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Announcements

Publication: Federal Reserve Bulletin
Date: Friday, July 1 2005

STATEMENT BY CHAIRMAN ALAN GREENSPAN ON WIM DUISENBERG, FORMER FIRST PRESIDENT, EUROPEAN CENTRAL BANK

"Wim Duisenberg earned respect and admiration worldwide for his successful launching of the euro and his effective leadership as the first president of the European Central Bank. On a personal

level, I valued his friendship and I will miss him."

RESIGNATION OF GOVERNOR EDWARD M. GRAMLICH

Governor Edward M. Gramlich submitted his resignation on May 18, 2005, as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2005. Governor Gramlich, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. In view of his impending departure and in keeping with Federal Open Market Committee practice, he did not attend the August 9, 2005, meeting of the FOMC.

"Ned has contributed powerfully to the work of the Board and of the FOMC for nearly eight years," said Federal Reserve Board Chairman Alan Greenspan. "Our deliberations have been enriched by his keen insights, his good humor, and his lively mind."

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