Resignation of Governor Edward M. Gramlich.

Governor Edward M. Gramlich submitted his resignation on May 18, 2005, as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2005. Governor Gramlich, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. In view of his impending departure and in keeping with Federal Open Market Committee practice, he did not attend the August 9, 2005, meeting of the FOMC.

"Ned has contributed powerfully to the work of the Board and of the FOMC for nearly eight years," said Federal Reserve Board Chairman Alan Greenspan. "Our deliberations have been enriched by his keen insights, his good humor, and his lively mind."

Gramlich resigned to pursue several teaching and research interests. He will become the Richard A. Musgrave collegiate professor in the Gerald R. Ford School of Public Policy at the University of Michigan, teaching in that program and in the new Michigan in Washington Program. He will also hold a part-time appointment as senior fellow at the Urban Institute.

Gramlich, 65, was first appointed to the Federal Reserve Board by President Clinton to a term that expires on January 31, 2008. For most of this time he has served as chair of the Board's Committee on Consumer and Community Affairs. During his tenure the committee proposed, and the Board adopted, important changes in the Home Owner Equity Protection Act and the Home Mortgage Disclosure Act. The committee has also proposed a revision to the Community Reinvestment Act.

He has also been the Board's delegate to, and chair of, the Airline Transportation Stabilization Board, a board set up to administer the $10 billion loan guarantee program enacted in response to the September 11, 2001, disaster.

Governor Gramlich has chaired the board of the Neighborhood Reinvestment Corporation, a partnership that has generated more than $8.5 billion in reinvestment and helped more than 500,000 families of modest means purchase or improve their homes or secure rental or mutual housing.

Before coming to the Board, Governor Gramlich was dean of Michigan's School of Public Policy, now renamed as the Gerald R. Ford School of Public Policy. He also chaired the 1994-96 Quadrennial Advisory Council on Social Security and was staff director for the 1992 Economic Study Committee on Major League Baseball.