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Retired president of Federal Reserve Bank of Minneapolis to speak at MU
09-18-12

Dr. Gary Stern will deliver a talk on Oct. 24 at 5:30 p.m.
Noted economist, banker and author Gary Stern, Ph.D., retired president of the Federal Reserve Bank of Minneapolis, Minn., and co-author of “Too Big To Fail: The Hazards of Bank Bailouts,” will offer a lecture at Misericordia University on Wednesday, Oct. 24.

Dr. Stern will address whether or not the economic problems of 2008 are in the past and what the economic future holds for the United States and beyond at a talk set for 5:30 p.m. in Lemmond Theater in Walsh Hall. His remarks will be followed by a question-and-answer session. The program is free and open to the public.

His book, “Too Big To Fail: The Hazards of Bank Bailouts,” was published by The Brookings Institution (2004). Co-written with Ron J. Feldman, it discusses the issues surrounding banks labeled as “too big to fail” and examines why that label is a problem and offers ways to deal with it more effectively.

“Gary Stern’s experience and expertise in banking and macro economics is renowned,” noted Michael A. MacDowell, president of Misericordia University. “We are indeed fortunate to have an economist and policy maker of this caliber on campus.”

Dr. Stern is a member of the FDIC’s Systemic Resolution Advisory Committee. He holds a Bachelor of Arts degree in economics from Washington University, St. Louis, Mo., and a Ph.D. in economics from Rice University, Houston, Texas. A native of Wisconsin, he joined the Federal Reserve Bank of Minneapolis in 1982 as senior vice president and director of research. He served as president and chief executive officer from March 1985 to September 2009. Before joining the Minneapolis Federal Reserve, Dr. Stern was a partner in a New York-based economic consulting firm. His prior experience includes seven years at the Federal Reserve Bank of New York, N.Y.

Dr. Stern serves on the board of directors of the Financial Industry Regulatory Authority, The Dolan Company, Ambac Assurance Corporation, the Council for Economic Education, and the Depository Trust and Clearing Corporation, where he serves as the chair of the Board Risk Committee.

He formerly served as chair of the board of the Northwest Area Foundation, The Minneapolis Club, and Blue Cross Blue Shield of Minnesota. He was also a board member of the Minneapolis College of Art and Design, Hamline University, and ETS. Stern is the recipient of the 2009 Visionary Award from the Council for Economic Education, and the Distinguished Alumnus Award from Washington University’s College of Liberal Arts in 2010