The President today announced that he will nominate Emmett J. Rice, of Washington, D.C., to be a member of the Board of Governors of the Federal Reserve System. Mr. Rice replaces Stephen Gardner, who has died. This term expires in 1990.
Rice, 50, was born in Florence, S.C. He received a B.B.A. (1941) and an M.B.A. (1942) from City College of New York and a Ph.D. in economics from the University of California at Berkeley in 1955. He served in the U.S. Air Force from 1942 to 1946.
In 1950 and 1951, Rice was a research assistant in economics at Berkeley, and in 1952 he was a research associate at the Reserve Bank of India as a Fulbright Fellow. In 1953 and 1954, he was a teaching assistant at Berkeley.
From 1954 to 1960, Rice was an assistant professor of economics at Cornell University. From 1960 to 1962, he was on leave from Cornell to work as an economist at the Federal Reserve Bank of New York. From 1962 to 1964, he was an adviser to the Central Bank of Nigeria in Lagos.
From 1964 to 1966, Rice was Deputy Director, then Acting Director, of the Treasury Department's Office of Developing Nations. From 1966 to 1970, he was U.S. Alternate Executive Director for the International Bank for Reconstruction and Development (World Bank), the International Development Association, and the International Finance Corporation.
From 1970 to 1971, Rice was executive director of the Mayor's Economic Development Committee for Washington, D.C., on leave from the Treasury Department. Since 1972 he has been senior vice president of the National Bank of Washington.