New York | Thu 28 Apr 2011 5 Moon
New York (Reuters)-General Electric (GE.N) leader Jeffrey Immelt resigned from the New York Federal Reserve's Board of Directors last month due to other commitments, the regional Central Bank said on Thursday.
Immelt was a member of the Board of the Federation of New York City since January 2006, anecdotal input helps provide policymakers with regard to developments in the United States and the global economy.
"I am, sadly, tendering my resignation as a member of the Board of Directors of the Federal Reserve of New York City, given the increased demands on my time," Immelt wrote a letter to the President of the Federation of New York William Dudley dated 9 March.
President Barack Obama in January as its outside adviser Immelt top financial to help hire American hitch. Immelt and now heads up the President's Council on competitiveness, jobs, as economic recovery Advisory Board headed by former Federal Reserve Chair Paul Volcker.
"Jeff provided important insights Board member during the period it is very important for the Bank and the wider economy," said Dudley in the statement.
Who attended the Board meetings of the Federation of New York described Immelt as "always," adding that he took the role on the Board for the New York Federation seriously.
His resignation leaves the two vacancies in the Federation of New York. Two vacancies are the directors "Class B", which means that they are selected by the Federation of New York member banks to represent the public.
Immelt was serving a term of three years was due to expire at the end of 2011.
(Editing by Gary Crosse)
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