Resignation of Governor Laurence H. Meyer. (Announcements).

Laurence H. Meyer submitted his resignation on January 14, 2002, as a member of the Board of Governors of the Federal Reserve System, effective the last day of his term, January 31, 2002.

Governor Meyer had been a member of the Board since June 20, 1996. "During my term here, we have seen remarkable developments, both in the economy and in the structure of financial market institutions," he said in a letter to President Bush.

"These developments have required the Federal Reserve to adapt its monetary and regulatory policies to help our economic system realize its full potential," he wrote. "As an independent central bank, the Federal Reserve is well-structured to accomplish this goal, and I hope I have been able to make a contribution to this effort."

In view of his impending departure and in keeping with Board practice, Dr. Meyer did not attend the January 29-30 meeting of the Federal Open Market Committee.

"Larry Meyer has made a major contribution to the Board's monetary policy," said Chairman Alan Greenspan. "His thoughtful insights into difficult issues and his technical expertise have materially enhanced the deliberations of the Board and the Federal Open Market Committee. His influence will carry on beyond his tenure as a Board member."

Dr. Meyer, 57, was appointed to the Board by President Clinton. During much of his tenure, he served as chairman of the Board's Committee on Supervisory and Regulatory Affairs. In that capacity, he oversaw the Board's regulatory implementation of the Gramm-Leach-Bliley Act and its participation in negotiations toward a new international capital accord. He also led the effort to encourage the development of sophisticated risk-management techniques at the nation's large, complex banking organizations.

Recognized as one of the nation's leading economic forecasters before becoming a member of the Board, Meyer was president of Laurence H. Meyer and Associates, a St. Louis-based economic consulting firm specializing in macroeconomic forecasting and policy analysis, and a professor of economics at Washington University. The text of his letter of resignation appears below.

January 14, 2002

The Honorable George W. Bush
The President of the United States
The White House
Washington, D.C. 20500

Dear Mr. President:

I respectfully tender my resignation as of January 31, 2002, when my term as a Governor of the Federal Reserve Board ends.

It has been a great privilege and honor to serve the country as a member of the Federal Reserve Board of Governors. I am grateful to President Clinton and the Senate for the confidence they showed in me and for providing me with this opportunity. I have had an extraordinarily rewarding experience as a member of the Board of Governors. I have valued the opportunity to work with Chairman Greenspan, my fellow governors, and the presidents of the Reserve Banks. I have benefited during this time from the superb support of the Board's outstanding staff. And I have enjoyed the opportunities to work with members of the Council

of Economic Advisers and officials of the Treasury, under two administrations, as part of the U.S. delegation to many international meetings and during collaborations on many regulatory issues.

During my term here, we have seen remarkable developments, both in the economy and in the structure of financial market institutions. These developments have required the Federal Reserve to adapt its monetary and regulatory policies to help our economic system realize its full potential. As an independent central bank, the Federal Reserve is well structured to accomplish this goal, and I hope I have been able to make a contribution to this effort.

Sincerely, Laurence H. Meyer