WASHINGTON (AP) -- John LaWare, a former bank executive, will resign as a member of the Federal Reserve Board on April 30 -- giving President Clinton the chance to name a third central bank governor.
LaWare, 67, submitted his resignation to Clinton today on the eve of Tuesday's meeting of the Federal Open Market Committee, which sets monetary policy for the Fed. LaWare said he will not attend the meeting.
His departure comes at a time when many economists believe the Fed is nearing the end of a string of seven interest rate hikes designed to slow the economy and stifle inflation.
LaWare urged Clinton to pick someone with banking experience to replace him.