Roger W. Ferguson Jr. (born October 28, 1951, in Washington, D.C.) is an American economist, attorney and corporate executive who served as the 17th vice chairman of the Federal Reserve from 1999 to 2006. Prior to his term as vice chairman, Ferguson served as a member of the Federal Reserve Board of Governors, taking office in 1997. He was the first African-American vice chairman. After leaving the Fed, he served as president and CEO of the Teachers Insurance and Annuity Association of America (TIAA) from 2008 to 2021. Ferguson has also been appointed to the board of directors of several companies.
Education
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, Dartmouth College, The University of Michigan and The University of San Francisco.
In 2016, Ferguson received the Harvard Medal, awarded annually by the Harvard Alumni Association for service to Harvard.
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.
Chairmanship reports in 2005
On October 11, 2005, Lawrence Kudlow stated 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.
Post-Fed career
In April 2008, Ferguson became president and chief executive officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA). In November 2020, he announced that he would retire at the end of March 2021.
On June 29, 2016, Ferguson became a member of Board of Directors of Alphabet Inc.
On May 10, 2021, Ferguson assumed the position of Steven A. Tananbaum Distinguished Fellow for International Economics at The Council on Foreign Relations.
In August 2022, he joined the tech incubator Red Cell Partners as Chief Investment Officer.
In February 2023, he was named a member of the McKinsey & Company External Advisory Group.
Publications, references and appearances
Ferguson has co-authored, edited or led study groups or commissions that have produced numerous publications, including monographs, occasional papers, study group reports and commission reports. These works cover a wide range of topics in financial regulation, financial stability, financial institution culture and governance. and current macroeconomic topics. Among Ferguson's published works are:
"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)