Appointment of Richard W. Fisher as President, Federal Reserve Bank of Dallas
Richard W. Fisher will become president of the Federal Reserve Bank of Dallas, effective April 4, 2005. The appointment of Mr. Fisher was announced on December 21, 2004, by Ray L. Hunt, chairman of the Bank's Board of Directors. Mr. Fisher will succeed Robert D. McTeer, Jr., who resigned November 4, 2004, to become chancellor of the Texas A&M University System.
Mr. Fisher, 55, is currently vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by Henry Kissinger, the former Secretary of State of the United States of America.
As president of the Federal Reserve Bank of Dallas, Mr. Fisher will head one of the twelve regional Reserve Banks, which with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation's central bank. He will participate in meetings of the Federal Open Market Committee, a principal policymaking body in the Federal Reserve System, and during 2005, and every third year following, will be a voting member of the Committee.
The Dallas Reserve Bank serves the Eleventh Federal Reserve District, which includes all of Texas, as well as portions of Louisiana and New Mexico. The Federal Reserve is responsible for managing the country's money supply, supervising banks and depository institutions, and serving as fiscal agent for the federal government. The Federal Reserve also provides services to depository institutions.
Ray Hunt, chairman of the Board of Directors of the Federal Reserve Bank of Dallas, said the following.
"We are extremely pleased with the fact that Richard Fisher will soon be joining us as our new president. Richard possesses a superb knowledge of the nation's economic and monetary system and his direct personal involvement in a number of very important international economic treaties and activities make him uniquely qualified to provide the very forward-looking leadership for which the Federal Reserve Bank of Dallas has become known."
Mr. Fisher graduated with honors from Harvard University in economics, earned an MBA from Stanford University, and studied engineering at the U.S. Naval Academy and Latin American politics at Oxford University. He began his career as a banker at the private bank of Brown Brothers Harriman and Company. At Brown Brothers, Mr. Fisher was assistant to Robert Roosa, a former senior official of the Federal Reserve and Under Secretary of the Treasury, who had trained several leading financial officials, among them Paul Volcker, who became Federal Reserve Board Chairman before Mr. …