David W. Mullins, Jr.
| David W. Mullins Jr. | |
|---|---|
| Vice Chairman of the Federal Reserve | |
|
In office July 24, 1991 – February 14, 1994 |
|
| Nominated by | George H. W. Bush |
| Preceded by | Manuel H. Johnson |
| Succeeded by | Alan S. Blinder |
| Board of Governors of the Federal Reserve System | |
|
In office May 21, 1990 – February 14, 1994 |
|
| Nominated by | George H. W. Bush |
| Personal details | |
| Born |
David Wiley Mullins Jr. April 28, 1946 Memphis, Tennessee |
| Nationality | American |
| Alma mater |
Yale University (B.S.) MIT (Ph.D.) |
David Wiley Mullins Jr. (born April 28, 1946) is an American economist and former vice-chairman of the Federal Reserve. He also served as an assistant Secretary of the Treasury for domestic finance in the administration of United States President George H. W. Bush. Mullins left the Federal Reserve in 1994 to join the hedge fund Long Term Capital Management and remained in private finance following its collapse in 1998.
David Mullins was born on April 28, 1946 to David Wiley Mullins and his wife Eula in Memphis, Tennessee. His father worked for Auburn University until 1960, when he became the president of the University of Arkansas. David Jr. was raised in Fayetteville, Arkansas, along with his brother Gary and sister Carolyn. Mullins left Arkansas for Yale and went on to study finance at the MIT Sloan School of Management. In 1974 he earned his Ph.D. from MIT and accepted a position in the faculty of Harvard Business School as an expert in financial crises.
Immediately after the market crash in 1987, President Reagan tapped Nicholas F. Brady, a former United States senator and then chairman of Dillon, Read, to chair the Presidential Task Force on Market Mechanisms, later known as the Brady Commission. Brady recruited Harvard Business School professor Robert R. Glauber as the commission's executive director, and Glauber in turn enlisted Mullins, a Harvard faculty colleague, as associate director. <Report of the Presidential Task Force on Market Mechanisms, p. ii> The commission was to be an inquiry into the stock market crash of October 19, 1987, known as Black Monday. In two months, Mullins helped assemble nearly 50 people to produce the report, which provided the first official record of what caused the crash and offered recommendations on how to fix the deficiencies in the market. The Brady Report laid some of the blame on derivatives trading and portfolio insurance mechanisms, with much of that focus being generated by Mullins.
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