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Summer 2004 CalBusiness  
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Two Haas Community Members Head Major Financial Institutions

Two members of the Haas community were chosen this spring to lead major financial policy institutions: Rodrigo Rato, MBA 74, will head the International Monetary Fund (IMF), and Professor Janet Yellen is the new president and CEO of the Federal Reserve Bank of San Francisco .

As managing director and chairman of the executive board, Rato will serve a five-year term leading the IMF, an organization of 184 countries that fosters global monetary cooperation and sustainable growth, and works to reduce poverty.

Rato entered politics in his native Spain after graduating from the Haas School . He became a member of parliament in 1982 and, in 1996, was named Spain 's finance minister, managing economic policy with long-term objectives of low and stable inflation and low public deficit. His successes positioned Spain to meet the criteria for membership in the EU's Economic and Monetary Union in May 1998. Most recently, he was Spain 's minister of the economy and vice president for economic affairs.

“It is exciting to see Mr. Rato move into a position with even greater global reach,” said Dean Tom Campbell. “We have followed his management of the Spanish economy with great interest here at the Haas School .”

Rato holds a law degree and a Ph.D. in economics, both from the Universidad Complutense. In 2000, he gave the commencement address at the Haas School graduation.

Janet Yellen, who is the The Eugene E. and Catherine M. Trefethen Professor of Business, succeeds Robert T. Parry at the San Francisco Federal Reserve Bank.

The San Francisco Fed is the head office covering nine western states, making it the largest district within the Federal Reserve System.

Yellen previously served on the Board of Governors of the Federal Reserve System from 1994 to 1997 in Washington , DC , and as chair of President Clinton's Council of Economic Advisers from 1997 to 1999.

Federal Reserve Chairman Alan Greenspan said of her appointment, “I am pleased to welcome Dr. Yellen back to the Federal Reserve System. She has distinguished herself through consistently incisive analysis, impressive skill, and unwavering integrity...I look forward to the many contributions she will bring in her new role, to both the San Francisco Bank and the Federal Open Market Committee.”

Yellen joined the Haas School in 1980. She holds a BA in economics from Brown University , and a Ph.D. in economics from Yale University . She was awarded honorary doctorates in humane letters, and laws, by Bard College and Brown University , respectively. At Haas, she has twice received the Cheit Award for Excellence in Teaching.

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Rodrigo Rato

Rodrigo Rato, MBA 74, is the new head of the IMF.

Janet Yellen

Professor Janet Yellen is the new president and CEO of the San Francisco Federal Reserve Bank
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