Roger W. Ferguson Jr.
Roger W. Ferguson Jr. | |
|---|---|
| Born | October 28, 1951 Washington, D.C., U.S. |
| Occupation(s) | Economist, lawyer, business leader |
| Years active | 1973–present |
| Known for | 17th Vice Chairman of the Federal Reserve (1999–2006), President and CEO of TIAA (2008–2021) |
Roger W. Ferguson Jr. (born October 28, 1951, in Washington, D.C.) is a distinguished American economist, lawyer, and business leader who served as the 17th vice chairman of the Federal Reserve between 1999 and 2006. He became a member of the Federal Reserve Board of Governors in 1997, marking the first time an African-American held the vice chairman role. Following his tenure at the Fed, Ferguson led the Teachers Insurance and Annuity Association of America (TIAA) as president and CEO from 2008 until 2021. He also holds board memberships at several corporations, including Alphabet.
Education
Ferguson completed his undergraduate studies with a B.A. in economics magna cum laude in 1973, followed by a J.D. cum laude in 1979, and a Ph.D. in economics in 1981, all awarded by Harvard University. Between 1973 and 1974, he pursued further academic work at Pembroke College, Cambridge under a Frank Knox Memorial Fellowship, where he was later honored as an Honorary Fellow in 2004. His academic recognitions include honorary degrees from several universities such as Lincoln College (Illinois), Webster University, Michigan State University, Georgetown University, Dartmouth College, and the University of Michigan.
In recognition of his contributions to Harvard, Ferguson was honored with the Harvard Medal in 2016. Three years later, in 2019, he received the Harvard Centennial Medal, the Graduate School of Arts and Sciences’ most prestigious award for impactful societal achievements stemming from graduate education at Harvard.
Chairmanship reports in 2005
On October 11, 2005, economist Lawrence Kudlow indicated that Alan Greenspan was advocating for Ferguson’s elevation to Federal Reserve chairman under the Bush administration. Kudlow, known for his supply-side economic views, voiced apprehension that Ferguson might implement neo-Keynesian policies contrary to the administration's economic objectives. Subsequently, on October 25, 2005, The Washington Post disclosed that senior Federal Reserve officials including Greenspan had supported Ferguson’s candidacy. Nevertheless, the chairmanship ultimately was awarded to Ben Bernanke.
Post-Fed career
In April 2008, Ferguson assumed leadership as president and CEO of Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA). He declared his retirement effective March 2021.
On June 29, 2016, he was appointed to the Board of Directors at Alphabet Inc..
On May 10, 2021, Ferguson was named Steven A. Tananbaum Distinguished Fellow for International Economics at The Council on Foreign Relations.
By August 2022, he took on the role of Chief Investment Officer at Red Cell Partners, a technology incubator.
In February 2023, Ferguson joined the External Advisory Group at McKinsey & Company.
Publications, references and appearances
Ferguson has contributed extensively as co-author, editor, or chair of study groups producing numerous works addressing financial regulation, systemic stability, institutional culture and governance, along with macroeconomic issues. Notable publications include:
- International Financial Stability, Geneva Reports World Economy 9 (2007)
- Banking, Financial and Regulatory Reform (2007)
- The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace (2008)
- Enhancing Financial Stability and Resilience: Macroprudential Policies, Tools and Systems for the Future (2010)
- Regulatory Reforms and Remaining Challenges (2011)
- Aging and the Macroeconomy: Long-term Implications of an Older Population (2012)
- Toward Effective Governance of Financial Institutions (2012)
- A New Paradigm: Financial Institutions Boards and Supervisors (2013)
- Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform (2015)
- The Future of Undergraduate Education, The Future of America (2017)
His tenure at TIAA has been highlighted in management literature such as Marilyn Gist’s The Extraordinary Power of Leader Humility and Ron Ashkenas and Brook Manville’s The Harvard Business Review Leader's Handbook.
Achievements
During the September 11, 2001 attacks, Ferguson was the only Federal Reserve Governor present in Washington, where he played a pivotal role in the Fed's immediate crisis management, earning recognition for his skill and leadership.
At the Federal Reserve, he spearheaded initiatives to increase the Federal Open Market Committee's (FOMC) transparency, leading to clearer communications regarding interest rate decisions and assessments of economic risks. Additionally, he chaired the Group of Ten Working Party on Financial Sector Consolidation, which published its conclusive report in January 2001.
Alan Greenspan praised Ferguson as "among the most effective Vice Chairmen in Federal Reserve history."
In 2004, Ferguson initiated the idea for the International Journal of Central Banking, which was launched in 2005 to promote research relevant to central bank policies; it currently benefits from support by more than 50 institutions.
Ferguson co-authored International Financial Stability in November 2007, a work addressing worldwide financial issues including the liquidity crisis of that year.
He held leadership roles as vice chairman and chairman within Group of Thirty study groups that produced key reports on topics such as financial supervision (2008), macroprudential approaches to financial stability (2010), governance of financial entities (2012), and reforms in banking conduct and culture (2015). These reports provided actionable guidance for regulators, corporate boards, and executives aimed at reinforcing global financial frameworks.
From 2008 through 2012, Ferguson advised President Obama on matters related to economic recovery and national competitiveness via various advisory committees and commissions.
Between 2010 and 2012, he co-led a National Research Council panel examining the long-term macroeconomic consequences of an aging population in the United States; their final findings were published in 2012.
Ferguson was inducted into the American Academy of Arts and Sciences in 2010 and became a member of the American Philosophical Society in 2016.
In November 2022, he and his wife established an endowed directorship at the Anacostia Community Museum.