Clinton Nominates Roger Ferguson For Vice Chairman Of The Federal Reserve

Jet, August 23, 1999

Roger W. Ferguson Jr., a management and technology expert who has served as a member of the Federal Reserve Board, has been nominated by President Clinton to be vice chairman of the Federal Reserve.

Ferguson, who has served as a Federal Reserve governor for two years, has to face confirmation by the Senate. When Ferguson was appointed a Federal Reserve governor, he became only the third Black to hold that position. If confirmed, Ferguson will be the first Black to serve as vice chairman.

He would replace Alice Rivlin, who resigned last month.

The 47-year-old Ferguson was a banking industry consultant and partner at McKinsey & Company in New York prior to joining the Federal Reserve. Ferguson was an attorney at the New York law firm of Davis Polk & Wardwell before coming to McKinsey & Company.

Ferguson, an honors graduate, holds degrees in both economics and law from Harvard University, where he later received a Ph.D. in economics.

"He is superbly qualified," Clinton told the New York Times. "He has served well. And I am excited about the prospect of his service. I'm glad he's willing to do it."