Elizabeth A. Duke

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Elizabeth A. Duke
Elizabeth A. Duke.jpg
Occupation Board member
Employer U.S. Federal Reserve Board

Elizabeth A. Duke is a former member of the U.S. Federal Reserve Board, where she served from 2008 to 2013.[1] She was one of only eight women to have served on the Fed’s board of governors.

She became vice chair of the board of Wells Fargo in October 2016, after having served on the board since January of 2015.

In August of 2017 Wells Fargo & Co. said she would replace its chairman, Stephen Sanger, on Jan. 1, 2018, making her the first woman to hold a top board role at one of the nation’s largest banks.[2]

Background

Before her appointment to the Fed board, Duke was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. Before that, she was an executive vice president at Wachovia Bank, and an executive vice president at SouthTrust Bank. Earlier in her career, Duke was president and chief executive officer of Bank of Tidewater, based in Virginia Beach, Virginia.[3]

Duke was active in a series of decisions over extending the Fed’s regulatory umbrella to a broader range of institutions.

She voted against GMAC’s application to become a bank holding company; however, the Fed ultimately approved the proposal. She was also skeptical of some of the Fed’s efforts to boost the economy using monetary policy, but she voted for the policy choices favored by Ben Bernanke.[4]

Duke served on the board of directors of the American Bankers Association from 1999 to 2006, and served as its chairman from 2004 to 2005. She also served on the board of directors and as president of the Virginia Bankers Association. From 1998 to 2000, Duke served on the board of directors of the Federal Reserve Bank of Richmond. She has also served as a member of the Fannie Mae National Advisory Council.[5]

Education

She received her bachelor’s degree from the University of North Carolina at Chapel Hill and her MBA from Old Dominion University. She is also a graduate of the Stonier Graduate School of Banking and the Virginia Bankers School of Bank Management.


References

  1. Elizabeth A. Duke Submits Resignation as a Member of the Board of Governors, Effective August 31, 2013. MondoVisione.
  2. Wells Fargo Elevates Former Fed Governor Elizabeth Duke to Chairman Role. The Wall Street Journal.
  3. Who Is Elizabeth Duke?. WSJ.com.
  4. Fed governor Elizabeth Duke to step down. The Washington Post.
  5. Elizabeth A. Duke. Federal Reserve Board.