Financial Update (Fourth Quarter 2002)


Masthead

Cover Story

New Atlanta Fed Chairman

Payment Study

High-Tech Stock Performance

Update Online

Board Appointees

DEPARTMENTS

Did You Know?

Data Bank

The Docket

Board Appointees Make Full Roster

For the first time since 1998, the Board of Governors of the Federal Reserve System has all seven governors’ seats filled. On Aug. 5, 2002, Chairman Alan Greenspan swore in two new governors, Ben S. Bernanke and Donald L. Kohn. Bernanke’s term expires on Jan. 31, 2004. He fills Edward W. Kelley Jr.’s seat, vacant since Dec. 31, 2001. Kohn’s term expires Jan. 31, 2016. He fills Laurence H. Meyer’s seat, vacant since Jan. 31, 2002.

Prior to his appointment, Bernanke was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and chair of the economics department at Princeton University, positions he held since 1996. He had served as a professor of economics and public affairs at Princeton since 1985. Before arriving at Princeton, Bernanke taught at the Graduate School of Business at Stanford University, at New York University and at the Massachusetts Institute of Technology.

Bernanke has also served as a visiting scholar at the Federal Reserve Banks of Philadelphia, Boston and New York and on the Academic Advisory Panel of the New York Fed.

Kohn is a veteran of the Federal Reserve System. Before becoming a member of the Board, he served on its staff as adviser to the Board for monetary policy, secretary of the Federal Open Market Committee, director of the division of monetary affairs and deputy staff director for monetary and financial policy.

Kohn also held several positions in the Board’s division of research and statistics — associate director, chief of capital markets and economist. He began his career as a financial economist at the Kansas City Fed.

The seven members of the Board of Governors are nominated by the president and confirmed by the Senate.