Emmett J. Rice
Encyclopedia
Emmett John Rice was a former governor of the Federal Reserve System
, a Cornell University
economics professor, expert in the monetary systems of developing countries and the father of the current Ambassador to the United Nations
in the Cabinet
of President Barack Obama
, Susan E. Rice
. His son, John Rice, received an M.B.A, from Harvard Business School
, and is the founder of Management Leadership for Tomorrow (an organization committed to developing top minority talent for leadership roles in the business and non-profit sector).
and was the son of Sue Pearl (née Suber) and the Rev. Ulysses Simpson Rice. His father died when Rice was 7. He attended segregated schools before his family moved to New York City
when he was 16. Rice studied at the City College of New York
, receiving a B.B.A. in 1941 and an M.B.A. in 1942 from City College of New York
. He then joined the U. S. Army Air Force in World War II
, serving with the Tuskegee Airmen
. After the war, he earned a Ph.D. in Economics from the University of California at Berkeley and was a Fulbright scholar in India
. Rice integrated the Berkeley Fire Department as a student by becoming its first African American
fireman. He next taught economics at Cornell as the university's only black assistant professor. He then served as a governor of the Federal Reserve from 1979 to 1986.
as a Fulbright Fellow.
From 1954 to 1960, Rice was an assistant professor of economics at Cornell University
. From 1960 to 1962, he took leave from Cornell to work as an economist at the Federal Reserve Bank of New York and he then went on to be an adviser to the Central Bank of Nigeria
in Lagos
in 1963 and 1964.
From 1964 to 1966, Rice was Deputy Director, then Acting Director, of the Treasury Department's Office of Developing Nations. From 1966 to 1970, he was U.S. Alternate Executive Director for the International Bank for Reconstruction and Development
(World Bank
), the International Development Association, and the International Finance Corporation
.
In 1970, Rice took leave from the U.S. Treasury department to be executive director of the Mayor's Economic Development Committee for Washington, D.C.. In 1972 he left public service to assume the position of senior vice president of the National Bank of Washington.
Rice was appointed to the Federal Reserve Board in 1979 by President Jimmy Carter
. He was the second black member, after Andrew Brimmer
, who was appointed in 1966. Rice served on the Board for seven years under Chairman Paul A. Volcker
After leaving the Federal Reserve in 1986, Rice served on corporate boards and consulted.
. He was 91.
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
, a Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
economics professor, expert in the monetary systems of developing countries and the father of the current Ambassador to the United Nations
United States Ambassador to the United Nations
The United States Ambassador to the United Nations is the leader of the U.S. delegation, the U.S. Mission to the United Nations. The position is more formally known as the "Permanent Representative of the United States of America to the United Nations, with the rank and status of Ambassador...
in the Cabinet
United States Cabinet
The Cabinet of the United States is composed of the most senior appointed officers of the executive branch of the federal government of the United States, which are generally the heads of the federal executive departments...
of President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
, Susan E. Rice
Susan E. Rice
Susan Elizabeth Rice is an American diplomat, former think tank fellow, and civil servant. She is an American foreign policy advisor and United States Ambassador to the United Nations. Rice served on the staff of the National Security Council and as Assistant Secretary of State for African Affairs...
. His son, John Rice, received an M.B.A, from Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, and is the founder of Management Leadership for Tomorrow (an organization committed to developing top minority talent for leadership roles in the business and non-profit sector).
Background
Rice traced his roots to the American South. He was born in Florence, South CarolinaFlorence, South Carolina
-Municipal government and politics:The City of Florence has a council-manager form of government. The mayor and city council are elected every four years, with no term limits...
and was the son of Sue Pearl (née Suber) and the Rev. Ulysses Simpson Rice. His father died when Rice was 7. He attended segregated schools before his family moved to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
when he was 16. Rice studied at the City College of New York
City College of New York
The City College of the City University of New York is a senior college of the City University of New York , in New York City. It is also the oldest of the City University's twenty-three institutions of higher learning...
, receiving a B.B.A. in 1941 and an M.B.A. in 1942 from City College of New York
City College of New York
The City College of the City University of New York is a senior college of the City University of New York , in New York City. It is also the oldest of the City University's twenty-three institutions of higher learning...
. He then joined the U. S. Army Air Force in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, serving with the Tuskegee Airmen
Tuskegee Airmen
The Tuskegee Airmen is the popular name of a group of African American pilots who fought in World War II. Formally, they were the 332nd Fighter Group and the 477th Bombardment Group of the U.S. Army Air Corps....
. After the war, he earned a Ph.D. in Economics from the University of California at Berkeley and was a Fulbright scholar in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. Rice integrated the Berkeley Fire Department as a student by becoming its first African American
African American
African Americans are citizens or residents of the United States who have at least partial ancestry from any of the native populations of Sub-Saharan Africa and are the direct descendants of enslaved Africans within the boundaries of the present United States...
fireman. He next taught economics at Cornell as the university's only black assistant professor. He then served as a governor of the Federal Reserve from 1979 to 1986.
Career
Rice was a research assistant in economics at Berkeley from 1950 to 1951 and was then a teaching assistant in economics in 1953 and 1954. In between, he spent 1952 as a research associate at the Reserve Bank of IndiaReserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
as a Fulbright Fellow.
From 1954 to 1960, Rice was an assistant professor of economics at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
. From 1960 to 1962, he took leave from Cornell to work as an economist at the Federal Reserve Bank of New York and he then went on to be an adviser to the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
in Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
in 1963 and 1964.
From 1964 to 1966, Rice was Deputy Director, then Acting Director, of the Treasury Department's Office of Developing Nations. From 1966 to 1970, he was U.S. Alternate Executive Director for the International Bank for Reconstruction and Development
International Bank for Reconstruction and Development
The International Bank for Reconstruction and Development is one of five institutions that compose the World Bank Group. The IBRD is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now, its mission has expanded to fight...
(World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
), the International Development Association, and the International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
.
In 1970, Rice took leave from the U.S. Treasury department to be executive director of the Mayor's Economic Development Committee for Washington, D.C.. In 1972 he left public service to assume the position of senior vice president of the National Bank of Washington.
Rice was appointed to the Federal Reserve Board in 1979 by President Jimmy Carter
Jimmy Carter
James Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...
. He was the second black member, after Andrew Brimmer
Andrew Brimmer
Andrew Felton Brimmer is a noted economist, academic, and business leader who was the first African American to have served as a governor of the Federal Reserve System.- Early life and education :...
, who was appointed in 1966. Rice served on the Board for seven years under Chairman Paul A. Volcker
After leaving the Federal Reserve in 1986, Rice served on corporate boards and consulted.
Death
Rice died at of congestive heart failure on March 10, 2011 at his home in Camas, WashingtonCamas, Washington
Camas is a city in Clark County, Washington, with a population of 19,355 at the 2010 census. Officially incorporated on June 18, 1906, the city is named after the camas lily, a plant with an onion-like bulb prized by Native Americans. At the west end of downtown Camas is a large Georgia-Pacific...
. He was 91.