WASHINGTON (7/12/13)--Elizabeth Duke, a member of the Federal Reserve Board since Aug. 5, 2008, submitted her resignation yesterday, effective Aug. 31.
In her resignation letter, Duke noted that her five years on the board witnessed "some of the most challenging conditions ever encountered by the Federal Reserve" including the "massive overhaul" of financial system regulation required by the Dodd-Frank Wall Street Reform Act and "informed by lessons learned during the financial crisis."
Fed Chairman Ben Bernanke said of Duke's service: ""Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the board. She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors."
Before joining the Fed, Duke was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an executive vice president at Wachovia Bank and as an executive vice president at SouthTrust Bank. Duke has also served as president/CEO of Bank of Tidewater, based in Virginia Beach, Va.
Use the resource link to read her resignation letter.