J. DEWEY DAANE Frank K. Houston Professor of Finance, by xvi11400

									                                         J. DEWEY DAANE
                            Frank K. Houston Professor of Finance, Emeritus
                                Owen Graduate School of Management
                                        Vanderbilt University


J. Dewey Daane is the Frank K. Houston Professor of Finance, Emeritus and Senior Advisor, Financial
Markets Research Center at Vanderbilt University. A graduate of Duke University, he received his
M.P.A. and D.P.A. from Harvard University and was a graduate of the Littauer School, now known as
The Kennedy School of Government. A chaired professor at Owen since 1974, Professor Daane has had
a distinguished career in government, including 35 years of service in the Federal Reserve System and at
the U.S. Treasury Department. Appointed to the Board of Governors of the Federal Reserve by President
Kennedy in November 1963, Dr. Daane served as a voting member of the Federal Open Market
Committee, the principal policy making body in the Federal Reserve System.

Prior to his years of public service in Washington, Professor Daane spent more than twenty years in
public service at the regional bank level, first at the Federal Reserve Bank of Richmond, Virginia in
various positions, including Vice President and Director of Economic Research (1957-1960) and briefly
in 1960 as Vice President and Economic Advisor to the President and Board of Directors of the Federal
Reserve Bank of Minneapolis. At the request of the Under Secretary of the Treasury, Daane transferred
to Washington, D.C. to serve as Assistant to the Secretary for debt management, the principal advisor on
managing the federal debt, until his appointment in the Kennedy Administration as Deputy
Undersecretary of the Treasury for Monetary Affairs working with Undersecretary Robert Roosa and
Secretary of the Treasury Douglas Dillon. It was from that position that President Kennedy appointed
Daane to the Federal Reserve Board.

In his role as a Fed Governor, Daane regularly attended the monthly meetings of the central bank
governors of the Bank for International Settlements in Basle, Switzerland and frequently attended
meetings of the Working Party 3 of the OECD on balance of payments and related problems. Generally
regarded as the international Governor on the Federal Reserve Board during his tenure from 1963 to
1974, he represented the United States, along with Paul Volcker, as one of the two U.S. Deputies to the
Ministers and Governors of the Group of Ten in their frequent meetings related to international monetary
crises and also, with Volcker and Roosa, as a U.S. Deputy of the Committee of Twenty on Reform of the
International Monetary System and Related Issues which produced a classic blueprint for the functioning
of the international monetary system.

When Dr. Daane left the Federal Reserve Board in June 1974, he began his career in the private sector as
the Frank K. Houston Professor of Banking at Vanderbilt’s Business School. Concurrent with his service
on Owen’s faculty, Dr. Daane was a senior official at Commerce Union Bank and its successor, Sovran
Bank, in Nashville. He held a variety of senior positions at that bank, including Vice Chairman of the
board. He also continued as an advisor to the Congressional Budget Office. In recent years, Daane was
appointed as a public director of the Chicago Board of Trade (1979-1982) and as a public director of the
National Futures Association (1987-2002). He also served as a director of the Whittaker Corporation, a
large multinational company based in Los Angeles, California (1974-1989). In his teaching, he has
focused on the evolution of the international monetary system and on monetary and fiscal policy
patterning his seminar after the famous Fiscal Policy Seminar at Harvard’s Littauer School, the
predecessor to the Kennedy School of Government. Daane continues his interest in and involvement with
the Federal Reserve System to this day having recently participated in the Federal Reserve Bank of
Chicago’s 39th annual conference on Bank Structure and Competition and in the Federal Reserve Bank of
Boston’s 48th annual economic conference on How Humans Behave: Implications for Economics and
Economic Policy. He holds the unique distinction of being Harvard’s first Doctor in Public
Administration.

                                                                                         September 2003