Fed's Meyer resigns

<p>WASHINGTON-After serving nearly six years on the Federal Reserve Board, Board Governor Lawrence Meyer, 57, resigned effective January 31. As is common practice, he will not participate in the Federal Open Market Committee meeting January 29-30. “During my term here, we have seen remarkable developments, both in the economy and in the structure of financial market institutions. These developments have required the Federal Reserve to adapt its monetary and regulatory policies to help our economic system realize its full potential. As an independent central bank, the Federal Reserve is well structured to accomplish this goal, and I hope I have been able to make a contribution to this effort,” Meyer wrote in his January 14 resignation letter. Meyer was appointed to the board by then-President Bill Clinton. During his tenure, he served as chairman of the Fed’s Committee on Supervisory and Regulatory Affairs, overseeing the implementation of the Gramm-Leach-Bliley Act regulations. Meyer was recognized as one of the nation’s leading economic forecasters before coming to the Fed. He was president of Lawrence H. Meyer and Associates, a St. Louis economic consulting firm specializing in macroeconomic forecasting and policy analysis, and a economics professor at Washington University.</p>