New Texas A&M Chancellor

[Cheesesteak]

From the Dallas FRB...maybe Coach Franchione's contract requires this level of financial expertise.


Texas A&M taps Fed's McTeer
'Lonesome Dove' named university's chancellor
By Gregory Robb, CBS Marketwatch.com
Last Update: 2:39 PM ET Oct. 13, 2004


WASHINGTON (CBS.MW) -- Robert McTeer, the president of the Federal Reserve Bank of Dallas, has been named as the new chancellor of the Texas A&M University system.

McTeer's nomination was announced by Texas A&M on Wednesday.

Technically, McTeer remains the "sole finalist" for the job. Under Texas law, the Texas A&M System Board of Regents cannot formally vote on McTeer's nomination until Nov. 4 to allow for public comment.

McTeer has headed the Dallas Fed since February 1991. A spokesman for McTeer was not available for immediate comment.

McTeer, a native of Georgia, has been a longtime employee of the Federal Reserve. He joined the Richmond Fed in the 1970s and became head of the bank's Baltimore branch in 1980.

Popular with the media because of his folksy charm, McTeer became known as the "Lonesome Dove" for being the only Federal Open Market Committee member to vote against Fed rate hikes in June and August 1999.

McTeer relished the name, even if he didn't agree with it.

"I didn't think it was accurate then and still don't," he said in a speech in May 2003. "I never thought of myself as a dove, just a kinder and gentler hawk."

In the past few years, McTeer was one of the Fed officials who argued that the U.S. had a "new economy," able to grow at a faster pace without fostering inflation.

"He was on the right side of a lot of issues and a lot of votes," said Robert Brusca, chief economist at Fact and Opinion Economics.

The Dallas Fed's board of directors must pick a replacement for McTeer, subject to the approval of the Fed board of governors in Washington.

[Sam I Am]

The Fed Reserve is in Dallas, so let an SMU alum take over now that what's his name has gone to A&M. It only seems fair to have someone there who can count beyond 21 (inside joke for men).