Bank / Credit Union

Madeline McWhinney, first female Fed Reserve Bank officer, dies at 98

Photo by istock.com

July 2, 2020

Madeline McWhinney, who served as the first female officer of the Federal Reserve Bank in 1960, has died at the age of 98 at home in Red Bank, New Jersey.

McWhinney started her banking career in 1943 as a economist at the Federal Reserve Bank of New York, taking the job as it paid more than other opportunities, according to a New York Times report.

Before becoming an officer she was the first woman to seek election to the board of trustees of the Federal Reserve Retirement System. McWhinney had a 30-year career at the Fed and accomplished another first for women by becoming its first assistant vice president.

She became president of the First Women's Bank in 1974, but resigned two years later and the bank folded in 1992, according to the report.

In addition, she held several other roles, including serving as a Carnegie Corporation board member, treasurer of the Institute for International Education, chairwoman of the Charles F. Kettering Foundation, and life trustee and treasurer of the Institute for International Education.

She also served on the first New Jersey Casino Control Commission, and as chief financial officer for the Whitney Museum of American Art.