WASHINGTON - Bush appointee Daniel F. Evans Jr., the chairman of the Federal Housing Finance Board, has resigned effective Nov. 22.

In his letter of resignation to President Clinton, Mr. Evans said the five-member board might soon lack a three-member quorum. The reason: There is already one vacancy, and two of Mr. Evans' three colleagues may resign when the part-time board seats become full time on Jan. 1.

Mr. Evans said the lack of a quorum would be detrimental to his agency and the Federal Home Loan Bank System, which it regulates. He said his November departure will give Mr. Clinton the chance to head off the problem before yearend by making "recess appointments" of two members who could start work before being confirmed by the Senate.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.