Roger W. Ferguson Jr. facts for kids
Quick facts for kids
Roger Ferguson
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| 17th Vice Chair of the Federal Reserve | |
| In office October 5, 1999 – April 28, 2006 |
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| President | Bill Clinton George W. Bush |
| Preceded by | Alice Rivlin |
| Succeeded by | Donald Kohn |
| Member of the Federal Reserve Board of Governors | |
| In office November 5, 1997 – April 28, 2006 |
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| President | Bill Clinton George W. Bush |
| Preceded by | Lawrence Lindsey |
| Succeeded by | Frederic Mishkin |
| Personal details | |
| Born | October 28, 1951 Washington, D.C., U.S. |
| Political party | Democratic |
| Spouse | Annette Nazareth |
| Education | Harvard University (BA, JD, PhD) Pembroke College, Cambridge |
Roger W. Ferguson Jr. (born October 28, 1951, in Washington, D.C.) is an American expert in economics, a lawyer, and a business leader. He served as the 17th vice chairman of the Federal Reserve from 1999 to 2006. The Federal Reserve is like the central bank of the United States. It helps manage the country's money and economy.
Before becoming vice chairman, Ferguson was a member of the Federal Reserve Board of Governors starting in 1997. He was the first African-American to hold the position of vice chairman. After leaving the Federal Reserve, he became the president and CEO of the Teachers Insurance and Annuity Association of America (TIAA) from 2008 to 2021. He has also been on the board of directors for several big companies, including Alphabet, which owns Google.
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Roger Ferguson's Education
Roger Ferguson studied at Harvard University. He earned a Bachelor of Arts degree in economics in 1973. He also received a law degree (Juris Doctor) in 1979 and a Ph.D. in economics in 1981, all from Harvard.
From 1973 to 1974, he studied at Pembroke College at Cambridge University in England. In 2004, he was given an Honorary Fellowship there. He has also received many honorary degrees from various universities across the United States. These are special degrees given to people who have achieved great things.
In 2016, Harvard University gave him the Harvard Medal. This award is given each year for service to the university. In 2019, he received the Harvard Centennial Medal. This is the highest honor from Harvard's Graduate School of Arts and Sciences. It celebrates people who have made important contributions to society after their studies at Harvard.
Considered for a Top Role
In 2005, there was talk that Roger Ferguson might be chosen to lead the Federal Reserve as its chairman. This is a very important job in the U.S. economy. Some people, like economist Lawrence Kudlow, wondered if Ferguson's economic ideas would fit with the government's plans. News reports also said that other senior members at the Federal Reserve, including then-chairman Alan Greenspan, supported Ferguson for the role. However, the position eventually went to Ben Bernanke.
After His Time at the Federal Reserve
After leaving the Federal Reserve, Roger Ferguson continued his career in finance and business. In April 2008, he became the president and chief executive officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund, known as TIAA. This organization helps people save for retirement. He announced his retirement from TIAA in November 2020, leaving the role in March 2021.
On June 29, 2016, Ferguson joined the Board of Directors of Alphabet Inc., the company that owns Google. In May 2021, he took on a new role at The Council on Foreign Relations, focusing on international economics. In August 2022, he became the Chief Investment Officer at a tech company called Red Cell Partners. In February 2023, he joined the External Advisory Group for McKinsey & Company, a global consulting firm.
Roger Ferguson's Achievements
Roger Ferguson has many notable achievements throughout his career.
Leading During a Crisis
He was the only Federal Reserve Governor in Washington, D.C., during the September 11 attacks in 2001. He was in charge of leading the Federal Reserve's first response to these terrible events. He was praised for how well he handled the crisis.
Making Decisions Clearer
While at the Federal Reserve, Ferguson worked to make the decisions of the Federal Open Market Committee (FOMC) more understandable. The FOMC makes important decisions about interest rates. His efforts led to the Federal Reserve releasing a statement after each meeting. This statement explained why they made their interest rate decisions and talked about any risks to the economy.
Contributions to Financial Stability
Ferguson led a group called the Group of Ten Working Party. This group studied how financial companies were combining. Their report was released in 2001.
Alan Greenspan, a former chairman of the Federal Reserve, called Ferguson "one of the most effective Vice Chairmen" in the Federal Reserve's history.
Ferguson also suggested creating a journal about central banking. This idea led to the International Journal of Central Banking, first published in 2005. Its goal is to share important research and help central banks around the world communicate better.
Important Studies and Reports
With other experts, Ferguson published a report in 2007 called "International Financial Stability." This report looked at challenges to the world's financial system.
He also helped lead several studies for the Group of 30, a group of international financial leaders. These studies focused on important topics like:
- How financial systems are supervised around the world (2008).
- How to make the global financial system stronger and more stable (2010).
- How financial institutions are governed and managed (2012).
- Improving the behavior and culture within banks (2015).
Advising the President
Between 2008 and 2012, Roger Ferguson advised President Obama on economic matters. He was part of the President's Economic Recovery Advisory Board.
Studying Population Changes
From 2010 to 2012, Ferguson co-chaired a panel for the United States National Research Council. This group studied how the aging U.S. population would affect the economy in the long run. Their report, "Aging and the Macroeconomy," was released in 2012.
Recognition and Philanthropy
Roger Ferguson was elected to the American Academy of Arts and Sciences in 2010. He was also elected to the American Philosophical Society in 2016. In November 2022, he and his wife created a fund to support the director position at the Anacostia Community Museum.
