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Federal Reserve Member Resigns

A member of the U.S. Federal Reserve Board has announced that he will resign his post at the end of August.

Edward Gramlich, who has been on the board since 1997, submitted his resignation Wednesday.

The 65-year-old says he will not attend the August 9 meeting of the Federal Open Market Committee. That is the group that meets to set benchmark interest rates in the United States.

With Mr. Gramlich's departure, there are now two seats for President Bush to fill on the Federal Reserve Board. Ben Bernanke is leaving to take the chairman's spot on the president's Council of Economic Advisors.

President Bush will also have to choose a new chairman for the Federal Reserve Board. Current head Alan Greenspan's term expires next January.

Some information for this report provided by AP.