Roger W. Ferguson, Jr.

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Roger Ferguson
Vice Chairman of the Federal Reserve System
In office
October 5, 1999 – April 28, 2006
President Bill Clinton
George W. Bush
Preceded by Alice Rivlin
Succeeded by Donald Kohn
Personal details
Born (1951-10-28) October 28, 1951 (age 63)
Washington, D.C., U.S.
Spouse(s) Annette Nazareth
Alma mater Harvard University, Harvard Law School, Cambridge University

Roger W. Ferguson, Jr. (born October 28, 1951 in Washington, D.C.) is an American economist, who was Vice Chairman of the Board of Governors of the Federal Reserve System from 1999 to 2006, and has served as President and Chief Executive Officer of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) since April, 2008.


Ferguson received a B.A. in economics magna cum laude in 1973, a J.D. cum laude in 1979, and a Ph.D. in economics in 1981, all from Harvard University. From 1973 to 1974, he attended Pembroke College at Cambridge University on a Frank Knox Memorial Fellowship. In 2004 Ferguson was elected to an Honorary Fellowship there. In addition, he has honorary degrees from Lincoln College (Illinois),[1] Webster University, Washington and Jefferson College, Michigan State University, Worcester Polytechnic Institute, St. Lawrence University, University of Maryland, Baltimore County, Georgetown University and Metropolitan College of New York. Ferguson is also a Fellow of the American Academy of Arts and Sciences.


From 1981 to 1984, Ferguson was an attorney at the New York City office of Davis Polk & Wardwell, where he worked with commercial banks, investment banks, and Fortune 500 corporations on syndicated loans, public offerings, mergers and acquisitions, and new product development.

Ferguson was a partner at McKinsey & Company. He was based in New York City from 1984 to 1997, and managed a variety of studies for financial institutions. Dr. Ferguson also served as Director of Research and Information Systems, overseeing a staff of 400 research professionals and managing the firm's investments in knowledge management technologies.

Federal Reserve[edit]


From November, 1997, until his appointment as Vice Chairman in October, 1999, he served as a Member of the Board of Governors of the Federal Reserve System.

International policy positions[edit]

As Vice Chairman, among other duties, Ferguson represented the Federal Reserve in international policy groups. Between July 1998 and March 2000, Ferguson served as Chairman of the Joint Y2K Council. The Council, supported by the Bank for International Settlements, was formed to address issues associated with the Year 2000 computer challenge within the global financial supervisory community.

Ferguson also served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. Formed in September 1999 at the request of the finance ministers and central bank governors of the G-10, the Working Party examined the causes of consolidation in the financial sector and its potential effects. The Working Party released its final report on January 25, 2001.

During 2003, Ferguson became the Chairman of the Committee on the Global Financial System (CGFS), a central bank panel that monitors and examines broad issues related to financial markets and systems. He also became the Chairman of the Financial Stability Forum (FSF), which promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The Forum brings together on a regular basis national authorities responsible for financial stability in significant international financial centers. In his role as Chairman of the CGFS, Ferguson monitored financial markets and reported on financial conditions and financial stability to the Group of Ten (G10) Central Bank Governors. As Chairman of the FSF, Ferguson had a similar monitoring and reporting role for the Group of Seven (also known as the G-7) Finance Ministers and Central Bank Governors. He also presented an opening statement at the semi-annual meetings of the International Monetary and Financial Committee of the International Monetary Fund.

Chairmanship reports in 2005[edit]

On October 11, 2005, Lawrence Kudlow stated that his belief that Alan Greenspan was pushing Ferguson's name to the Bush Administration for the appointment of the Federal Reserve Chairmanship. As a supply-side economist, Kudlow said he was worried that Ferguson would follow a Neo-Keynesian policy and would oppose the Bush Administration's economic policy.[citation needed] On October 25, 2005, The Washington Post reported that senior members at the Federal Reserve, including Alan Greenspan, were encouraging the Bush Administration to appoint Ferguson to the Federal Reserve Chairmanship. The position eventually went to Ben Bernanke [2]


On February 22, 2006, Ferguson sent his resignation letter to President George W. Bush citing "he wanted to pursue other professional opportunities". His resignation came into effect on April 28, 2006.

Post-Fed career[edit]

On June 19, 2006, Swiss Re announced his appointment as Chairman of Swiss Re America Holding Corporation and Member of Swiss Re's Executive Board. On October 3, 2006, Swiss Re announced his appointment as Head of Financial Services and Member of Swiss Re's Executive Committee.

On April 4, 2008, Roger W. Ferguson, Jr. was named the new President and Chief Executive Officer of the Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), succeeding Herbert M. Allison, effective April 14, 2008.

In 2010, Ferguson became a member of the Board of Directors of International Flavors and Fragrances, a leading creator and manufacturer of flavors and fragrances. He was also a member of the Board of Directors of Audax Health, a start-up that blends social media with health care, until 2014, when Audax Health was sold to Optum.

Not-for-profit service[edit]

Roger W. Ferguson, Jr. has a history of serving as a member of several not-for-profit boards. Currently he serves on the Board of Trustees of the Institute for Advanced Study and the Board of Trustees of the Memorial Sloan Kettering Cancer Center. Ferguson serves as Chairman of the Board of Trustees of the Economic Club of New York and Vice Chairman of the Business Higher Education Forum.

Formerly, Ferguson was Co-Chairman of the Committee for Economic Development. He was also a member of the Board of Overseers of Harvard University, serving as President during 2008-2009, an elected member of the Board of Directors of the Harvard Alumni Association, a Trustee of the Carnegie Endowment for International Peace, the National Bureau of Economic Research and the New America Foundation. Ferguson also served as Treasurer of the Friends of Education, a Trustees' Committee of The Museum of Modern Art.

Ferguson is also active in higher education policy discussion groups, serving as a member of both the Commission on the Future of Graduate Education (sponsored by the Council of Graduate Schools) and the Commission on the Humanities and Social Sciences (sponsored by the American Academy of Arts and Sciences).

Ferguson is a member of the Council on Foreign Relations, a member and trustee of the Group of Thirty and a member of the International Advisory Council of the China Banking Regulatory Commission.


Ferguson is married to former United States Securities and Exchange Commission Commissioner Annette Nazareth, and they have two children.


Ferguson was the only Federal Reserve Governor in Washington, D.C. during the September 11 attacks in 2001. He was responsible for leading the Federal Reserve's initial response to the terrorist attacks and was praised for his expert handling of the crisis.[3] [4] [5]

While at the Fed, Ferguson led two working groups to improve the transparency of Federal Open Market Committee (FOMC) decisions and the clarity of FOMC communication. These resulted in the release of a statement at the end of each FOMC meeting, explaining the rationale for the interest rate decision and including an assessment of the risks facing the economy. ([5])

While at the Fed, Ferguson served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. The Working Party released its final report on January 25, 2001.[6]

Alan Greenspan has called Ferguson "one of the most effective Vice Chairmen in the history of the Federal Reserve."[7]

Ferguson proposed the idea of a journal dedicated to central banking theory and practice. The resulting International Journal of Central Banking was announced in 2004 and first published in 2005, with two objectives: to disseminate widely the best policy-relevant research on central banking and to promote communication among central banks. The IJCB has more than 50 sponsoring institutions.[8]

With three co-authors, in November 2007 Ferguson published "International Financial Stability", Geneva Report No. 9, dealing with challenges to global financial stability and including observations regarding the liquidity crisis of 2007. [9]

Ferguson served as the vice chairman of the Group of 30 study group that published "The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace". The study of the regulatory structure of 17 jurisdictions was released on October 6, 2008.[10]

Ferguson served as chairman of the Group of 30 study group that published "Ensuring Financial Stability and Resilience: Macroprudential Policy,Tools and Systems for the Future". The study called on public officials to empower systemic regulators with new tools to enhance the stability and resilience of the global financial system and potentially lessen the severity of future crises. The study was released on October 10, 2010.[11]

Between 2008 and 2012, Ferguson served as economic advisor to President Obama, initially as a member of the President-elect's Transition Economic Advisory Board and subsequently as a member of the President's Economic Recovery Advisory Board[12] and the President's Commission on Jobs and Competitiveness[13]

Ferguson served as chairman of the Group of 30 study group that published "Toward Effective Governance of Financial Institutions". The study, which has been translated into three languages. made several concrete and practical recommendations to enhance governance of financial institutions, including recommendations for management, boards of directors, supervisors and shareholders. The study was released on April 12, 2012.[14]

Between 2010 and 2012, Ferguson co-chaired a National Research Council panel on the Long-Run Macro-Economic Effects of the Aging U.S. Population.[15] The final report was issued in September, 2012, under the title, "Aging and the Macroeconomy: Long-Term Implications of an Older Population".[16]

Commencing in 2014, Ferguson served as a member of the Panel of Economic Advisers for the Congressional Budget Office.


  • Economics in Government Distinguished Lecturer sponsored by the Society of Government Economists and the American Economic Association (2004)
  • The Distinguished Service Award from the Bond Market Association (2002)
  • The William F. Butler Memorial Award from the New York Association for Business Economics (2006)
  • The George Mitchell Payments Systems Excellence Award from NACHA (2005)
  • The Renaissance Award from the Abyssinian Development Corporation (2006)
  • The Frederick Heldering Global Leadership Award from the Global Interdependence Center (2006)
  • The first GAIM/CERF Global Financial Policy Award for significant contributions to effective governance of global capital markets from the Global Alternative Investment Management Forum (GAIM) and the Cambridge Endowment for Research in Finance (CERF) (2007)
  • The "Good Scout Award" from the National Capital Area Council (2007)
  • The "Visionary Award" from the Council for Economic Education (2009)
  • The "Good Scout Award" from the Greater New York Councils (2009)
  • The National Council of ISACs Critical Infrastructure Protection Award (2010)
  • The Business Achievement Award from the African American Chamber of Commerce of New Jersey (2011)
  • The Leadership Award presented by St Aloysius School for outstanding public service and commitment to improving the lives of New York City's children and families (2011)
  • The Global Economic Achievement Award from One Hundred Black Men, Inc. (2012)
  • The Chairman's Award of A Better Chance (2013)
  • The Adam Smith Award from the National Association for Business Economics (2013)
  • The Leadership Award from the National Urban League (2013)
  • The Achievement Award from the Executive Leadership Council (2013)
  • The Soaring Eagle Award from the Eagle Academy Foundation (2014)
  • The Corporate Leadership Award from Sponsors for Educational Opportunity (2014)


  1. ^ 2001 LC Honorary Degree Recipient Shows Strength During Crisis (accessed September 16, 2010)
  2. ^ "Bernanke Seen as Safe Pick For a White House in Straits". 2005-10-25. Retrieved 2014-01-08. 
  3. ^ "The Astonishing Story of the Federal Reserve on 9-11". Daily Kos. Retrieved 19 September 2014. 
  4. ^ UCHITELLE, LOUIS. "Vice Chairman of the Fed, a Greenspan Ally, Resigns". NYT. Retrieved 10 January 2014. 
  5. ^ [1][dead link]
  6. ^ [2][dead link]
  7. ^ Henderson, Neil. "Fed Vice Chairman Resigns, Adding to Turnover at Top". The Washington Post. Retrieved 11 January 2014. 
  8. ^ "Background". Retrieved 11 January 2014. 
  9. ^ Tett, Gillian (2007-11-13). "Central bankers must work 'more closely together'". Retrieved 2014-01-08. 
  10. ^ [3][dead link]
  11. ^ [4][dead link]
  12. ^ "Obama to meet with economic team, talk to media". Reuters. 2008-11-07. Retrieved 2014-01-08. 
  13. ^ "Factbox: CEOs named to Obama's U.S. jobs council". Reuters. Retrieved 2014-02-20. 
  14. ^ "More Effective Governance at Financial Firms is Crucial for Greater Financial Statbility - New Group of Thirty Report" (PDF). Retrieved 2014-02-20. 
  15. ^ "Committee: Long-Run Macro-Economic Effects of the Aging U.S. Population". Retrieved 2014-01-08. 
  16. ^ "Home | | Where the Nation Turns for Independent, Expert Advice". Retrieved 2014-01-08. 

External links[edit]

Business positions
Preceded by
Alice Rivlin
Vice Chairperson of the Federal Reserve System
Succeeded by
Donald Kohn