NEW YORK | Thu 28 Apr 2011 5: 43 pm EDT
NEW YORK (Reuters)-General Electric (GE.N) Executive Director Jeffrey Immelt has resigned from the New York Federal Reserve Bank Board of Directors last month due to other commitments, regional Central Bank said Thursday.
Immelt was a member of the Board of the New York Fed since January 2006 help anecdotal input for policymakers on developments in the US and global economy.
"I am, with regret, the selection of testimony as a member of the Board of Directors of the Federal Reserve Bank in New York City, given the increased demands on time," Immelt wrote a letter to the New York Fed President William Dudley of 9. March.
US President Barack Obama in January on behalf of its top outside as Immelt economic advisor to the helping US hire, lift. Immelt, now President of the Council of the heads up, employment and competitiveness, which replaced the economic recovery Advisory Commission led by former US Federal Reserve Chairman Paul Volcker.
"Jeff provided great understanding as a member of the Management Board welcomes the very important period for the Bank and the wider economy," he said in a statement, Dudley.
The man who took part in the meetings of the Administrative Council of the New York Fed described Immelt as "always animated," adding that he took his role on the Board of the New York Fed very seriously.
His resignation leaves the two vacancies on the Board of the New York Fed. Both places are the directors of the "class B", which means that they are elected by the New York Fed member banks to represent to the public.
Immelt served three-year period, which was to expire at the end of 2011.
(Editing Gary Crosse)
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