Members of the Federal Reserve board in Washington

The Associated Press

Elizabeth Duke announced Thursday that she will step down from the Federal Reserve's board in Washington at the end of August.

She is one of seven board members. Each member is nominated by the president and confirmed by the Senate. A term on the board lasts 14 years, although members can leave before it ends. When that happens, the president chooses a replacement to fulfill the final years of the term.

Duke has been on the board since August 2008. Her term officially ended in January of 2012, but board members can remain until someone is chosen to replace them.

Here are the members of the board:

Federal Reserve Chairman Ben Bernanke

Fed Vice Chair Janet Yellen

Elizabeth A. Duke

Daniel K. Tarullo

Sarah Bloom Raskin

Jeremy C. Stein

Jerome H. Powell

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