Financial Update (January-March 1998)

Ferguson and Gramlich Join
Fed Board Of Governors

T he Board of Governors of the Federal Reserve System filled vacancies in two unexpired terms when Roger W. Ferguson Jr. and Edward M. Gramlich took office in November.

Ferguson's term ends Jan. 31, 2000. Prior to his appointment he was a partner at McKinsey & Co. Inc. where he managed a variety of studies for financial institutions. Additionally, he directed research and information systems and managed investments in knowledge management technologies.

Before joining McKinsey & Co., Ferguson was an attorney with Davis Polk & Wardwell in New York City. There he worked with commercial and investment banks and Fortune 500 corporations on syndicated loans, public offerings, new product development and mergers and acquisitions.

Ferguson received a bachelor's degree in economics, magna cum laude, a juris doctorate, cum laude, and a Ph.D. in economics from Harvard University.

Gramlich's term ends Jan. 31, 2008. Prior to his appointment, he was dean of the School of Public Policy at the University of Michigan. A faculty member since 1976, he also chaired the economics department.

He chaired the Quadrennial Advisory Council on Social Security, examining the actuarial finances of Social Security and suggesting policy changes. He was deputy director and acting director of the Congressional Budget Office and served as director of the policy research division at the Office of Economic Opportunity and as staff director for the Economic Study Commission of Major League Baseball.

Gramlich earned a bachelor's degree from Williams College. He received a master's degree and a Ph.D., both in economics, from Yale University.

The seven members of the Federal Reserve Board of Governors are nominated by the president and confirmed by the Senate. A full term is 14 years, and all terms end on their statutory date regardless of the date on which the member is sworn into office.

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