Fed Board Member Elizabeth Duke Submits Resignation

""Federal Reserve Governor Elizabeth A. Duke"":http://www.federalreserve.gov/ announced her intention to step down from her role in a letter addressed to President Obama Thursday.

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Her five years of service with the Federal Reserve will come to a close at the end of August.

President Bush first appointed Duke to the board for a term that began in 2008 and expired January 31, 2012.

""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.""

Before joining the board, she was senior EVP and COO of TowneBank based in Virginia. During her career, she also served as EVP at Wachovia Bank and SouthTurst Bank.

According to a release from the Federal Reserve, Duke did not announce future plans.