David W. Mullins Jr. was sworn in as a member of the Board of Governors of the Federal Reserve System on May 21, 1990, and as vice chairman on July 24, 1991. He resigned from the Board of Governors effective February 14, 1994.
Born in Memphis, Tennessee, Mullins grew up in Alabama and Arkansas. He received his bachelor’s degree from Yale University in 1968. He did his graduate work at the Massachusetts Institute of Technology, where he completed a doctorate in finance and economics in 1974. After earning his doctorate, Mullins taught finance at Harvard Business School from 1974 to 1988. He was also faculty chairman of the school’s corporate financial management program.
In 1988, Mullins became assistant secretary of the Treasury for domestic finance. While at the Treasury, Mullins’ responsibilities included federal finance, financial policy, securities market regulations, and synthetic fuels projects. He represented the Treasury on three boards of directors: the Securities Industry Protection Corporation, the Pension Benefit Guarantee Corporation, and the Farm Credit Assistance Board. He was instrumental to the development of the President Ronald Reagan’s plan to resolve the savings and loan crisis. Mullins received the Treasury Department’s highest honor, the Alexander Hamilton Award. In 1990, he left the Treasury to serve on the Board of Governors.
While at the Board, Mullins played a key role in international activities, serving as a Board representative for the Group of Ten governors, the International Monetary Fund, the Organisation for Economic Co-Operation and Development, and the Bank for International Settlements. He also served as a Board liaison on Treasury debt management and was involved in the Board’s policy work on financial markets and derivatives.
After leaving the Board of Governors, Mullins became a partner at the investment firm Long-Term Capital Management, LP. Throughout his career, Mullins has been a consultant to an array of firms and governmental agencies, taught in executive training programs, and served as associate director of the Presidential Task Force on Market Mechanisms. He has also served as Vega Assessment Management’s chief economist.
Mullins’ research has been published in numerous economic journals.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.