Updated Friday, May 30, 2008 0:00 am TWN, AP

U.S. Federal Reserve’s Mishkin to step down

WASHINGTON -- Federal Reserve Governor Frederic Mishkin will leave at the end of August and return to teaching at Columbia University, the central bank announced Wednesday. His departure means yet another empty seat on the Fed as it battles housing, credit and financial debacles. Mishkin, who has been on the Fed board since Sept. 5, 2006, submitted his resignation to President George W. Bush. His exit leaves the Fed with just four of its seven board seats filled.
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