Kroszner to Leave Federal Reserve

Randall Kroszner has resigned from the Federal Reserve's Board of Governors less than three years after he assumed his post.

His last day will be Jan. 21. Kroszner, who has been a member of the board since March 1, 2006, submitted his letter of resignation to President Bush, the Fed said in a statement. He plans to return to the Booth School of Business at the University of Chicago to assume a newly created chaired professorship.

Before joining the Fed, Kroszner was a professor of economics at the University of Chicago. During his time on the board, Kroszner, 46, served as chairman of both the Committee on Supervisory and Regulatory Affairs and the Committee on Consumer and Community Affairs.