Federal Reserve Board Governor John P. LaWare, 65, was appointed to a full 14-year term by President George Bush in August 1988. Unlike most members of the board, LaWare is not a professional economist. he holds a BA in biology from Harvard University, and an MA in political science from the University of Pennsylvania. Before coming to the Fed, LaWare was chairman and a director of Shawmut National Corp., a super-regional bank holding company based in Boston. He began his banking career with Chemical Bank in New York, where he worked for 25 years.
In his public life, LaWare has carved out a reputation as a tough advocate of legislation that would allow banks to affiliate with securities firms and other financial firms. He says that banks are losing retail business to other financial competitors and facing challenges from larger foreign banks with powers that U.S. banks lack.