Griffith L. Garwood, director of consumer and community affairs at the Federal Reserve Board, is taking advantage of an early retirement program. However, the 29-year Fed veteran is waiting to step down until the last day of the buyout program, May 31.

Though he plans to remain in the Washington area, Mr. Garwood said, he has not decided whether he will look for a new job or retire. "As for the future, who knows," he said. "I have several months to think about it."

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