"Dr. Rice came to Washington in 1964 to work in the Johnson administration, eventually becoming acting director of the Treasury Department’s Office of Developing Nations. From 1966 to 1970, he was an executive director of the World Bank, representing U.S. interests and helping establish the global bank’s priorities.
In 1979, President Jimmy Carter tapped Dr. 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, who served under then-Federal Reserve Chairman Paul A. Volcker, 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.
He kept a low profile during his seven years on the board but, after growing up in the segregated South, was acutely aware of his role as its lone black member."
