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Fed Governor Bies Resigns

She will step down March 30.

Susan Bies, a member of the

Federal Reserve's

Board of Governors, plans to resign from her post effective March 30.

Bies, 59, has been a member of the board since Dec. 7, 2001. She is a voting member of the Federal Open Market Committee, the policymaking arm of the Fed that's responsible for setting the target fed funds rate.

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The Fed said Bies doesn't plan to attend the March 20-21 meeting of the FOMC.

"Sue's invaluable contributions to both monetary and regulatory policy at the Federal Reserve have been aided by her unique perspective as both an economist and a banker," said Fed Chairman Ben Bernanke in a statement Friday. "Her leadership at the board was most evident in guiding our efforts in banking policy and community affairs. I will miss her counsel and wish her all the best in her new endeavors."

Her term was set to expire Jan. 31, 2012. Before joining the Fed's Board of Governors, Bies served in various positions at First Tennessee National and was a member of the Emerging Issues Task Force of the Financial Accounting Standards Board.

Earlier in her career, she taught economics at Rhodes College and at Wayne State University and served as an economist at the Federal Reserve Bank of St. Louis.