Roger W. Ferguson Jr.
   HOME

TheInfoList



OR:

Roger W. Ferguson Jr. (born October 28, 1951 in
Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
) is an American economist, attorney and corporate executive who served as the 17th vice chairmam of the Federal Reserve from 1999 to 2006. Prior to his term as Vice Chairman, Ferguson was appointed as a member of the
Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...
in 1997. A member of the
Democratic Party Democratic Party most often refers to: *Democratic Party (United States) Democratic Party and similar terms may also refer to: Active parties Africa *Botswana Democratic Party *Democratic Party of Equatorial Guinea *Gabonese Democratic Party *Demo ...
, Ferguson was the first African American to hold the post of Vice Chairman. After leaving the Fed, he served as president and CEO of the
Teachers Insurance and Annuity Association of America The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF), is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research ...
(TIAA) from 2008 to 2021. Ferguson has also been appointed to the board of directors of several companies.


Education

Ferguson received a
B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...
in
economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...
''
magna cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some So ...
'' in 1973, a J.D. ''cum laude'' in 1979, and a
Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...
in economics in 1981, all from
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
. From 1973 to 1974, he attended Pembroke College at
Cambridge University , mottoeng = Literal: From here, light and sacred draughts. Non literal: From this place, we gain enlightenment and precious knowledge. , established = , other_name = The Chancellor, Masters and Schola ...
on a
Frank Knox Memorial Fellowship The Frank Knox Memorial Fellowship program is a scholarship program which funds students from Australia, Canada, New Zealand and the United Kingdom to undertake graduate study at Harvard University. The program is named after the businessman, sold ...
. In 2004 Ferguson was elected to an Honorary Fellowship there. In addition, he has
honorary degree An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or ''ad hono ...
s from
Lincoln College (Illinois) Lincoln College was a private college in Lincoln, Illinois. The college offered associate, bachelor's, and master's programs. It maintained an extension site in Normal, Illinois that provided adults with Accelerated Bridge to Education bachel ...
,
Webster University Webster University is a private university with its main campus in Webster Groves, Missouri. It has multiple branch locations across the United States and countries across Europe, Asia, and Africa. It offers undergraduate and graduate programs ...
,
Washington and Jefferson College Washington & Jefferson College (W&J College or W&J) is a private liberal arts college in Washington, Pennsylvania. The college traces its origin to three log cabin colleges in Washington County established by three Presbyterian missionaries to ...
,
Michigan State University Michigan State University (Michigan State, MSU) is a public university, public Land-grant university, land-grant research university in East Lansing, Michigan. It was founded in 1855 as the Agricultural College of the State of Michigan, the fi ...
,
Worcester Polytechnic Institute '' , mottoeng = "Theory and Practice" , established = , former_name = Worcester County Free Institute of Industrial Science (1865-1886) , type = Private research university , endowme ...
, St. Lawrence University,
University of Maryland, Baltimore County The University of Maryland, Baltimore County (UMBC) is a public research university in Baltimore County, Maryland. It has a fall 2022 enrollment of 13,991 students, 61 undergraduate majors, over 92 graduate programs (38 master, 25 doctoral, ...
,
Georgetown University Georgetown University is a private university, private research university in the Georgetown (Washington, D.C.), Georgetown neighborhood of Washington, D.C. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789 as Georg ...
,
Metropolitan College of New York Metropolitan College of New York (MCNY), formerly Audrey Cohen College, is a private college in New York City. MCNY is accredited by the Middle States Commission on Higher Education and consists of three schools: The Audrey Cohen School for Huma ...
,
Wabash College Wabash College is a private liberal arts men's college in Crawfordsville, Indiana. Founded in 1832 by several Dartmouth College graduates and Midwestern leaders, it enrolls nearly 900 students. The college offers an undergraduate liberal arts cur ...
,
Colby College Colby College is a private liberal arts college in Waterville, Maine. It was founded in 1813 as the Maine Literary and Theological Institution, then renamed Waterville College after the city where it resides. The donations of Christian philanthr ...
,
Lincoln University (Pennsylvania) Lincoln University (LU) is a public state-related historically black university (HBCU) near Oxford, Pennsylvania. Founded as the private Ashmun Institute in 1854, it has been a public institution since 1972 and was the United States' first deg ...
,
Rensselaer Polytechnic Institute Rensselaer Polytechnic Institute () (RPI) is a private research university in Troy, New York, with an additional campus in Hartford, Connecticut. A third campus in Groton, Connecticut closed in 2018. RPI was established in 1824 by Stephen Van ...
,
Stevens Institute of Technology Stevens Institute of Technology is a private research university in Hoboken, New Jersey. Founded in 1870, it is one of the oldest technological universities in the United States and was the first college in America solely dedicated to mechanical ...
, Sewanee: The University of the South,
American University The American University (AU or American) is a private federally chartered research university in Washington, D.C. Its main campus spans 90 acres (36 ha) on Ward Circle, mostly in the Spring Valley neighborhood of Northwest D.C. AU was charte ...
,
Hofstra University Hofstra University is a private university in Hempstead, New York. It is Long Island's largest private university. Hofstra originated in 1935 as an extension of New York University (NYU) under the name Nassau College – Hofstra Memorial of Ne ...
,
Dartmouth College Dartmouth College (; ) is a private research university in Hanover, New Hampshire. Established in 1769 by Eleazar Wheelock, it is one of the nine colonial colleges chartered before the American Revolution. Although founded to educate Native A ...
,
The University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...
and
University of San Francisco The University of San Francisco (USF) is a private Jesuit university in San Francisco, California. The university's main campus is located on a setting between the Golden Gate Bridge and Golden Gate Park. The main campus is nicknamed "The Hil ...
. In 2016, Ferguson received the Harvard Medal, awarded annually by the Harvard Alumni Association for service to Harvard. In 2019, Ferguson received the
Harvard Centennial Medal The Harvard Centennial Medal is an honor given by the Harvard Graduate School of Arts and Sciences to recipients of graduate degrees from the School for their "contributions to society." The Medal was established in 1989 on the 100th anniversary o ...
. The Centennial Medal is the highest honor bestowed by the Graduate School of Arts and Sciences and is awarded for “contributions to society as they have emerged from one’s graduate education at Harvard”. The citation presented with the Medal reviewed Ferguson’s achievements and featured reflections from Douglas Elmendorf, Drew Faust and Larry Summers.


Chairmanship reports in 2005

On October 11, 2005,
Lawrence Kudlow Lawrence Alan Kudlow (born August 20, 1947) is an American conservative television personality and financial program host for the Fox network who served as the Director of the National Economic Council during the Trump Administration from 2018 ...
stated his belief that
Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...
was pushing Ferguson's name to the Bush Administration for the appointment of the Federal Reserve Chairmanship. As a
supply-side Supply-side economics is a macroeconomic theory that postulates economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. According to supply-side economics, consumers will benefit fr ...
economist, Kudlow said he was worried that Ferguson would follow a
Neo-Keynesian The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Key ...
policy and would oppose the Bush Administration's economic policy. On October 25, 2005, ''
The Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large nati ...
'' reported that senior members at the Federal Reserve, including
Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...
, were encouraging the Bush Administration to appoint Ferguson to the Federal Reserve Chairmanship. The position eventually went to
Ben Bernanke Ben Shalom Bernanke ( ; born December 13, 1953) is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Fed, he was appointed a distinguished fellow at the Brookings Institution. Durin ...
.


Post-Fed career

In April 2008, Ferguson became president and chief executive officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (
TIAA The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF), is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research, ...
). In November 2020, he announced that he would retire at the end of March 2021. On June 29, 2016, Ferguson became a member of Board of Directors of
Alphabet Inc. Alphabet Inc. is an American multinational technology conglomerate holding company headquartered in Mountain View, California. It was created through a restructuring of Google on October 2, 2015, and became the parent company of Google and sev ...


Publications, references and appearances

Ferguson has co-authored, edited or led study groups or commissions that have produced numerous publications, including monographs, occasional papers, study group reports and commission reports. These works cover a wide range of topics in financial regulation, financial stability, financial institution culture and governance. and current macroeconomic topics. Among Ferguson's published works are: "International Financial Stability", Geneva Reports World Economy 9 (2007) "Banking, Financial and Regulatory Reform" (2007) "The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace" (2008) "Enhancing Financial Stability and Resilience: Macroprudential Policies, Tools and Systems for the Future" (2010) "Regulatory Reforms and Remaining Challenges" (2011) "Aging and the Macroeconomy: Long-term Implications of an Older Population" (2012) "Toward Effective Governance of Financial Institutions" (2012) "A New Paradigm: Financial Institutions Boards and Supervisors" (2013) "Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform" (2015) "The Future of Undergraduate Education, The Future of America" (2017) Additionally, Ferguson's leadership style and leadership of TIAA have been highlighted in several management books, including "The Extraordinary Power of Leader Humility" by Marilyn Gist and "The Harvard Business Review Leader's Handbook: Make an Impact, Inspire Your Organization, and Get to the Next Level" by Ron Ashkenas and Brook Manville.


Achievements

Ferguson was the only Federal Reserve Governor in Washington, D.C., during the
September 11 attacks The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
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. While at the Fed, Ferguson led two working groups to improve the transparency of
Federal Open Market Committee The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasur ...
(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.
THE MARKETS; Fed Reconsiders Policy Of Disclosing Tilt on Rates
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.
Alan Greenspan Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. ...
has called Ferguson "one of the most effective Vice Chairmen in the history of the Federal Reserve." Ferguson proposed the idea of a journal dedicated to central banking theory and practice. The resulting International Journal of Central Banking was announced in 2004 and first published in 2005, with two objectives: to disseminate widely the best policy-relevant research on central banking and to promote communication among central banks. The IJCB has more than 50 sponsoring institutions. 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. Ferguson served as the vice chairman of the
Group of 30 The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
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. Ferguson served as chairman of the
Group of 30 The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
study group that published "Enhancing 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. Between 2008 and 2012, 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 and the President's Commission on Jobs and Competitiveness Ferguson served as chairman of the
Group of 30 The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
study group that published "Toward Effective Governance of Financial Institutions". The study, which has been translated into three languages. made several concrete and practical recommendations to enhance governance of financial institutions, including recommendations for management, boards of directors, supervisors and shareholders. The study was released on April 12, 2012. Ferguson served as co-chairman of the
Group of 30 The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
study group that published "Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform". Following two previous reports, the study expands on the role of conduct and culture in the governance of the world's largest financial institutions. The report identifies shortcomings but also good practice in promoting a strong banking culture, making a series of recommendations that can be drawn upon by leaders as they seek to address culture in their firms. The study was released July, 2015. Between 2010 and 2012, Ferguson co-chaired a
National Research Council National Research Council may refer to: * National Research Council (Canada), sponsoring research and development * National Research Council (Italy), scientific and technological research, Rome * National Research Council (United States), part of ...
panel on the Long-Run Macro-Economic Effects of the Aging U.S. Population. The final report was issued in September, 2012, under the title, "Aging and the Macroeconomy: Long-Term Implications of an Older Population". Ferguson was elected to the
American Philosophical Society The American Philosophical Society (APS), founded in 1743 in Philadelphia, is a scholarly organization that promotes knowledge in the sciences and humanities through research, professional meetings, publications, library resources, and communit ...
in 2016.


References


External links

*
Federal ReserveResignation LetterInternational Financial Stability, Geneva Report No 9Global Interdependence CenterSociety of Government EconomistsCambridge Endowment for Research in FinanceInternational Flavors and FragrancesStatements and Speeches of Roger Walton Ferguson Jr.
{{DEFAULTSORT:Ferguson, Roger W. Jr. 1951 births African-American economists African-American government officials African-American lawyers Alumni of Pembroke College, Cambridge American chief executives of financial services companies Davis Polk & Wardwell lawyers Fellows of the American Academy of Arts and Sciences Group of Thirty Harvard College alumni Living people McKinsey & Company people Members of the American Philosophical Society New York (state) lawyers People associated with the September 11 attacks Politicians from Washington, D.C. Trustees of the Institute for Advanced Study Vice Chairs of the Federal Reserve George W. Bush administration personnel Clinton administration personnel Harvard Law School alumni Harvard Graduate School of Arts and Sciences alumni Directors of Alphabet Inc.