Cleveland Fed president announces resignation

Sandra Pianalto says she will retire early next year from the Federal Reserve Bank of Cleveland, ending her 10-year tenure as president.

Pianalto is not one of the 12 voting member of the Fed this year. But she participates on the committee that sets interest rate policies, serving along with the 11 other regional bank presidents and seven Fed board members.

Her departure marks the third pending vacancy on the Fed board. Elizabeth Duke has announced she will leave at the end of this month and Sarah Bloom Raskin has been nominated by President Barack Obama to be deputy Treasury secretary. )

In addition, Chairman Ben Bernanke is widely expected to step down from the Fed when his term ends in January.

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