Roger W. Ferguson Jr.

In 2019, Ferguson received the Harvard Centennial Medal. The Centennial Medal is the highest honor bestowed by the Graduate School of Arts and Sciences and is awarded for “contributions to society as they have emerged from one’s graduate education at Harvard”. The citation presented with the Medal reviewed Ferguson’s achievements and featured reflections from Douglas Elmendorf, Drew Faust and Larry Summers.

Roger W. Ferguson Jr. has a history of serving as a member of several not-for-profit boards. Currently he serves as Chairman of the Conference Board and a member of the Board of Trustees of the Institute for Advanced Study and the Board of Trustees of the Memorial Sloan Kettering Cancer Center. Ferguson Is a member of the Board of Trustees of the Group of Thirty. He also serves as a Regent of the Smithsonian Institution, having been approved in 2017 by both Houses of Congress for a six-year term.

In 2016, Ferguson received the Harvard Medal, awarded annually by the Harvard Alumni Association for service to Harvard.

On June 29, 2016, Ferguson became a member of Board of Directors of Alphabet Inc.

Ferguson is also active in higher education policy discussion groups, serving in 2016 and 2017 as co-chairman of the Commission on the Future of Undergraduate Education (sponsored by the American Academy of Arts and Sciences). He was formerly a member of both the Commission on the Future of Graduate Education (sponsored by the Council of Graduate Schools) and the Commission on the Humanities and Social Sciences (sponsored by the American Academy of Arts and Sciences).

Ferguson is a member of the Council on Foreign Relations, a member and trustee of the Group of Thirty and a member of the International Advisory Council of the China Banking Regulatory Commission. He participated in the Bilderberg Conferences in 2016, 2017 and 2018.

Ferguson served as co-chairman of the Group of 30 study group that published "Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform". Following two previous reports, the study expands on the role of conduct and culture in the governance of the world's largest financial institutions. The report identifies shortcomings but also good practice in promoting a strong banking culture, making a series of recommendations that can be drawn upon by leaders as they seek to address culture in their firms. The study was released July, 2015.

In 2014 and 2015, Ferguson served as a member of the Panel of Economic Advisers for the Congressional Budget Office.

In 2014 and 2015, Ferguson served as a member of the Panel of Economic Advisers for the Congressional Budget Office.

Ferguson served as chairman of the Group of 30 study group that published "Toward Effective Governance of Financial Institutions". The study, which has been translated into three languages. made several concrete and practical recommendations to enhance governance of financial institutions, including recommendations for management, boards of directors, supervisors and shareholders. The study was released on April 12, 2012.

In 2010, Ferguson became a member of the Board of Directors of International Flavors and Fragrances, a leading creator and manufacturer of flavors and fragrances. In 2015, Ferguson became a member of the Board of Directors of General Mills. He was also a member of the Board of Directors of Audax Health, a start-up that blends social media with health care, until 2014, when Audax Health was sold to Optum.

Ferguson served as chairman of the Group of 30 study group that published "Enhancing Financial Stability and Resilience: Macroprudential Policy, Tools and Systems for the Future". The study called on public officials to empower systemic regulators with new tools to enhance the stability and resilience of the global financial system and potentially lessen the severity of future crises. The study was released on October 10, 2010.

Between 2010 and 2012, Ferguson co-chaired a National Research Council panel on the Long-Run Macro-Economic Effects of the Aging U.S. Population. The final report was issued in September, 2012, under the title, "Aging and the Macroeconomy: Long-Term Implications of an Older Population".

On April 4, 2008, Roger W. Ferguson Jr. was named the new President and Chief Executive Officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA), succeeding Herbert M. Allison, effective April 14, 2008.

Formerly, Ferguson was Co-Chairman of the Committee for Economic Development. He was also Chairman of the Board of Trustees of the Economic Club of New York and of the Business Higher Education Forum. Ferguson was also a member of the Board of Overseers of Harvard University, serving as President during 2008-2009, an elected member of the Board of Directors of the Harvard Alumni Association, a Trustee of the Carnegie Endowment for International Peace, the National Bureau of Economic Research and the New America Foundation. Ferguson also served as Treasurer of the Friends of Education, a Trustees' Committee of The Museum of Modern Art.

Ferguson served as the vice chairman of the Group of 30 study group that published "The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace". The study of the regulatory structure of 17 jurisdictions was released on October 6, 2008.

Between 2008 and 2012, Ferguson served as economic advisor to President Obama, initially as a member of the President-elect's Transition Economic Advisory Board and subsequently as a member of the President's Economic Recovery Advisory Board and the President's Commission on Jobs and Competitiveness

With three co-authors, in November 2007 Ferguson published "International Financial Stability", Geneva Report No. 9, dealing with challenges to global financial stability and including observations regarding the liquidity crisis of 2007.

On February 22, 2006, Ferguson sent his resignation letter to President George W. Bush. His resignation came into effect on April 28, 2006.

On June 19, 2006, Swiss Re announced his appointment as Chairman of Swiss Re America Holding Corporation and Member of Swiss Re's Executive Board. On October 3, 2006, Swiss Re announced his appointment as Head of Financial Services and Member of Swiss Re's Executive Committee.

On October 11, 2005, Lawrence Kudlow stated that his belief that Alan Greenspan was pushing Ferguson's name to the Bush Administration for the appointment of the Federal Reserve Chairmanship. As a supply-side economist, Kudlow said he was worried that Ferguson would follow a Neo-Keynesian policy and would oppose the Bush Administration's economic policy. On October 25, 2005, The Washington Post reported that senior members at the Federal Reserve, including Alan Greenspan, were encouraging the Bush Administration to appoint Ferguson to the Federal Reserve Chairmanship. The position eventually went to Ben Bernanke

Ferguson proposed the idea of a journal dedicated to central banking theory and practice. The resulting International Journal of Central Banking was announced in 2004 and first published in 2005, with two objectives: to disseminate widely the best policy-relevant research on central banking and to promote communication among central banks. The IJCB has more than 50 sponsoring institutions.

During 2003, Ferguson became the Chairman of the Committee on the Global Financial System (CGFS), a central bank panel that monitors and examines broad issues related to financial markets and systems. He also became the Chairman of the Financial Stability Forum (FSF), which promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The Forum brings together on a regular basis national authorities responsible for financial stability in significant international financial centers. In his role as Chairman of the CGFS, Ferguson monitored financial markets and reported on financial conditions and financial stability to the Group of Ten (G10) Central Bank Governors. As Chairman of the FSF, Ferguson had a similar monitoring and reporting role for the Group of Seven (also known as the G-7) Finance Ministers and Central Bank Governors. He also presented an opening statement at the semi-annual meetings of the International Monetary and Financial Committee of the International Monetary Fund.

Ferguson was the only Federal Reserve Governor in Washington, D.C. during the September 11 attacks in 2001. He was responsible for leading the Federal Reserve's initial response to the terrorist attacks and was praised for his expert handling of the crisis.

Ferguson also served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. Formed in September 1999 at the request of the finance ministers and central bank governors of the G-10, the Working Party examined the causes of consolidation in the financial sector and its potential effects. The Working Party released its final report on January 25, 2001.

Ferguson was the only Federal Reserve Governor in Washington, D.C., during the September 11 attacks in 2001. He was responsible for leading the Federal Reserve's initial response to the terrorist attacks and was praised for his expert handling of the crisis.

While at the Fed, Ferguson served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. The Working Party released its final report on January 25, 2001.

As Vice Chairman, among other duties, Ferguson represented the Federal Reserve in international policy groups. Between July 1998 and March 2000, Ferguson served as Chairman of the Joint Y2K Council. The Council, supported by the Bank for International Settlements, was formed to address issues associated with the Year 2000 computer challenge within the global financial supervisory community.

From November, 1997, until his appointment as Vice Chairman in October, 1999, he served as a Member of the Federal Reserve Board of Governors.

Ferguson was a partner at McKinsey & Company. He was based in New York City from 1984 to 1997, and managed a variety of studies for financial institutions. Dr. Ferguson also served as Director of Research and Information Systems, overseeing a staff of 400 research professionals and managing the firm's investments in knowledge management technologies.

From 1981 to 1984, Ferguson was an attorney at the New York City office of Davis Polk & Wardwell, where he worked with commercial banks, investment banks, and Fortune 500 corporations on syndicated loans, public offerings, mergers and acquisitions, and new product development.

Ferguson received a B.A. in economics magna cum laude in 1973, a J.D. cum laude in 1979, and a Ph.D. in economics in 1981, all from Harvard University. From 1973 to 1974, he attended Pembroke College at Cambridge University on a Frank Knox Memorial Fellowship. In 2004 Ferguson was elected to an Honorary Fellowship there. In addition, he has honorary degrees from Lincoln College (Illinois), Webster University, Washington and Jefferson College, Michigan State University, Worcester Polytechnic Institute, St. Lawrence University, University of Maryland, Baltimore County, Georgetown University, Metropolitan College of New York, Wabash College, Colby College, Lincoln University (Pennsylvania), Rensselaer Polytechnic Institute, Stevens Institute of Technology, Sewanee: The University of the South, American University, Hofstra University and The University of Michigan.

Roger W. Ferguson Jr. (born October 28, 1951 in Washington, D.C.) is an American economist, who was Vice Chairman of the Board of Governors of the Federal Reserve System from 1999 to 2006, and has served as President and Chief Executive Officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA) since April, 2008. In June, 2016, Alphabet Inc. appointed Roger W. Ferguson Jr. to its board of directors.

While at the Fed, Ferguson led the Federal Reserve's efforts to modernize the national retail payment system of the United States. This ultimately resulted in the passage and signing into law of the Check Clearing for the 21st Century Act, which is also known as Check 21. The law allows the recipient of the original paper check to create a digital version of the original check, a process known as check truncation, into an electronic format called a "substitute check", thereby eliminating the need for further handling of the physical document. The legal protection for an electronic "substitute check" in turn is a key element in the development and growth of mobile banking.