Dr. Phillips is Dean and Professor of Finance at The George Washington University School of Business, a position she has held since 1998. She was a member of the Board of Governors of the Federal Reserve System from December 1991 though June 1998. Before her Federal Reserve appointment, Dr. Phillips served as Vice President for Finance and University Services and Professor of Finance in The College of Business Administration at the University of Iowa from 1987 through 1991. She is a director of State Farm Mutual Automobile Insurance Company, State Farm Life Insurance Company, State Farm Companies Foundation, National Futures Association, the Chicago Board Options Exchange and the Chicago Futures Exchange. Dr. Phillips also is a trustee of the Financial Accounting Foundation. She is a member of the Audit and Financial Policy Committees. In 1978, she was the only woman in the U.S. to receive a Ph.D. in finance. She became a finance professor and later an associate vice president of finance at the University of Iowa before President Ronald Reagan appointed her to serve on the U.S. Commodity Futures Trading Commission in 1981. Two years later, she became the chairman of the commission and the first woman to ever head a federal financial regulatory agency. In 1991, President George H.W. Bush appointed her to the Federal Reserve Board of Governors, making Dean Phillips the third woman to serve on the board. When her term on the Federal Reserve Board ended in 1998, she looked to GW. Dr. Phillips earned a B.A. in mathematics from Agnes Scott College in 1967, a M.S. in finance and insurance from Louisiana State University (LSU) in 1971, and a Ph.D. in finance and economics from LSU in 1973.