NEW ORLEANS (AP) — The federal official in charge of rebuilding the Gulf Coast after the 2005 hurricanes said he submitted his resignation on Friday because he wants to return to Texas to get back into banking.

Donald Powell, former chairman of the Federal Deposit Insurance Corp., acknowledged that work remains to help the region recover from hurricanes Katrina and Rita. But he said he thinks the foundation for recovery has been set. He pointed to federal money set aside for rebuilding levees in the New Orleans area and the federal government's commitment to rebuilding public housing in the city as examples.

"I feel good about leaving because of that," he told The Associated Press.

President Bush said Powell's chief of staff, Paul Conway, would take over as recovery chief "in the interim." He didn't say whether he would appoint a permanent replacement or whether he planned to extend the term of the post past November, when it was to have expired.