Fed governor Laurence Meyer submitted his resignation as a member of the Board of Governors of the U.S. Federal Reserve System, effective January 31. Meyer has been a member of the Board since June 20, 1996.

“Larry Meyer has made a major contribution to the Board’s monetary policy,” says chairman Alan Greenspan. “His thoughtful insights into difficult issues and his technical expertise have materially enhanced the deliberations of the Board and the Federal Open Market Committee. His influence will carry on beyond his tenure as a Board member.”

Meyer, 57, was appointed to the Board by President Clinton. During much of his tenure, he served as chairman of the Board’s Committee on Supervisory and Regulatory Affairs, overseeing its implementation of the Gramm-Leach-Biley Act. He also led the effort to encourage the development of sophisticated risk-management techniques at the nation’s large, complex banking organizations.

“During my term here, we have seen remarkable developments, both in the economy and in the structure of financial market institutions,” he said in a letter to President Bush. “These developments have required the Federal Reserve to adapt its monetary and regulatory policies to help our economic system realize its full potential,” he wrote. “As an independent central bank, the Federal Reserve is well-structured to accomplish this goal, and I hope I have been able to make a contribution to this effort.”