John P. LaWare
- Governor, Board of Governors, 1988–1995
- Born: February 20, 1928
- Died: December 13, 2004
John P. LaWare joined the Board of Governors of the Federal Reserve System on August 15, 1988. He resigned on April 30, 1995.
LaWare was born in 1928, in Columbus, Wisconsin. He earned a bachelor’s degree in biology from Harvard University in 1950 and a master’s degree in political science from the University of Pennsylvania in 1951.1
After two years of service with the US Air Force, LaWare accepted a position with Chemical Bank & Trust Co. in New York in 1953. He remained at Chemical Bank for twenty-five years, serving in several capacities, including assistant secretary, assistant vice president, vice president, and senior vice president. In 1978, LaWare was appointed president of Shawmut Corporation and the Shawmut Bank of Boston. In 1980, became chairman and chief executive officer of both businesses. After Shawmut Corporation and Hartford National Corporation merged in 1988, LaWare was elevated to the position of chairman and director of the newly formed super-regional bank holding company. While at Shawmut, LaWare served as Federal Advisory Council member (1986-1988) and a director of the Federal Reserve Bank of Boston (1988).2
In July 1988, President Ronald Reagan nominated LaWare to serve on the Board of Governors.3 Later, Chairman Alan Greenspan said that LaWare had brought a "deep and practical knowledge of the American financial system" to the Board that contributed to the development of legislation that became the Gramm-Leach-Bliley Act of 1999.4 During his time at the Board, LaWare gave several noteworthy speeches, including "Things to Come: Financial Integration," "Setting the Global Scene: A Global Credit Crunch?" and "Banking's Role in Business-Community Partnerships."
After retiring from the Board of Governors in 1995, LaWare became an advisory director for Stewart Information Services Corp.5
Throughout his life, LaWare was active in a number of private- and public-sector organizations. He was chairman of the board of trustees of the Children’s Hospital in Boston, chairman of the Massachusetts Banker Association, director of the Executive Council of the American Red Cross of Massachusetts Bay, and director of Jobs for Massachusetts. He also served as a trustee and member of the finance committee of Mount Holyoke College, vice chairman and trustee of Northeastern University, chairman of the United Way of Massachusetts Bay, director of Liberty Mutual Insurance Company, and a trustee of Travelers Real Estate Investors Trust.
LaWare died in 2004.4
- 1 Peter T. Kilborn. "Fed Nominee Announced by President." New York Times, May 24, 1988.
- 2 U.S. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Nomination of John P. LaWare. 100th Cong., 2nd sess., July 7, 1988:48.
- 3 Reuters. "Senate Panel Clears Fed Nominee." New York Times, July 14, 1988.
- 4 Board of Governors of the Federal Reserve System. "Passing of Former Governor John P. LaWare." Federal Reserve Bulletin 91, 1, Winter 2005: 35.
- 5 John M. Berry, "LaWare Retiring as Fed Governor," Washington Post, March 28, 1995; Reuters. "Fed Governor John LaWare Will Retire." Los Angeles Times, March 28, 1995.