Roger W. Ferguson, Jr., Vice Chairman of the Board of Governors of the Federal Reserve System, gave the commencement address to M.B.A. and Ph.D. graduates of the Olin School of Business at Washington University in St. Louis on May 16. Dr. Ferguson became a Member of the Board of Governors in 1997 to fill an unexpired term and was reappointed in 2001 to a full term ending in 2014. He was sworn in as Vice Chairman of the Federal Reserve Board in 1999 for a four-year term. Dr. Ferguson received a B.A. in economics (magna cum laude) in 1973, a J.D. in law (cum laude) in 1979, and a Ph.D. in economics in 1981, all from Harvard University. He previously served as the Frank Knox fellow at Pembroke College, Cambridge University and was a partner at McKinsey & Compnay, Inc., an international management consulting firm. The complete text of his commencement address to the Olin School of Business is available from the Federal Reserve System.