Susan Meredith Phillips (born January 23, 1944) is an American economist who served as a member of the

Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

from 1991 to 1998. She was the third woman to sit on the Board. After leaving the Fed, Phillips served as dean of the George Washington University School of Business from 1998 to 2010.

Early life and education

Susan Phillips was born January 23, 1944, in

Richmond, Virginia Richmond ( ) is the List of capitals in the United States, capital city of the Commonwealth (U.S. state), U.S. commonwealth of Virginia. Incorporated in 1742, Richmond has been an independent city (United States), independent city since 1871. ...

. As part of a military family she spent time in

Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

Louisiana Louisiana ( ; ; ) is a state in the Deep South and South Central regions of the United States. It borders Texas to the west, Arkansas to the north, and Mississippi to the east. Of the 50 U.S. states, it ranks 31st in area and 25 ...

and lived abroad in

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

and The

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

. She earned a bachelor's degree in mathematics from

Agnes Scott College Agnes Scott College is a Private university, private Women's Colleges in the Southern United States, women's Liberal arts colleges in the United States, liberal arts college in Decatur, Georgia. The college enrolls approximately 1,000 undergra ...

in 1967. At

Louisiana State University Louisiana State University and Agricultural and Mechanical College, commonly referred to as Louisiana State University (LSU), is an American Public university, public Land-grant university, land-grant research university in Baton Rouge, Louis ...

she studied to receive a master's degree in finance and insurance in 1971, and a

PhD A Doctor of Philosophy (PhD, DPhil; or ) is a terminal degree that usually denotes the highest level of academic achievement in a given discipline and is awarded following a course of graduate study and original research. The name of the deg ...

in finance and economics in 1973.

Academic career

After a brief period as an assistant professor at Louisiana State, Phillips became an assistant professor of business administration at the

University of Iowa The University of Iowa (U of I, UIowa, or Iowa) is a public university, public research university in Iowa City, Iowa, United States. Founded in 1847, it is the oldest and largest university in the state. The University of Iowa is organized int ...

from 1974 to 1976. After working as an economic policy fellow at the

Brookings Institution The Brookings Institution, often stylized as Brookings, is an American think tank that conducts research and education in the social sciences, primarily in economics (and tax policy), metropolitan policy, governance, foreign policy, global econo ...

in 1976 and 1977 she returned to the University of Iowa in 1978 as an associate professor. 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 The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...

in 1981, but she returned as Vice President in 1987 where she continued to work until appointed to the Federal Reserve.

Government service

Phillips was appointed a commissioner on the

in 1981. When elevated commission's chair in 1983, she became the first woman to lead a US financial regulatory agency. She resigned in 1987 to return to the University of Iowa. In September 1991, Phillips was appointed by President

George H. W. Bush George Herbert Walker BushBefore the outcome of the 2000 United States presidential election, he was usually referred to simply as "George Bush" but became more commonly known as "George H. W. Bush", "Bush Senior," "Bush 41," and even "Bush th ...

to serve the remainder of Martha R. Seger's term as a governor of the

Federal Reserve Board The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

. With her swearing in on December 2, 1991, she became the third woman to hold that post. Phillips' appointment, along with that of Lawrence Lindsey, was initially seen as key to building support in the

Federal Open Market Committee The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed) that is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United Stat ...

for lower interest rates. Later installment of

Janet Yellen Janet Louise Yellen (born August 13, 1946) is an American economist who served as the 78th United States secretary of the treasury from 2021 to 2025. She also served as chair of the Federal Reserve from 2014 to 2018. She was the first woman to h ...

as governor makes the first time that two women have sat on the Federal Reserve Board. 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.

George Washington University

After leaving the Federal Reserve in 1998 Susan Phillips became Dean of the George Washington University School of Business in

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

While dean, she oversaw fundraising and construction efforts as the school rose in rank.

Retirement

Phillips retired from George Washington University in June 2010, intending to return to

Fort Walton Beach, Florida Fort Walton Beach, often referred to by the initialism FWB, is a city in southern Okaloosa County, Florida, United States. As of the 2020 United States census, 2020 U.S. census, the population was 20,922, up from 19,507 in 2010. It is a principa ...

, where she grew up.

References

External links

Federal Reserve Board Oral History Project: Interview with Susan M. PhillipsInterview with the Federal Reserve Bank of Minneapolis
{{DEFAULTSORT:Phillips, Susan M. 1944 births Living people Agnes Scott College alumni Commodity Futures Trading Commission personnel Federal Reserve System governors American women bankers George Washington University deans George Washington University faculty Louisiana State University alumni Politicians from Richmond, Virginia George H. W. Bush administration personnel Clinton administration personnel