Susan M. Phillips

Susan Phillips was born January 23, 1944, in Richmond, Virginia.[1] As part of a military family she spent time in Florida, Georgia, Louisiana and lived abroad in Germany and The United Kingdom. She earned a bachelor's degree in mathematics from Agnes Scott College in 1967. At Louisiana State University she studied to receive a master's degree in finance and insurance in 1971, and a PhD in finance and economics in 1973.[2]

After a brief period as an assistant professor at Louisiana State, Phillips became an assistant professor of business administration at the University of Iowa from 1974 to 1976. After working as an economic policy fellow at the Brookings Institution in 1976 and 1977 she returned to the University of Iowa in 1978 as an associate professor.[2]

Phillips went on to lead the University of Iowa's finances. Serving first as acting Associate Vice President for Finance and University Services in 1979, she was confirmed as an Associate Vice President of Finance and University Services in 1980. Her tenure at the University of Iowa was interrupted by her departure to work at the Commodity Futures Trading Commission in 1981, but she returned as Vice President in 1987 where she continued to work until appointed to the Federal Reserve.[2]

Phillips was appointed a commissioner on the Commodity Futures Trading Commission in 1981.[2] When she was appointed chair of the commission in 1983 she became the first female to lead a US financial regulatory agency.[3] She resigned in 1987 to return to the University of Iowa.

In September 1991 Phillips was appointed by President George H. W. Bush to serve the remainder of Martha R. Seger's term as a governor of the Federal Reserve Board.[4] When she was sworn in on December 2, 1991 she became the third woman to hold that title. Her appointment, along with that of Lawrence Lindsey, was initially seen as key to building support in the Federal Open Markets Committee for lower interest rates.[5] Her term expired on January 31, 1998, but she continued to serve on the board until June 30, 1998 since no successor had been appointed.[6]

After leaving the Federal Reserve in 1998 Susan Phillips became Dean of the George Washington University School of Business in Washington, D.C. While dean, she oversaw fundraising and construction efforts as the school rose in rank.[7]

Phillips retired from George Washington University in June 2010, intending to return to Fort Walton Beach, Florida, where she grew up.[3]

• Federal Reserve Board Oral History Project: Interview with Susan M. Phillips
• Interview with the Federal Reserve Bank of Minneapolis