|Commercial Banker Duke Becomes Newest Fed Governor
Elizabeth Duke, a career commercial banker, was sworn into office as a Federal Reserve Board governor on August 5. Her term ends in January 2012. She will have a seat on the Federal Open Market Committee, the Fed's monetary policymaking body.
Behind the teller window
She became executive vice president at Wachovia when it acquired SouthTrust in 2004. That same year, she became the first woman to chair the American Bankers Association, the industry's key trade group.
Most recently, she was chief operating officer of TowneBank, a community bank in Portsmouth, Va. She also has firsthand experience with a Reserve Bank, having served on the board of directors of the Richmond Fed from 1998 to 2000.
From drama class to the Board of Governors
Duke becomes the first woman to serve as a Fed governor since Susan Bies, who resigned in March 2007.
August 20, 2008