For a fascinating look into what's next for the Federal Reserve, consider a joint program with former governors of the board, Kevin Warsh and Elizabeth Duke.
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Elizabeth “Betsy” Duke is central bank economist who got her start in retail banking and small business lending. As a result, her practical understanding of the retail banking industry shaped the decisions of the Fed during the crisis and the recovery, as she became the Fed’s point person on housing, consumer and small business issues. Now the first female chairman of a top U.S. bank, Duke draws on her regulatory experience, bringing her understanding of the financial system, importance of safety and soundness, and risk management to her role at Wells Fargo. Audiences appreciate that Duke has walked down both Wall Street and Main Street, and her speeches highlight how governments can catalyze growth, protect investment and free access to capital for America's businesses.
Kevin Warsh is a monetary policy expert and economist who served the United States in the Federal Reserve and the White House, and whose insights are sought by Central Banks around the world. Most notably, he was hired by the Bank of England, where he issued an independent report proposing reforms in the conduct of monetary policy in the United Kingdom. Parliament recently adopted the report’s recommendations.
Kevin Warsh serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business. He advises several private and public companies, including service on the board of directors of UPS. Warsh is also a member of the Group of Thirty (G30). He played a significant role in stabilizing the economy during the U.S. financial crisis. His authoritative and enlightening presentations on both domestic and international economic issues are helping audiences and corporations understand how U.S. and foreign monetary policy impacts large and small businesses, as well as individuals. Warsh is particularly well-positioned to explain the risks and rewards of Brexit, as well as economic strategy under this U.S. administration.
As a member of the Board of Governors of the Federal Reserve System from August 2008 to August 2013, Elizabeth "Betsy" Duke served as Chair of the Federal Reserve’s Committee on Consumer and Community Affairs and as a member of its Committee on Bank Supervision and Regulation, Committee on Bank Affairs, and Committee on Board Affairs. With a straightforward style, Duke explains complex policy decisions in the language of the business leaders and bankers she has known her whole career. Her speeches shed light on the policies and decisions that have a rippling and profound impact on our economy, and she shares her insights for the economic future ahead.
Within a mere six weeks of her swearing in as a Fed Governor in 2008, crises brewed, with home lending giants Fannie Mae and Freddie Mac being taken into government conservatorship, Lehman failing and the Fed debating an $85 billion loan to AIG. The markets were bracing for a complete failure, and surely the worst economic collapse since the Great Depression. Many experts credit swift and bold actions by the Fed for stopping the tailspin. Duke’s background in banking and lending proved invaluable for policy making during a financial crisis. Her working understanding of the retail banking industry shaped the decisions of the Fed during the crisis and the recovery as she became the Fed’s point person on housing, consumer and small business issues.
Prior to her appointment to the Board of Governors of the Federal Reserve, Ms. Duke was a community banker moving up from part time teller to community bank CEO. She was chief operating officer of TowneBank from 2005 to 2008, and was an executive vice president at Wachovia Bank, N.A., (2004 to 2005) and at SouthTrust Bank (2001 to 2004) which was acquired by Wachovia in 2004. Ms. Duke also served as chief executive officer of Bank of Tidewater, which was acquired by SouthTrust, and chief financial officer of Bank of Virginia Beach. She served on the board of directors of the American Bankers Association from 1999 to 2006, becoming the first woman to serve as chair of the ABA in 2004, and as a member of the board of directors of the Federal Reserve Bank of Richmond.
Ms. Duke is a member of the Board of Directors of Wells Fargo & Company, where she serves on the board’s Risk Committee. She is currently an Executive-in-Residence at Old Dominion University located in Norfolk, Virginia.
Kevin Warsh serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business.
He advises several private and public companies, including service on the board of directors of UPS. Warsh is also a member of the Group of Thirty (G30).
Warsh conducts extensive research in the field of economics and finance. He issued an independent report to the Bank of England proposing reforms in the conduct of monetary policy in the United Kingdom. Parliament recently adopted the report’s recommendations.
Governor Warsh served as a member of the Board of Governors of the Federal Reserve System from 2006 until 2011. Warsh served as the Federal Reserve's representative to the Group of Twenty (G-20) and as the Board's emissary to the emerging and advanced economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance.
Prior to his appointment to the Board, from 2002 until 2006, Warsh served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. Previously, Warsh was a member of the Mergers & Acquisitions department at Morgan Stanley & Co. in New York, serving as Vice President and Executive Director.
Warsh received his A.B. from Stanford University, and his J.D. from Harvard Law School.