Susan Bies
Susan Bies | |
---|---|
Member of the Federal Reserve Board of Governors | |
In office December 7, 2001 – March 30, 2007 | |
President | George W. Bush |
Preceded by | Susan M. Phillips |
Succeeded by | Elizabeth Ashburn Duke |
Personal details | |
Born | ) | May 5, 1947
Susan Schmidt Bies (born May 5, 1947) is an American economist and corporate executive who served as a member of the Federal Reserve Board of Governors from 2001 to 2007.
Bies was born in
Federal Reserve
Bies took office on December 7, 2001, as a full term member of the board of governors of the
Prior professional career
Before becoming a member of the board, Bies was executive vice president for risk management and auditor at
Before joining First Tennessee, Bies was associate professor of economics, Rhodes College, Memphis, Tennessee (1977–79); assistant professor of economics, Wayne State University, Detroit, Michigan (1972–77); and chief regional and banking structure economist at the Federal Reserve Bank of St. Louis (1970–72).
Bies has served as a fellow at the Federal Reserve Bank of Chicago (1969–70) and as a fellow at the Northwestern University Center for Urban Affairs (1968–69).
Bies has been active in leadership positions for various organizations, including the Emerging Issues Task Force of the
Comment on subprime mortgage crisis
In December 2008, Bies said she thought that regulators had been caught by surprise by the rapid growth in volume of so-called subprime and adjustable-rate mortgages in the mid-2000s subprime mortgage crisis, and that she regretted there was not quicker action taken to protect borrowers. "When you get into people whose mortgage payments are taking half of their cash flow, they are in over their heads, and these loans should not have been sold to this customer base," she said, quoted in The New York Times. "This makes me sick when I see this happening."[1]
Joins Bank of America board
Bies was named to the
Personal life
As of 2007, Bies is married and has two adult sons.
References
- ^ "Once Trusted Mortgage Pioneers, Now Pariahs" by Michael Moss and Geraldine Fabrikant 12-24-08 The New York Times pp. 3-4. Retrieved 12-27-2008]
- ^ "Bank of America Says Three Directors Quit as Exodus Totals 10" by David Mildenberg, Bloomberg.com, August 1, 2009. Retrieved 8/1/09.