Federal Reserve Press Release, 14 January

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

Meyer has 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

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