| Roger W. Ferguson, Jr. | |
|---|---|
| Vice Chairman of the Federal Reserve | |
| In office October 5, 1999 – April 28, 2006 |
|
| Nominated by | Bill Clinton |
| Preceded by | Alice M. Rivlin |
| Succeeded by | Donald Kohn |
| Board of Governors of the Federal Reserve System | |
| In office July 26, 2001 – April 28, 2006 |
|
| Nominated by | George W. Bush |
| Board of Governors of the Federal Reserve System | |
| In office November 5, 1997 – October 5, 1999 |
|
| Nominated by | Bill Clinton |
| Personal details | |
| Born | October 28, 1951 Washington, D.C. |
| Nationality | American |
| Spouse(s) | Annette Nazareth |
| Alma mater | Harvard College (B.A.) Harvard Law School (J.D.) Harvard University (Ph.D.) |
Roger W. Ferguson, Jr. (born October 28, 1951 in Washington, D.C.) is an American economist, who was Vice Chairman of the Board of Governors of the Federal Reserve System from 1999 to 2006 and is currently the President and Chief Executive Officer of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF).
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Ferguson received a B.A. in economics magna cum laude in 1973, a J.D. cum laude in 1979, and a Ph.D. in economics in 1981, all from Harvard University. In 1973 and 1974, he was Frank Knox Fellow at Pembroke College, Cambridge University. In 2004 Ferguson was elected to an Honorary Fellowship there. In addition, he has honorary degrees from Lincoln College (Illinois),[1] Webster University, Washington and Jefferson College and Michigan State University. Ferguson is also a Fellow of the American Academy of Arts and Sciences.
From 1981 to 1984, Ferguson was an attorney at the New York City office of Davis Polk & Wardwell, where he worked with commercial banks, investment banks, and Fortune 500 corporations on syndicated loans, public offerings, mergers and acquisitions, and new product development.
Ferguson was a partner at McKinsey & Company. He was based in New York City from 1984 to 1997, and managed a variety of studies for financial institutions. Dr. Ferguson also served as Director of Research and Information Systems, overseeing a staff of 400 research professionals and managing the firm's investments in knowledge management technologies.
As Vice Chairman, among other duties, Ferguson represented the Federal Reserve in international policy groups. Between July 1998 and March 2000, Ferguson served as Chairman of the Joint Y2K Council. The Council, supported by the Bank for International Settlements, was formed to address issues associated with the Year 2000 computer challenge within the global financial supervisory community.
Ferguson also served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. Formed in September 1999 at the request of the finance ministers and central bank governors of the G-10, the Working Party examined the causes of consolidation in the financial sector and its potential effects. The Working Party released its final report on January 25, 2001.
During 2003, Ferguson became the Chairman of the Committee on the Global Financial System (CGFS), a central bank panel that monitors and examines broad issues related to financial markets and systems. He also became the Chairman of the Financial Stability Forum (FSF), which promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The Forum brings together on a regular basis national authorities responsible for financial stability in significant international financial centers. In his role as Chairman of the CGFS, Ferguson monitored financial markets and reported on financial conditions and financial stability to the Group of Ten (G10) Central Bank Governors. As Chairman of the FSF, Ferguson had a similar monitoring and reporting role for the Group of Seven (also known as the G-7) Finance Ministers and Central Bank Governors. He also presented an opening statement at the semi-annual meetings of the International Monetary and Financial Committee of the International Monetary Fund.
On October 11, 2005, Lawrence Kudlow stated that he believes Alan Greenspan is pushing his name to the Bush Administration for the appointment of the Federal Reserve Chairmanship. As a supply-side economist, Kudlow said he was worried that Ferguson would follow a Neo-Keynesian policy and would oppose the Bush Administration's economic policy.. On October 25, 2005, The Washington Post reported that senior members at the Federal Reserve, including Alan Greenspan, were encouraging the Bush Administration to appoint Ferguson to the Federal Reserve Chairmanship. The position eventually went to Ben Bernanke ([1]).
On February 22, 2006, Ferguson sent his resignation letter to Bush citing "he wanted to pursue other professional opportunities". His resignation came into effect on April 28, 2006.
On June 19, 2006, Swiss Re announced his appointment as Chairman of Swiss Re America Holding Corporation and Member of Swiss Re's Executive Board. On October 3, 2006, Swiss Re announced his appointment as Head of Financial Services and Member of Swiss Re's Executive Committee.
On April 4, 2008, Roger W. Ferguson, Jr. was named the new President and Chief Executive Officer of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), with a start date of April 14, 2008.
In 2010, Ferguson became a member of the Board of Directors of International Flavors and Fragrances, a leading creator and manufacturer of flavors and fragrances.
Roger W. Ferguson, Jr. has a history of serving as a member of several not-for-profit boards. Currently he serves on the Board of Trustees of the Committee for Economic Development, the Board of Trustees of the Institute for Advanced Study and the Board of Trustees of the Memorial Sloan Kettering Cancer Center. Ferguson serves as the Vice Chairman of the Board of Trustees of the New York Economic Club. Formerly, Ferguson was a member of the Board of Overseers of Harvard University, serving as President during 2008-2009, an elected member of the Board of Directors of the Harvard Alumni Association, a Trustee of the Carnegie Endowment for International Peace, the National Bureau of Economic Research and the New America Foundation. Ferguson also served as Treasurer of the Friends of Education, a Trustees' Committee of The Museum of Modern Art.
Ferguson is also active in higher education policy discussion groups, serving as a member of the Business Higher Education Forum and being a member of both the Commission on the Future of Graduate Education (sponsored by the Council of Graduate Schools) and the Commission on the Humanities and Social Sciences (sponsored by the American Academy of Arts and Sciences).
Ferguson is a member of the Council on Foreign Relations and the Group of Thirty.
Ferguson is married to former United States Securities and Exchange Commission Commissioner Annette Nazareth, and they have two children.
Ferguson was the only Federal Reserve Governor in Washington, D.C. during the September 11 attacks in 2001. He was responsible for leading the Federal Reserve's initial response to the terrorist attacks and was praised for his expert handling of the crisis. ([2])
While at the Fed, Ferguson led two working groups to improve the transparency of Federal Open Market Committee (FOMC) decisions and the clarity of FOMC communication. These resulted in the release of a statement at the end of each FOMC meeting, explaining the rationale for the interest rate decision and including an assessment of the risks facing the economy. ([3])
While at the Fed, Ferguson served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. The Working Party released its final report on January 25, 2001.
With three co-authors, in November 2007 Ferguson published "International Financial Stability", Geneva Report No. 9, dealing with challenges to global financial stability and including observations regarding the liquidity crisis of 2007. ([4])
Ferguson served as the vice chairman of the Group of 30 study group that published "The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace". The study of the regulatory structure of 17 jurisdictions was released on October 6, 2008. ([5])
Ferguson served as chairman of the Group of 30 study group that published "Ensuring Financial Stability and Resilience: Macroprudential Policy,Tools and Systems for the Future" The study called on public officials to empower systemic regulators with new tools to enhance the stability and resilience of the global financial system and potentially lessen the severity of future crises. The study was released on October 10, 2010. ([6].
Commencing in 2008, Ferguson served as economic advisor to President Obama, initially as a member of the President-elect's Transition Economic Advisory Board and subsequently as a member of the President's Economic Recovery Advisory Board([7]) and the President's Commission on Jobs and Competitiveness.([8])
Commencing in 2010, Ferguson co-chaired a National Research Council panel on the Long-Run Macro-Economic Effects of the Aging U.S. Population. ([9])
Roger W. Ferguson, Jr. has received several awards and honors, including:
Alan Greenspan has called Ferguson "one of the most effective Vice Chairmen in the history of the Federal Reserve." ([10])
| Government offices | ||
|---|---|---|
| Preceded by Alice M. Rivlin |
Vice Chairman of the Federal Reserve October 5, 1999 – April 28, 2006 |
Succeeded by Donald L. Kohn |