Federal Reserve Gov. Phillips to Resign

Federal Reserve Gov. Susan Phillips will resign in June to take a position at George Washington University. Phillips’ term expired in January, but she had agreed to stay on the central bank’s board until a replacement was found. No successor has yet been named, and no immediate comment was available from the White House. A Fed spokesman said Phillips will participate in the May 19 meeting of the policymaking Federal Open Market Committee, but said she ias unlikely to attend the scheduled two-day meeting June 30 and July 1. Phillips, 53, became a member of the Federal Reserve Board on Dec. 2, 1991.