Fed Governor Resigns

After serving five years on the Federal Reserve Board, Susan Schmidt Bies said she will step down as a Fed governor effective March 30 to spend more time with her family.Known for her expertise in risk management and regulatory issues, Ms. Bies has been an advocate for modernizing the Basel capital standards and tightening mortgage underwriting standards. "Her leadership at the board was most evident in guiding our efforts in banking policy and community affairs," Fed Chairman Ben Bernanke said. Prior to her appointment to the Fed, Ms. Bies was the chief risk management officer at First Tennessee National Corp., which is now First Horizon National Corp. "The opportunity I have had to serve my country on the Federal Reserve Board is an honor I will treasure always," Ms. Bies says in her resignation letter to President Bush. Her departure will mean that the president has two vacancies on the board to fill.