Elizabeth Duke has qualities her fellow Fed governors do not - and that's why the central bank so desperately needs its newest addition.
Elizabeth "Betsy" Duke, the newest addition to the Federal Reserve's chief policymaking group, is a lifelong commercial banker who many Fed watchers hope can balance out a board riven by inflation pressures, a weakened Wall Street, and a slowing economy.
Duke, 55, began her banking career as a part-time teller and eventually became, in 2004, the first woman to chair the American Bankers Association, the banking industry's key trade group. Known among her peers as tough, smart and tireless, Duke is also the only member of the Federal Reserve Board with commercial-banking experience. Fed watchers expect her to play a key role in the Fed's ongoing examination of mortgage lending standards and bank regulations
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