Roger W. Ferguson Jr.

Steven A. Tananbaum Distinguished Fellow for International Economics

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Dr. Roger W. Ferguson, Jr., is the Steven A Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. He is the immediate past President and Chief Executive Officer of TIAA, the leading provider of retirement services in the academic, research, medical, and cultural fields and a Fortune 100 financial services organization.

Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. He represented the Federal Reserve on several international policy groups and served on key Federal Reserve System committees, including Payment System Oversight, Reserve Bank Operations, and Supervision and Regulation. As the only Governor in Washington, DC, on 9/11, he led the Fed’s initial response to the terrorist attacks, taking actions that kept the U.S. financial system functioning while reassuring the global financial community that the U.S. economy would not be paralyzed.

Prior to joining TIAA in April 2008, Ferguson was head of financial services for Swiss Re, Chairman of Swiss Re America Holding Corporation, and a member of the company’s executive committee. From 1984 to 1997, he was an associate and partner at McKinsey & Company. He began his career as an attorney at the New York office of Davis Polk & Wardwell.

Ferguson serves on the boards of Alphabet, Inc.; Corning, Inc, and International Flavors & Fragrances, Inc. He is also active as an advisor and board member for various private fintech companies.

Ferguson is a member of the Smithsonian Institution’s Board of Regents and the Norton Museum of Art. He is a fellow of the American Academy of Arts & Sciences and co-chairs its Commission on the Future of Undergraduate Education. He serves on the boards of the Institute for Advanced Study, Memorial Sloan Kettering Cancer Center as well as other non-profit organizations. He is a fellow of the American Philosophical Society and a member of the Economic Club of New York, the Council on Foreign Relations, the Group of Thirty, and the National Association for Business Economics.

Ferguson served on President Obama’s Council on Jobs and Competitiveness, as well as its predecessor, the Economic Recovery Advisory Board, and he co-chaired the National Academy of Sciences’ Committee on the Long-Run Macro-Economic Effects of the Aging U.S. Population.

Ferguson holds a BA, JD, and a PhD in economics, all from Harvard University.

affiliations

  • Alphabet Inc., board of directors and audit committee
  • American Academy of Arts and Sciences, co-chair of the commission on the future of undergraduate education
  • American Philosophical Society, fellow
  • Andalusian Private Capital, executive chairman, member of the investment committee
  • Aspen Institute, trustee
  • Cambridge Judge Business School, board member
  • Cambridge University, visiting professor of international finance
  • CNBC, contributor
  • Corning Inc., Board of Directors, compensation committee and nominating and corporate governance committee
  • Economic Club of New York, member
  • Group of Thirty, member
  • Institute for Advanced Study, trustee – emeritus
  • International Flavors & Fragrances, nominating and governance committee, chairman of the board
  • Klarna Holding PLC, board member
  • Leapfrog Capital, member of global leadership council     
  • Memorial Sloan Kettering Cancer Center, board of overseers member
  • Norton Museum of Art, trustee
  • Notarize/Proof, board member
  • Peterson Institute of International Economics, trustee
  • Plaid, Inc., board member
  • Red Cell Partners, partner, CIO and board member
  • Regents of the Smithsonian Institute, board member

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At the Shangri-La dialogue in Singapore last week, U.S. Secretary of Defense Pete Hegseth said that the United States would be expanding its defense partnership with India. His statement was in line with U.S. policy over the last two decades, which, irrespective of the party in power, has sought to cultivate India as a serious defense partner. The U.S.-India defense partnership has come a long way. Beginning in 2001, the United States and India moved from little defense cooperation or coordination to significant gestures that would lay the foundation of the robust defense partnership that exists today—such as India offering access to its facilities after 9/11 to help the United States launch operations in Afghanistan or the 123 Agreement in 2005 that paved the way for civil nuclear cooperation between the two countries. In the United States, there is bipartisan agreement that a strong defense partnership with India is vital for its Indo-Pacific strategy and containing China. In India, too, there is broad political support for its strategic partnership with the United States given its immense wariness about its fractious border relationship with China. Consequently, the U.S.-India bilateral relationship has heavily emphasized security, with even trade tilting toward defense goods. Despite the massive changes to the relationship in the last few years, and both countries’ desire to develop ever-closer defense ties, differences between the United States and India remain. A significant part of this has to do with the differing norms that underpin the defense interests of each country. The following Council on Foreign Relations (CFR) memos by defense experts in three countries are part of a larger CFR project assessing India’s approach to the international order in different areas, and illustrate India’s positions on important defense issues—military operationalization, cooperation in space, and export controls—and how they differ with respect to the United States and its allies. Sameer Lalwani (Washington, DC) argues that the two countries differ in their thinking about deterrence, and that this is evident in three categories crucial to defense: capability, geography, and interoperability. When it comes to increasing material capabilities, for example, India prioritizes domestic economic development, including developing indigenous capabilities (i.e., its domestic defense-industrial sector). With regard to geography, for example, the United States and its Western allies think of crises, such as Ukraine, in terms of global domino effects; India, in contrast, thinks regionally, and confines itself to the effects on its neighborhood and borders (and, as the recent crisis with Pakistan shows, India continues to face threats on its border, widening the geographic divergence with the United States). And India’s commitment to strategic autonomy means the two countries remain far apart on the kind of interoperability required by modern military operations. Yet there is also reason for optimism about the relationship as those differences are largely surmountable. Dimitrios Stroikos (London) argues that India’s space policy has shifted from prioritizing socioeconomic development to pursuing both national security and prestige. While it is party to all five UN space treaties that govern outer space and converges with the United States on many issues in the civil, commercial, and military domains of space, India is careful with regard to some norms. It favors, for example, bilateral initiatives over multilateral, and the inclusion of Global South countries in institutions that it believes to be dominated by the West. Konark Bhandari (New Delhi) argues that India’s stance on export controls is evolving. It has signed three of the four major international export control regimes, but it has to consistently contend with the cost of complying, particularly as the United States is increasingly and unilaterally imposing export control measures both inside and outside of those regimes. When it comes to export controls, India prefers trade agreements with select nations, prizes its strategic autonomy (which includes relations with Russia and China through institutions such as the Shanghai Cooperation Organization and the BRICS), and prioritizes its domestic development. Furthermore, given President Donald Trump’s focus on bilateral trade, the two countries’ differences will need to be worked out if future tech cooperation is to be realized.