Federal Reserve Board Governor Elizabeth A. Duke said she will resign from the post effective August 31, 2013.

Duke, who has been a member of the Board since August 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.

"Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board," said Federal Reserve Chairman Ben S. Bernanke in a statement. "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."

Duke, 60, was appointed to the Board by President Bush to fill an unexpired term that ended January 31, 2012. During her time on the Board she served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.

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