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Wall St. and Business Wednesdays: Who Is The Federal Reserve's Black Vice-Chairman?


Roger W. Ferguson, Jr. took office October 28, 2003, as Vice Chairman of the Board of Governors of the Federal Reserve System for a second four-year term ending October 28, 2007. Dr. Ferguson was sworn in July 26, 2001, as a member of the Board of Governors of the Federal Reserve System to a full term ending January 31, 2014. He originally took office on November 5, 1997, as a Member of the Board to fill an unexpired term ending January 31, 2000.

As Vice Chairman, Dr. Ferguson is a representative of the Federal Reserve in international policy groups. Between July 1998 and March 1, 2000, Dr. Ferguson served as Chairman of the Joint Year 2000 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. Dr. Ferguson has 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, Dr. 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.

Dr. Ferguson was born on October 28, 1951, in Washington, D.C. He received a B.A. in economics (magna cum laude) in 1973, a J.D. in law (cum laude) in 1979, and a Ph.D. in economics in 1981, all from Harvard University. In 1973 and 1974, Dr. Ferguson was Frank Knox Fellow at Pembroke College, Cambridge University. In addition, Dr. Ferguson has honorary degrees from Lincoln College and Webster University.

Before becoming a member of the Board, Dr. Ferguson was a Partner at McKinsey & Company, Inc., an international management consulting firm. He was based in New York City and he managed a variety of studies for financial institutions from 1984 to 1997. 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.

From 1981 to 1984, Dr. 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.

Dr. Ferguson has received several awards and honors, including the Bond Market Association's Distinguished Service Award. He is a member of the Board of Overseers of Harvard University. Formerly, Dr. Ferguson was an elected member of the Board of Directors of the Harvard Alumni Association and was Treasurer of the Friends of Education, a Trustees' Committee of The Museum of Modern Art, New York City.

Dr. Ferguson is married to Annette L. Nazareth, and they have two children.


Note : The above is the official biography of Roger W. Ferguson available at The Federal Reserve Board Of Governor's website


Wednesday, May 5, 2004

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