April 28, 2011 / 8:23 PM / 7 years ago

GE's Immelt resigned from NY Fed board last month

NEW YORK (Reuters) - General Electric (GE.N) Chief Executive Jeffrey Immelt resigned from the New York Federal Reserve Bank’s board of directors last month due to other commitments, the regional central bank said on Thursday.

Immelt had been a member of the New York Fed’s board since January 2006, helping provide anecdotal input to policymakers about developments in the U.S. and global economy.

“I am, with great regret, tendering my resignation as a member of the Board of Directors of the Federal Reserve Bank of New York given the increased demands on my time,” Immelt wrote in a letter to New York Fed President William Dudley dated March 9.

President Barack Obama in January named Immelt as his top outside economic adviser to help lift U.S. hiring. Immelt now heads up the president’s Council on Jobs and Competitiveness, which replaced an economic recovery advisory panel led by former Federal Reserve Chairman Paul Volcker.

    “Jeff provided great insight as a valued board member during a very important time for the bank and broader economy,” Dudley said in a statement.

    A person who attended New York Fed board meetings described Immelt as “always animated,” adding that he took his role on the New York Fed board very seriously.

    His resignation leaves two vacancies on the New York Fed’s board. Both vacancies are “Class B” directors, which means they are elected by New York Fed member banks to represent the public.

    Immelt was serving a three-year term that was due to expire at the end of 2011.

    Editing by Gary Crosse

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