Getting Down to the Business of Central Banking

by Jody Godoy '05

On Monday, September 16, APU students, faculty, and staff, joined businesspeople from the San Gabriel Valley to hear Honorable Edward W. Kelley Jr., former governor of the Federal Reserve Board. Presented by the School of Business and Management, the topic of the lecture was "The Functions and Impact of the Federal Reserve System."

In his speech, Kelley emphasized the importance of central banking to the national economy and expounded the five roles of the Federal Reserve, and explained how the various functions accounted for achieving the national economic goal of attaining the fastest sustainable rate of economic growth in U.S. history. After Kelley's speech, the floor was opened to questions from the audience.

Kelley has a strong history of business leadership, having serving as president and CEO of Kelley Industries Inc. from 1959-1981, and chair of the board of Investment Advisors Inc. from 1981 until joining the Federal Reserve Board in 1987.

His list of accomplishments also includes serving in the U.S. Navy as a lieutenant, earning an MBA from Harvard Business School, acting as founding director of three Houston-area banks, and serving as chair of the board of governors at Wesley Theological Seminary.