Elizabeth Duke, a member of the U.S. Federal Reserve Board of Governors, submitted her resignation Thursday, effective August 31, 2013, the central bank announced. Duke, a board member since August 5, 2008, has submitted her letter of resignation to U.S. President Barack Obama, and she has made no announcements about her future plans, noted a Fed statement. \"Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,\" said Fed Chairman Ben Bernanke. \"She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors,\" he added. Before joining the board, Duke was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an executive vice president at Wachovia Bank and as an executive vice president at SouthTrust Bank.