Susan Bies
Susan Schmidt Bies | |
|---|---|
| Born | May 5, 1947 Buffalo, New York, U.S. |
| Occupation(s) | Economist, business leader |
| Years active | 1970–present |
| Known for | Member of the Federal Reserve Board of Governors (2001–2007) |
Susan Schmidt Bies (born May 5, 1947) is a distinguished American economist and business leader who held a position on the Federal Reserve Board of Governors from 2001 until 2007.
Originating from Buffalo, New York, Bies completed her Bachelor of Science in education at Buffalo State College in 1967. She then pursued graduate studies at Northwestern University, where she earned both a Master of Arts in 1968 and a Doctorate in economics in 1972.
Federal Reserve
Bies commenced her service as a full member of the Federal Reserve Board of Governors on December 7, 2001, with an official term scheduled to conclude on January 31, 2012. However, she tendered her resignation on February 9, 2007, which became effective March 30, 2007, citing a desire to dedicate more time to her family.
Previous professional experience
Prior to her tenure at the Federal Reserve, Bies served as executive vice president responsible for risk management and auditing at First Tennessee National Corporation (currently First Horizon National Corporation) in Memphis, Tennessee between 1995 and 2001. She held multiple senior management roles there starting in 1979, including chief financial officer and positions focused on corporate development.
Earlier in her career, Bies was an associate professor of economics at Rhodes College from 1977 to 1979 and an assistant professor at Wayne State University between 1972 and 1977. From 1970 to 1972, she worked as chief regional and banking structure economist at the Federal Reserve Bank of St. Louis. Additionally, she completed fellowships at both the Federal Reserve Bank of Chicago and Northwestern University’s Center for Urban Affairs.
Bies has played leadership roles across various organizations such as the Emerging Issues Task Force of the Financial Accounting Standards Board, the Committee on Corporate Reporting for the Financial Executives Institute, the End Users of Derivatives Association, the American Bankers Association, and the Bank Administration Institute. Her participation also spans numerous business, academic, and civic organizations including the American Economic Association, Institute of Management Accountants, and Memphis Area Chamber of Commerce.
Perspective on subprime mortgage crisis
In December 2008, Bies acknowledged that regulatory bodies had been unprepared for the swift expansion of subprime and adjustable-rate mortgages that characterized the mid-2000s crisis. She expressed remorse regarding the delayed intervention to safeguard borrowers, stating, "When you get into people whose mortgage payments are taking half of their cash flow, they are in over their heads, and these loans should not have been sold to this customer base." She described the circumstances as troubling and emphasized the dangers associated with such lending practices.
Appointment to Bank of America board
In June 2009, during a government-led reorganization of corporate boards following the financial turmoil of 2008, Bies was named to the board of directors at Bank of America. This appointment reflected her deep knowledge in banking oversight and managing financial crises.
Personal details
As of 2007, Bies is married and has two grown sons.