Roger W. Ferguson Jr. joined the Board of Governors of the Federal Reserve System on November 5, 1997, and was appointed vice chairman on October 5, 1999. He was reappointed to the post in 2001 and resigned from Board service on April 28, 2006.
Ferguson was born in Washington, DC. He earned a bachelor’s degree in 1973, a law degree in 1979, and a doctorate in 1981, all from Harvard University. He was also a Frank Knox Fellow at Cambridge University from 1973 to 1974.
From 1981 to 1984, Ferguson was an attorney at Davis Polk & Wardwell. He left the company to become a partner at McKinsey & Company, Inc., in 1984. He worked at the firm until 1987, managing studies for financial institutions. In addition, he was the company’s director of research and information systems.
While on the Board of Governors, Ferguson chaired the Joint Year 2000 Council beginning in July 1998. He also proposed the creation of a journal dedicated to central banking theory and practice. The resulting International Journal of Central Banking debuted in 2005, with two objectives: to disseminate widely the best policy-relevant research on central banking and to promote communication among central banks.
When the terrorist attacks occurred on September 11, 2001, Ferguson was the only member of the Board of Governors in Washington (others were traveling). He quickly moved to assure bankers and investors that the Fed would provide the lending necessary to keep the economy going in the aftermath of the crisis.
After resigning from the Board of Governors, Ferguson became chairman of Swiss Re America Holding Corporation and a member of Swiss Re's executive board. He was also appointed head of financial services and a member of Swiss Re's Executive Committee. In 2008, he became president and chief executive officer of the TIAA-CREF.
Ferguson is involved in a variety of professional activities. He is a fellow of the American Academy of Arts & Sciences and a member of President Barack Obama’s Council on Jobs and Competitiveness. He also served on its predecessor, the Economic Recovery Advisory Board. He also is co-chair of the Committee on Economic Development and co-chair of the National Academy of Sciences’ Committee on the Long-Run Macro-Economic Effects of the Aging US Population. In addition, Ferguson also sits on the boards of two other companies, and he serves on the boards of several nonprofit organizations.
Ferguson and his wife have two children.
Written by the Board of Governors of the Federal Reserve System. See disclaimer.