Jeff Immelt Resigns From NY Fed Board (GE)

General Electric GE CEO Jeffrey Immelt resigned yesterday from the board of the New York Federal Reserve, due to other commitments. Immelt had been a member of the New York Fed's board since January 2006. In a letter obtained by Reuters, Immelt wrote, "I am, with great regret, tendering my resignation as a member of the Board of Directors of the Federal Reserve Bank of New York given the increased demands on my time." The letter was dated March 9, and was addressed to New York Fed President William Dudley. Immelt is now part of President Barack Obama's advisory board, and was as his top outside economic adviser to help lift U.S. hiring. Immelt now heads up the president's Council on Jobs and Competitiveness.