David W. Mullins Jr.
- Vice Chair, Board of Governors, 1991–1994
- Governor, Board of Governors, 1990–1991
- Born: April 28, 1946
- Died: February 26, 2018
David W. Mullins Jr. was a member of the Board of Governors of the Federal Reserve System beginning May 21, 1990, and became vice chairman on July 24, 1991. He resigned from the Board of Governors effective February 14, 1994.
Born in Memphis, Tennessee, Mullins grew up in Alabama and Arkansas.1 He received a bachelor’s degree from Yale University in 1968 and a doctorate in finance and economics from the Massachusetts Institute of Technology in 1974.2 Mullins taught finance at Harvard Business School from 1974 to 1988. He was also faculty chairman of the school’s corporate financial management program.3
In 1988, Mullins became assistant secretary for domestic finance at the U.S. Treasury Department. While at the Treasury, Mullins’ responsibilities included federal finance, financial policy, securities market regulations, and synthetic fuels projects. He was instrumental to the development of the President Ronald Reagan’s plan to resolve the savings and loan crisis.4
Mullins joined the Board of Governors in 1990.5 While at the Board, Mullins played a key role in international activities, serving as a Board representative for the Group of Ten governors, the International Monetary Fund, the Organisation for Economic Co-Operation and Development, and the Bank for International Settlements. He also served as a Board liaison on Treasury debt management and was involved in the Board’s policy work on financial markets and derivatives.
Mullins left the Board in 1994 to join the investment firm Long-Term Capital Management.6 He died in 2018.1
Further Reading
"David W. Mullins." Interview conducted by the Federal Reserve Bank of Minneapolis, September 1, 1991.
Endnotes
- 1 James R Hagerty. "David Mullins Rose to Fed Vice Chairman, Then Joined Doomed Hedge-Fund Firm." Wall Street Journal, March 2, 2018.
- 2 U.S. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Nominations of David W. Mullins, Jr., Edward W. Kelley, Jr., and Robert H. Swan. 101st Congress, 2nd Session, March 23, 1990: 60.
- 3 U.S. Treasury. "David W. Mullins Joins Treasury." Press release, October 7, 1988.
- 4 Peter T. Kilborn. "Backstage at Savings Rescue: Urgent and Secretive Process." New York Times, February 9, 1999.
- 5 Keith Bradsher. "No. 2 Official Is Resigning from the Fed." New York Times, February 2, 1994.
Written by the Board of Governors of the Federal Reserve System and updated by Ella Needler and Genevieve Podleski as of December 2022. See disclaimer and update policy.
