar wages. Therefore, I must concentrate on increasing my income and replenishing my depleted savings by returning to the private sector.

My primary goal is to get involved in business by becoming a professional corporate director of a number of major companies. Since I like students and the academic atmosphere, I will also do some lecturing at several colleges. Finally, I hope to give some speeches and do occasional consulting jobs.

I am proud to have been appointed by President Reagan and am grateful to have had the opportunity to fill this important job. I have taken the responsibilities seriously and worked hard to get economic policy makers to think about the impact of their decisions on manufacturing and the great Midwest.

It was exciting to be involved in the policies that produced the longest peacetime expansion in American history, and I am disappointed that our economy is now in recession.

Since I have a number of projects and assignments to complete, I will set the exact time of my departure later.

Good luck with your many responsibilities-both in the Middle East and domestically.

Cordially,

Martha R. Seger
COPYRIGHT 1991 Board of Governors of the Federal Reserve System
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Title Annotation:Announcements; Federal Reserve Board
Publication:Federal Reserve Bulletin
Date:Mar 1, 1991
Words:474
Previous Article:Statement to Congress.
Next Article:Change in the discount rate.


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