WASHINGTON – The Senate, among its final acts before adjourning for its annual July 4th recess, confirmed Virginia banker and outspoken credit union critic Elizabeth “Betsy” Duke to a seat on the Federal Reserve Board.
Duke was among a slew of Bush administration nominees, including Michael Fryzel to be NCUA Chairman, confirmed by the Senate Friday.
Duke, the chief operating officer of TownBank in Portsmouth, Va., was a leading opponent of regulatory relief for credit unions during her tenure as chairman of the American Bankers Association. She testified against regulatory relief before the House Financial Services Committee in 2002, and led a letter-writing campaign against the CU Regulatory Improvements Act in 2005.
Duke, 55, was named to fill a vacancy on the Fed’s Board of Governors and is the only member of the banking panel with commercial banking experience. As a Fed Governor, she will have jurisdiction over interest rates and also Fed regulations covering practices for banks and credit unions.
