Fed Governor Mishkin to Resign

Washington Post (05/29/08) P. D2; Irwin, Neil
Federal Reserve Gov. Frederic Mishkin confirms that he will resign on Aug. 31, in an announcement that comes at a time when Virginia bank executives Elizabeth Duke and Larry Klane await Senate confirmation, in addition to Randall Kroszner, who has been re-nominated by President Bush. The long-delayed nominations have put a strain on the Fed over the past year, as the central bank has operated with five governors during the financial crisis. "During a time of economic uncertainty, the Senate should recognize that the Fed needs full leadership, and we encourage them to swiftly confirm the pending nominees," says White House spokeswoman Emily Lawrimore. Mishkin, who served as a governor for two years, supported Fed Chairman Ben Bernanke on inflation targeting, which seeks to set a goal for the inflation level and adjust interest rates accordingly.