Federal Reserve Board Governor Susan M. Phillips said Monday that she will resign June 30 to become dean of George Washington University's business school.
Ms. Phillips, 53, was chairwoman of the Fed's banking supervision and regulation committee. Her resignation letter to President Clinton included a plea for the administration to support financial reform.
"In order for U.S. financial institutions to continue to finance economic growth, they must be able to compete both domestically and internationally," she wrote in the May 1 letter, which was released Monday. "Given the significant changes and integration of the world's financial markets and of market participants, I believe that significant revisions in this country's banking laws are required."
Ms. Phillips joined the Fed in December 1991. Her term expired Jan. 31, but she remains on the board because the President has yet to name a successor.
Separately, the Fed announced successors for two officials retiring at the end of the month. Lynn S. Fox, the Fed's deputy congressional liaison, will succeed Joseph R. Coyne as assistant to the board for public affairs. Jennifer J. Johnson, former general counsel of Shawmut National Bank, will succeed William W. Wiles as secretary to the board.