WASHINGTON — Federal Reserve Board Gov. H. Robert Heller announced today that he is resigning, effective July 31, citing the decision by Congress earlier this year to reject a pay increase for top federal officials.
Heller, a Ronald Reagan appointee from California who served on the Fed board for three years, stressed that he is resigning for personal reasons and not because of any policy differences with the six other members of the Federal Reserve Board. "I certainly wouldn't go if pay wasn't an issue," he told reporters. Heller's salary was $82,500 a year.
Heller--formerly head of international research for the Bank of America--will join VISA International, the credit card company, in San Francisco as an executive vice president in charge of relations with 21,000 member banks and public officials.