Roger W. Ferguson Jr. facts for kids

Quick facts for kids Roger Ferguson
17th Vice Chair of the Federal Reserve
In office October 5, 1999 – April 28, 2006
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
President	Bill Clinton George W. Bush
Preceded by	Lawrence Lindsey
Succeeded by	Frederic Mishkin
Personal details
Born	(1951-10-28) October 28, 1951 (age 73) Washington, D.C., U.S.
Political party	Democratic
Spouse	Annette Nazareth
Education	Harvard University (BA, JD, PhD) Pembroke College, Cambridge

Roger W. Ferguson Jr. was born on October 28, 1951, in Washington, D.C.. He is an American expert in economics, a lawyer, and a business leader. He is best known for being the 17th Vice Chairman of the Federal Reserve from 1999 to 2006.

Before becoming Vice Chairman, Ferguson was a member of the Federal Reserve Board of Governors. He started this role 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 served on the boards of directors for several companies, including Alphabet, which owns Google.

Education and Awards

Roger Ferguson studied at Harvard University. He earned a degree in economics in 1973. He also received a law degree 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. He later became an Honorary Fellow there in 2004.

In 2016, Ferguson received the Harvard Medal. This award is given each year for great service to Harvard 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.

Important Roles After the Federal Reserve

After leaving the Federal Reserve, Roger Ferguson took on many other important roles.

• In April 2008, he became the president and CEO of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA). This organization helps people save for retirement. He announced his retirement from TIAA in November 2020.
• On June 29, 2016, Ferguson joined the Board of Directors of Alphabet Inc.. This is the company that owns Google.
• In May 2021, he became a special fellow at The Council on Foreign Relations. This group studies international issues.
• In August 2022, he joined a technology company called Red Cell Partners as their Chief Investment Officer.
• In February 2023, he became a member of an advisory group for McKinsey & Company, a big consulting firm.

Key Achievements

Roger Ferguson has had a remarkable career with many important achievements.

Leading During 9/11

Ferguson was the only leader of the Federal Reserve in Washington, D.C., during the September 11 attacks in 2001. He was in charge of the Federal Reserve's first response to the attacks. He was praised for how well he handled this difficult time.

Improving Financial Transparency

While at the Federal Reserve, Ferguson led groups to make the decisions of the Federal Open Market Committee (FOMC) clearer. The FOMC is a group that sets interest rates in the U.S. Thanks to his work, the FOMC now releases a statement after each meeting. This statement explains why interest rates were changed and what risks the economy faces.

International Financial Work

Ferguson also worked on international financial issues.

• He led a group that studied how financial companies were combining. Their report was released in 2001.
• He helped create the International Journal of Central Banking. This journal shares important research about central banks and helps them communicate better. It was first published in 2005.
• He co-authored a report in 2007 called "International Financial Stability." This report looked at challenges to global financial stability.
• He led study groups for the Group of 30, a group of financial leaders. These studies looked at how financial systems are supervised and how to make them stronger.

Advising the President

Between 2008 and 2012, Ferguson was an economic advisor to President Obama. He was part of groups that helped the President with economic recovery and job creation.

Recognized for Contributions

• In 2010, Ferguson was elected to the American Academy of Arts and Sciences.
• In 2016, he was elected to the American Philosophical Society. These are both very respected groups.
• In 2022, Roger Ferguson and his wife created a fund to support the director of the Anacostia Community Museum.

Images for kids

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  Roger W. Ferguson Jr.