[Congressional Record Volume 147, Number 101 (Thursday, July 19, 2001)]
[Senate]
[Pages S7905-S7906]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              THE NOMINATION OF ROGER WALTON FERGUSON, JR.

  Mr. SARBANES. Mr. President, I want to speak briefly with respect to 
the nomination of Roger W. Ferguson to the Board of Governors of the 
Federal Reserve System. I understand later today at the appropriate 
time we will be taking up the Ferguson nomination. As I understand it 
that will be after the Graham nomination. This seems an opportune time 
to take a moment or two because, presumably, at the time we vote people 
may be in somewhat of a hurry to draw our business to a conclusion.
  The nomination of Roger Ferguson was reported out of the Banking 
Committee on July 12 with one dissenting vote in the committee. He is 
currently a member of the Federal Reserve Board. This would be for 
another term on the Board, a reappointment. He was nominated for 
another term by President Clinton in 1999, but action was not taken on 
that nomination so it simply remained pending, although he continued 
under the applicable rules that govern membership on the Board of 
Governors, to serve on the Board. In the first part of this year, 
President Bush resubmitted his nomination to the Senate for membership 
on the Board of Governors of the Federal Reserve System for a term of 
14 years, which is the standard term for members of the Board of 
Governors.
  I simply want to say to my colleagues that we think Mr. Ferguson has 
done a fine job as a member of the Board of Governors of the Federal 
Reserve System. He has assumed a number of areas of prime 
responsibility in the workings of the Board. We think of the Board 
primarily in terms of its monetary policy decisions, but of course the 
Board has a whole range of other responsibilities that affect the 
financial system of the country. There are many day-to-day 
responsibilities.
  Roger Ferguson has been an integral part of the Board's activities. 
He is spoken of very highly by those who watch the Board and by the 
members of the Board themselves, including the Chairman. He has also 
assumed a special responsibility to work on the question of diversity 
in the Federal Reserve System in terms of its employment and membership 
practices. In fact, at his hearing we asked him some questions on that 
subject on the basis of a communication we had received from members of 
the minority caucuses in the House of Representatives. He was quite 
forthcoming in his responses and underscored the effort they were 
making

[[Page S7906]]

in this area at the Federal Reserve. In response to these questions, he 
undertook to once again carefully review and examine Board policy and 
to intensify their efforts to ensure more diversity in the workings of 
the Federal Reserve System.
  I urge his confirmation to my colleagues. I very much hope, when he 
comes before us for a vote, we will have very strong support for his 
reappointment to the Federal Reserve System.
  We need to get these members into place at the Federal Reserve Board 
because there are a couple of vacancies there.
  One of the Board of Governors also announced his intention to retire. 
The President has announced his intention to nominate a couple of 
members. Those nominations have not yet been sent to us, thus we have 
not yet received them.
  In an effort to keep the Board of Governors of the Federal Reserve in 
sufficient number, I urge my colleagues to approve the Ferguson 
nomination when it comes before us later tonight.
  I yield the floor.
  Mr. SARBANES. Mr. President, I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. DASCHLE. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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