SPEECH TITLES AND/OR TOPICS
Economy | Ethics | Finance
Susan Schmidt Bies submitted her resignation as a member of the Board of Governors of the Federal Reserve System, effective March 30, 2007.
Ms. Bies, who had been a member of the Board since December 7, 2001, submitted her resignation to President Bush. She planned to spend more time with her family.
Federal Reserve Board Chairman Ben S. Bernanke said, "Sue's invaluable contributions to both monetary and regulatory policy at the Federal Reserve have been aided by her unique perspective as both an economist and a banker." "Her leadership at the Board was most evident in guiding our efforts in banking policy and community affairs. I will miss her counsel and wish her all the best in her new endeavors."
President Bush appointed Susan Bies, to a full term on the Federal Reserve Board ending January 31, 2012. During her time on the Board, she has served as Chairman of the Committee on Supervisory and Regulatory Affairs; Chairman of the Committee on Consumer and Community Affairs; and as a member of the Committee on Federal Reserve Bank Affairs. In addition, she represented the Federal Reserve in the Financial Stability Forum and led the Federal Reserve's efforts to modernize the Basel capital accord.
Before joining the Federal Reserve Board, Susan Bies, spent 22 years in business, starting out in economics at First Tennessee National Corporation. She was a member of the Emerging Issues Task Force of the Financial Accounting Standards Board and finishing there as executive vice-president for risk management. Prior to that, her career included a stint at the St. Louis Federal Reserve Bank of St. Louis. Ralph Horn, chairman and former CEO at First Tennessee, notes that during her time at the company she chaired the asset-liability management committee, developing a deep command of the details that go into making a financial operation, and the financial system, work. Earlier in her career, she taught economics at Rhodes College and at Wayne State University and served as an economist at the Federal Reserve Bank of St. Louis.