Fed's Kroszner to step down later this month

Randall Kroszner, a governor at the Federal Reserve, will leave the institution on 21 January to return to academia.

Kroszner's departure will leave three of the seats on the Fed's seven-strong governor panel vacant. However, one of these will soon be filled when Daniel Tarullo, who was nominated in December by President-elect Barack Obama, was sworn in.

Kroszner, whose term as governor expired at the end of January 2008, will re-join the Booth School of Business at the University of Chicago.

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