In 1979, President Jimmy Carter tapped Dr. Emmett Rice for the Federal Reserve Board, the seven-member body that sets U.S. monetary policy and regulates the banking system. He was the second black member of the board, after Andrew F. Brimmer, who was appointed in 1966. Dr. Rice served under Federal Reserve Chairman Paul A. Volcker and helped steer the nation's financial policy through a severe recession, the savings and loan crisis, and a period of unprecedented banking deregulation in the 1980s.
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