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 member of the U.S. Federal Reserve Board. She took office on Aug. 5, 2008, to fill an unexpired term ending Jan. 31, 2012. On July 11, 2013 she submitted her resignation effective August 31, 2013.[1]

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.[2]

She is one of only eight women to have served on the Fed’s board of governors.


Before her appointment to the 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 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.[4]


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.


  1. Elizabeth A. Duke Submits Resignation as a Member of the Board of Governors, Effective August 31, 2013. MondoVisione.
  2. Fed governor Elizabeth Duke to step down. The Washington Post.
  3. Who Is Elizabeth Duke?. WSJ.com.
  4. Elizabeth A. Duke. Federal Reserve Board.