Emmett J. Rice
Emmett John Rice | |
|---|---|
| Born | 21 December 1919 Florence, South Carolina, U.S. |
| Died | 10 March 2011 (aged 91) Camas, Washington, U.S. |
| Occupation(s) | Economist, academic, banking executive |
| Years active | 1950–1986 |
| Known for | Member of the Federal Reserve Board of Governors; Tuskegee Airman |
Emmett John Rice (December 21, 1919 – March 10, 2011) was a distinguished American economist, academic figure, banking executive, and a member of the Federal Reserve Board of Governors. During World War II, he served with the Tuskegee Airmen. In the 1950s, he held a teaching position at Cornell University and was recognized for his expertise in monetary policies within developing nations. His daughter, Susan Rice, held prominent roles as United States Ambassador to the United Nations and National Security Advisor under President Barack Obama.
Background
Born in Florence, South Carolina, Rice was the son of Sue Pearl (née Suber) and Reverend Ulysses Simpson Rice (1875–1927). He lost his father at the age of seven. Following his education in segregated schools, his family relocated to New York City when he was sixteen. He obtained a B.B.A. degree in 1941 and completed an M.B.A. in 1942 from City College of New York. During the Second World War, Rice served as a member of the Tuskegee Airmen within the U.S. Army Air Force. Post-war, he earned a doctorate in economics from the University of California, Berkeley and was awarded a Fulbright scholarship to study in India. While studying, he also became the first African American firefighter with the Berkeley Fire Department. Subsequently, he taught economics at Cornell University as its only Black assistant professor before his tenure as a Federal Reserve governor from 1979 until 1986.
Career
Rice’s professional journey began as an economics research assistant at Berkeley between 1950 and 1951, followed by a teaching assistantship during 1953–1954. In 1952, he was appointed Fulbright Fellow and served as research associate at the Reserve Bank of India.
Between 1954 and 1960, he held the position of assistant professor of economics at Cornell University. From 1960 to 1962, Rice worked as an economist for the Federal Reserve Bank of New York, then provided advisory services to the Central Bank of Nigeria in Lagos during 1963–1964.
From 1964 through 1966, Rice played key roles in U.S. economic development initiatives as deputy and acting director within the Treasury Department’s Office of Developing Nations. Between 1966 and 1970, he acted as U.S. Alternate Executive Director representing the International Bank for Reconstruction and Development (World Bank), International Development Association, and International Finance Corporation.
In 1970, Rice assumed leadership as executive director of Washington, D.C.’s Mayor’s Economic Development Committee before moving in 1972 to become senior vice president at the National Bank of Washington. Nominated by President Jimmy Carter in 1979, Rice became only the second African American appointed to the Federal Reserve Board of Governors, serving seven years alongside Chairman Paul Volcker until his departure in 1986.
Death
At age 91, Rice passed away due to congestive heart failure on March 10, 2011, at his residence in Camas, Washington.