Washington, D.C. (February 22, 2006)—Camden R. Fine, president and CEO of the Independent Community Bankers of America released the following statement regarding Roger W. Ferguson’s resignation from the Federal Reserve Board:
“Vice Chairman Ferguson has had an enormous impact on the nation’s banking system. He led the Federal Reserve System’s efforts to address crucial payments issues as payments migrated to an electronic system, and he worked collaboratively with the industry to achieve success in this area. He championed the Federal Reserve’s development of the framework for legislation that became the Check 21 Act.
Vice Chairman Ferguson’s leadership enabled the Fed to maintain operational stability in domestic and global financial systems, particularly in times of crisis such as during and immediately after September 11, 2001. Vice Chairman Ferguson’s understanding of the Fed’s dual role as a regulator and as provider of services has fostered an efficient, accessible and reliable payments system for banks of all sizes.
He will be missed by community bankers nationwide. ICBA and community bankers wish Vice Chairman Ferguson much success in his future endeavors.”