Elizabeth A. Duke

Elizabeth A. Duke

Elizabeth "Betsy" A. Duke (born July 23, 1952) [ [http://www.forbes.com/reuters/feeds/reuters/2008/06/30/2008-06-30T200724Z_01_N30435298_RTRIDST_0_USA-FED-BOARD-FACTBOX.html Reuters FACTBOX-Federal Reserve Board: Who's Who] June 30, 2008. Accessed July 1, 2008.] is a member of the Board of Governors of the Federal Reserve System of the United States. She was confirmed by the Senate June 27, 2008 to fill an unexpired term ending January 31, 2012. She is the seventh woman to be appointed to the Board.

Early life and education

Elizabeth Duke was born in Portsmouth, Virginia and grew up in Virginia Beach, Virginia. She first studied physics at North Carolina State University before transferring to the University of North Carolina at Chapel Hill, where she graduated with a bachelor of fine arts in drama in 1974. After graduating, she worked as a part-time teller at First and Merchants National Bank in Virginia Beach because she "needed a job." [ Falck, Michelle M. [http://www.odu.edu/ao/alumni_magazine/fall07/highfinance.html High Finance, Career bank executive Betsy Duke awaits action on Fed nomination] , Old Dominion University magazine. Fall 2007. Accessed July 1, 2008.]

Professional career

In 1978, she became the vice president and chief financial officer of the Bank of Virginia Beach. While working full time, she attended Old Dominion University part time and received her MBA in 1983. She transferred to the Bank of Tidewater in 1985 as vice president and chief financial officer. She became its president in 1987 and chief executive officer in 1991. She was selected as a director of the Federal Reserve Bank of Richmond in 1998 and, in 1999, she was elected president of the Virginia Bankers Association.Duke remained as president and CEO of Bank of Tidewater until it was acquired by SouthTrust in 2001. SouthTrust made her executive vice president of community bank development. When Wachovia acquired SouthTrust in 2004, Duke remained an executive VP, but in charge of the merger project office. She was also elected chairman of the American Bankers Association for the 2004-05 year. In 2005, she became senior executive vice president and chief operating officer of TowneBank. She was nominated to the Board of Governors of the Federal Reserve by President George W. Bush on May 15, 2007.

Honors, Activities

*Member of the executive advisory council, Old Dominion University Business School.
*Member of Virginia Council on Economic Education 2005-2006 Board of Directors
*Commended as an exceptional role model for women in the banking industry by the Virginia General Assembly in 2005. [ [http://leg1.state.va.us/cgi-bin/legp504.exe?051+ful+HJ835 House Joint Resolution No. 835 commending Elizabeth A. Duke] , offered January 24, 2005. Accessed July 1, 2008.]


External Links

* [http://banking.senate.gov/public/_files/duke.pdf Statement] before the Senate Committee on Banking, Housing, and Urban Affairs, August 2, 2007
* [http://www.whitehouse.gov/news/releases/2007/05/20070515-4.html Nomination by George W. Bush] , May 15, 2007
* [http://blogs.wsj.com/economics/2008/06/29/who-is-elizabeth-duke/ Who Is Elizabeth Duke?] Real Time Economics blog at the Wall Street Journal. June 29, 2008.

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