Federal Reserve vice chairman Ferguson resigns
Departure comes at time of change for central bank
WASHINGTON -- Roger W. Ferguson Jr. resigned yesterday as the vice chairman of the Federal Reserve Board, giving President Bush another opening to fill on the powerful panel just three weeks after the arrival of a new chairman.
Ferguson's resignation, effective April 28, comes at a time of great transition at the central bank.
Ben Bernanke took over as Fed chairman Feb. 1, succeeding Alan Greenspan. Two other Bush appointees to the seven-member board, Randall Kroszner and Kevin Warsh, have been approved by the Senate Banking Committee and are awaiting confirmation by the full Senate. Anthony Santomero, the president of the Philadelphia Fed, is stepping down March 31, and analysts believe Chicago Fed president Michael Moskow is likely to resign this year as well.
Fed policy also is in transition. Fed policy makers, after raising their benchmark short-term interest rate steadily since June 2004 to keep inflation contained, are in the process of deciding when to halt. Central bank officials also are debating whether to adopt a numerical target for inflation, as Bernanke has long advocated.
Ferguson, 54, has served on the Fed board since November 1997, having been originally appointed by President Clinton and later reappointed by President Bush.
