Fed’s Kelley Leaving Board of Governors

Federal Reserve Governor Edward Kelley, the only current board member who’s served on the Fed longer than Alan Greenspan, said he will leave the central bank after more than 14 years.

Although Kelley did not set a formal retirement date, he said he won’t participate in Tuesday’s meeting of the Fed’s Open Market Committee, which sets interest rate policy.

Kelley’s announcement came after Susan Bies and Mark Olson were sworn in as Fed governors, filling vacancies that had been open since 1999.

Bies and Olson will participate in Tuesday’s meeting.

Greenspan will lose a close colleague in Kelley, who supported the Fed’s 10 decisions this year to lower its benchmark overnight interest rate. It is now at 2%.