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When Eric May ’93 was an undergraduate, he didn’t intend to go into business, and at no time did he ever picture himself advising government officials on regional economic conditions and issues affecting the marketplace. But just 12 years after leaving Lafayette as a biology major hoping to become a dentist, May received word that he was appointed to a three-year term on the 12-member advisory board of the Federal Reserve Bank of Philadelphia.
“The appointment was a complete surprise; I had no idea it was coming,” says May, president and owner of his family business, Pen Fern Oil Co., Inc., in Dallas, Pa. “A business acquaintance of mine was rolling off the board and they asked her for a recommendation in the same northeastern region in Pennsylvania, and she recommended me.
“It is quite an honor, and although I have only been to one meeting so far, it has certainly been riveting, to say the least. Having the ability to get a different perspective from across the different industries has been very interesting. To see what everyone else’s experiences are, you get a little insight into really different businesses and what some of their struggles are and, at the same time, what their successes are.”
As a member of the board, May offers his observations and opinions about regional economic conditions to the Federal Reserve, which relays that information to Fed Chairman Alan Greenspan.
“The more that everyone sees and reports about the effects of interest rates and issues in the business community, the better served is the federal bank, which shapes the entire country’s monetary policy,” May states. “What we do hopefully reinforces what economists are telling [the chairman], or it might give him a different perspective.”
A summer working at his 60-year-old family oil company convinced May that a career in dentistry was not for him. Lafayette also helped prepare him for his career and Fed advisory position, May says.
“I was president of the Inter-Fraternity Council, and I also took on some leadership roles within my own fraternity,” he explains. “The Greek system really helped in preparing me for these leadership roles throughout the years.”
May also credits his Lafayette education and opportunities to work with people like former Dean of Students Herman Kissiah with strengthening his leadership skills.
“One of the reasons I chose Lafayette to begin with was not only its strong academic record, but its size,” he says. “The school was very intimate and you definitely got to know not only [many] of the students, you got a much more personal relationship with the faculty members.”