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 Board of Governors of the Federal Reserve System
The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , 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 im·pend
intr.v. im·pend·ed, im·pend·ing, im·pends
1. To be about to occur: Her retirement is impending.
2. 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 Alan Greenspan
Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. . "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 Regulatory Affairs (RA), also called Government Affairs, is a profession within regulated industries, such as pharmaceuticals, medical devices, energy, and banking. Regulatory Affairs professionals usually have responsibility for the following general areas:
Past tense of oversee. the Board's regulatory implementation of the Gramm-Leach-Bliley Act The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition 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 Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee
business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a specializing in macroeconomic mac·ro·ec·o·nom·ics
n. (used with a sing. verb)
The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. forecasting and policy analysis, and a professor of economics at Washington University Washington University, at St. Louis, Mo.; coeducational; est. as Eliot Seminary 1853, opened 1854, renamed 1857. It has a well-known medical school and school of social work as well as research centers for radiology, space studies, engineering computing, and the . 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 Mr. President can refer to:
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