Financial Research Advisory Committee

Committee members (February 2020)


Chairman – Randall S. Kroszner is the Norman R. Bobins Professor of Economics and Deputy Dean for Executive Programs at the University of Chicago's Booth School of Business. From 2006 to 2009, he served as a Governor of the U.S. Federal Reserve System. He chaired the Federal Reserve's committees on Supervision and Regulation and Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and undertaking new initiatives to improve consumer protection and disclosure for credit cards and mortgages. He represented the Federal Reserve on the Financial Stability Board and the Basel Committee on Banking Supervision and also chaired the Organization for Economic Cooperation and Development's working party of deputy central bank governors and deputy finance ministers on international macro policy. From 2001 to 2003, he served in the White House as a member of the President's Council of Economic Advisers.

Vice Chairwoman – Sarah Dahlgren is Head of Regulatory Relations at Wells Fargo & Company. Previously, she was a Partner at McKinsey & Company, where she was a member of the Risk Practice based in New York. Before joining McKinsey, Dahlgren spent 25 years at the Federal Reserve Bank of New York, where she became Executive Vice President of the Financial Institution Supervision Group in 2011. During the financial crisis, she led the Federal Reserve System's AIG Monitoring Team. During her career at the Federal Reserve Bank of New York, Dahlgren contributed to domestic and international supervisory policy objectives, including as Chair of the Senior Supervisor's Group and as a member of several working groups of the Basel Committee on Banking Supervision and Joint Forum.

Nicolas Christin is an Associate Professor at Carnegie Mellon University, jointly appointed in the School of Computer Science and in the department of Engineering & Public Policy. He holds master's and doctoral degrees in computer science from the University of Virginia. Before joining Carnegie Mellon, he was a post-doctoral researcher at the University of California, Berkeley. His research interests are in computer and information systems security and privacy, with a focus on online crime and online fraud, digital currencies, and economic and human aspects of computer security.

Tom Dunlap is the Chief Data Officer and the Head of Data Operations, Information Services, for London Stock Exchange Group. Previously, he was a senior consultant and advisor to Raymond James Financial and Lingotek, a financial tech company. He has also worked at Goldman Sachs, where he served in roles including Managing Director and Global Head for Enterprise Data Strategy and Reference Data Operations. He also was Head of Client Onboarding, Global Control, and Tax Operations in Salt Lake City. While there, he served as Co-chair of the Pricing Consistency Governance Group and as a member of the firm's Federal Reporting Oversight Committee, the Private Wealth Management Valuation Committee, the Operations Data Digitization Council, and the Financial Reform Steering Group. Before joining Goldman Sachs, Dunlap was a Vice President in the Worldwide Securities Services division at Citibank. He also serves on the Board of Directors with the Enterprise Data Management Council.

Lawrence Goodman is founder and president of the Center for Financial Stability – a nonpartisan think tank with business lines spanning the future of finance, data and analytics, policy, and technology. He is an economist with expertise in global macro investment strategies, financial crises, and sovereign debt restructuring. He has advised hedge funds and governments and led research teams on Wall Street and at the U.S. Treasury. At Treasury, he co-founded and chaired an inter-agency working group of 13 agencies that advised principals on future financial vulnerabilities. Goodman is a member of the Export-Import Bank of the United States Advisory Committee. He is a member of the Executive Committee of the Society for Economic Measurement, the Advisory Board of the Penn Institute for Economic Research, and the Board of Trustees of The First Alliance Foundation. Previously, he served on the Executive Committee for the Global Equity Group at Santander Investment and on the board of the Emerging Market Traders Association.

William Hodash serves as Managing Director of Enterprise Data Management at the Depository Trust & Clearing Corporation (DTCC), responsible for data governance and data quality throughout DTCC's businesses. In recent years, he has focused on the identification and development of opportunities in reference data management, assisting DTCC clients in meeting emerging regulatory requirements. He also serves as a trustee for the Securities Industry and Financial Markets Association's Securities Industry Institute at the Wharton Business School of the University of Pennsylvania and as a member of the Operating Committee of the International Securities Services Association.

Greg Hopper is the Global Head of Enterprise Risk Management for Goldman Sachs. He oversees the Sovereign and Economic Risk Group, Risk Identification, Enterprise Risk Analysis, Stress Testing and Governance teams and leads the Comprehensive Capital Analysis and Review process for the Risk Division. He is co-chair of the Firmwide Stress Test Committee and a member of the Firmwide Model Risk Control Committee and the Risk Governance Committee. Hopper joined Goldman Sachs in 2004 as a Vice President and was named Managing Director in 2006. Before joining Goldman Sachs, he was an Executive Director at Morgan Stanley, where he was head of the Credit Analytics Group.

Steve Joachim is the Chief Executive Officer of SHGB Associates LLC, which offers management consulting and data product services to young companies. He also is a Board Observer (full Board Member in June 2020) on the Global Legal Entity Foundation (GLEIF) Board of Directors and serves as the Chief Financial Officer of Smart World Productions LLC, the producer of North America's largest conference on smart cities. Before that, Joachim was Executive Vice President of Transparency Services at the Financial Industry Regulatory Authority (FINRA). Before joining FINRA, he was the Senior Vice President, Chief Strategy Officer, and General Manager for Plural from 1997 to 2001. Plural was a custom interactive software development and strategy firm. In 1983, he began a nearly 15-year stint with Merrill Lynch. Joachim has been the Chairman of the International Forum for Investor Education and has served as a member of the Philadelphia Stock Exchange Board of Governors, Board of Directors for Merrill Lynch Specialists, Inc., and Board of Directors for Wilco, Inc. He has also been a member of the Nasdaq Industry Advisory Committee and the American Stock Exchange Upstairs Member Advisory Committee.

Kathryn Judge is the Harvey J. Goldschmid Professor of Law at Columbia Law School. Her research focuses on financial regulation, financial innovation, regulatory architecture, and central banking. Her work regularly appears in top law reviews, and she has received multiple awards from her peers. She serves as a co-managing editor of the Journal of Financial Regulation and the CLS Blue Sky Blog, and is a member of the board of directors of the Columbia Business Law Review. She served as a law clerk for Judge Richard A. Posner of the Seventh Circuit Court of Appeals and Justice Stephen G. Breyer of the U.S. Supreme Court.

Michael Levy is Chief Economist for the Americas and Asia for Berenberg Capital Markets, a FINRA-registered broker-dealer, providing research, advisory, and execution services to U.S. institutional investors. He conducts research on a variety of U.S. and global economic and macroeconomic topics. He is an advisor to several Federal Reserve Banks and has testified before U.S. Congressional committees on topics concerning the Federal Reserve and monetary policy, fiscal and budget policies, economic and credit conditions, and the banking industry. Previously, He was Chief Economist at Bank of America and at Blenheim Capital Management. He has also conducted research at the American Enterprise Institute and the Congressional Budget Office. He is Co-Chairman of the Shadow Open Market Committee, a group of academics that analyzes the monetary policies of the U.S. Federal Reserve System and other central banks. He is an advisor to several U.S. Federal Reserve Banks, the European Commission, and the Bank of Japan. He is a member of the Council on Foreign Relations, the Economic Club of New York, and the Foreign Policy Research Institute. He is also a member of the governance board of the Research Alliance for New York Schools.

Rosemary Marcuss served as Director of Research, Analysis, and Statistics at the Internal Revenue Service until 2015. While there, she redesigned and expanded the TaxStats research program. She served for 15 years as Assistant Director for Tax Analysis of the Congressional Budget Office (CBO), where she put the CBO tax estimation models in place. She also was Deputy Director of the Bureau of Economic Analysis for 12 years. She was instrumental in creating the agency's research program and redesigning the production analytics for gross domestic product, or GDP, statistics. She has served as President of the National Association of Business Economics. She is a recipient of the Presidential Rank Award and the Davie-Davis Public Service Award of the National Tax Association.

James Nevels is Chairman of The Swarthmore Group, a Philadelphia-based investment advisory firm, which he founded in 1991. He has nearly 40 years of experience in the securities and investment industry. Currently, he is Chairman and member of the board of the Federal Reserve Bank of Philadelphia. Prior to his appointment as Chairman, he served as Deputy Chairman of the Bank's board of directors and has been a Class C director at the Bank since January 2010. He also serves on the boards of directors of three public companies: First Data, Alcoa Corporation, and WestRock (Lead Independent Director, 2017-19). He is a member of the Federal Reserve Bank of Philadelphia Presidential Advisory Committee and of the Council on Foreign Relations. In December 2001, the Governor of Pennsylvania appointed Nevels as Chairman of the Philadelphia School Reform Commission to oversee the turnaround of the financially distressed School District of Philadelphia, then the ninth-largest school district in the United States. He served as Chairman until September 2007. Nevels was appointed by President George W. Bush to the Advisory Committee to the Pension Benefit Guaranty Corporation in 2004. He served as Chairman from 2005-07. He also served as Chairman (2009-15) and Lead Independent Director (2015-17) of The Hershey Company, member of the board of the Hershey Trust Company and Milton Hershey School, member of the board of XL Group, member of the board of the Marine Corps Heritage Foundation, member of the board of MMG Insurance Company, member of the board of Tasty Baking Company, and member of the board of trustees of the Pro Football Hall of Fame. He has been selected to represent the views of investment advisors, particularly in the area of securities. He has expertise in wealth management and corporate governance.

Sandie O'Connor recently retired as the Chief Regulatory Affairs Officer for JPMorgan Chase & Co. She set the firm's comprehensive regulatory strategy and led engagement with G-20 international standard setters, regulators, and policymakers regarding evolving regulation and legislation. She held several other executive positions including Treasurer, responsible for managing the firm's capital, balance sheet, liquidity and funding strategies and Prime Services division head, evolving the operating model and expanding its global footprint. She served on several firm-wide governance committees and was Chair of the JPMorgan Chase Foundation Investment Committee. American Banker named her one of the 25 Most Powerful Women in Banking and Finance multiple times. She is Chair Emeritus of the Federal Reserve's Alternative Reference Rates Committee and is a former member of the Treasury Markets Practices Group. She served on the boards of several industry trade associations, and is Chair Emeritus of the Global Financial Markets Association and the Finance Advisory Committee of the Salzburg Global Seminar. O'Connor is the current chair of the Board of Directors of the YMCA of Greater New York. She is also part of a new Financial Stability Task Force charged with identifying opportunities to enhance and evolve U.S. financial system resiliency convened by the Brookings Institution and the University of Chicago Booth School of Business. O'Connor received a bachelor's in Finance and International Business from New York University's Stern School of Business.

Charlie Plosser served as president and CEO of the Federal Reserve Bank of Philadelphia from 2006 to his retirement in 2015. He is currently a Visiting Fellow at the Hoover Institution at Stanford University and serves as a director on several boards. Prior to joining the Federal Reserve Bank of Philadelphia, Plosser was the John M. Olin Distinguished Professor of Economics and Public Policy and director of the Bradley Policy Research Center at the William E. Simon Graduate School of Business Administration at the University of Rochester, where he also served as dean from 1993 to 2003. His research interests include macroeconomics, monetary theory and policy, econometrics, and finance. He has published articles in the major economic journals and served as co-editor with Robert King of the Journal of Monetary Economics for 20 years. Plosser has been a Visiting Scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. He also has served a as Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts. In the last decade, Plosser has given over one hundred talks around the world to audiences comprised of academics, the business community and the general public on topics ranging from economics and public policy to management education and forecasting.

John Ryding is Chief Economist of RDQ Economics, LLC, an independent economic research and consulting firm, and also Chief Economic Advisor to Brean Capital, LLC, a New York-based full service broker-dealer. Prior to founding RDQ Economics, Ryding was the Chief U.S. Economist at Bear Stearns and Co. He started his career in 1980 at the Economics Department of the Bank of England, where he held various positions, including the head of the Economic Forecasting Group. He was also a Senior Economist at the Federal Reserve Bank of New York from 1989 to 1991. He is a graduate of Cambridge University, England. He has been selected to represent the views of financial research economists on macroeconomic issues. He has expertise in U.S. economic and monetary policy, as well as economic forecasting.

Kermit "Kim" Schoenholtz is the Henry Kaufman Professor of the History of Financial Institutions and Markets at the Leonard N. Stern School of Business at New York University. He teaches courses on money, banking, and financial markets, as well as macroeconomics. He also directs the NYU Stern Center for Global Economy and Business. Previously, he was Managing Director and Senior Advisor in Citigroup's Economic and Market Analysis department. He served as Citigroup's global Chief Economist from 1997 until 2005. Schoenholtz started his career at Salomon Brothers in 1986. He worked in Bond Market Research in New York before moving to Tokyo in 1988. In 1992, he transferred to London to serve as the head of economics and market analysis in Europe. He was named Salomon's Chief Economist in 1997 and subsequently became Chief Economist at Salomon Smith Barney and at Citigroup. He returned to New York in this role in 1999.

Marc Sumerlin is Managing Partner at Evenflow Macro, a global macroeconomic consulting firm he founded in 2013. From 2003 to 2012, he served as Managing Director and co-founder of the Lindsey Group, during which time he testified before the Congressional Oversight Panel on the origins of the financial crisis; he also traveled extensively to Japan, China, and Europe. From 2001 to 2002, he served as Deputy Assistant to the President for Economic Policy and Deputy Director of the National Economic Council. In that capacity, he helped President George W. Bush develop and implement his economic agenda. He also worked as an economic policy advisor for the George W. Bush for President campaign, after starting his career at the U.S. Senate Budget Committee. Sumerlin holds a master's degree in applied economics from Johns Hopkins University and a master's degree in public policy from Duke University, where he was a Senator Jacob Javits Fellow. He graduated magna cum laude from Georgetown University. He serves on the Board of Governors at the Johns Hopkins Wilmer Eye Institute. He has been selected to represent financial regulatory advisors. He was chosen given his extensive experience managing financial, economic, and political risks, and for his expertise on the origins of the 2007-09 financial crisis.

Colin Teichholtz is a Portfolio Manager and Head of Markets at Element Capital Management LLC. Previously, from 2018-2019, he was Head of Fixed Income at BlueMountain Capital Management LLC. He was previously a Partner and member of the Executive Committee at Pine River Capital Management, LP, a firm that manages hedge funds and the mortgage real estate investment trust Two Harbors Investment Corp. He was the co-manager of the Pine River Fund and the head of Pine River Customized Solutions. Before joining Pine River in 2011, he was a Managing Director at Morgan Stanley from 2003 to 2011. At Morgan Stanley he was the head trader of the agency mortgage-backed securities pass-through desk, and also had responsibility for managing the trading desks for interest rate swaps, U.S. Treasury bonds, and agency debentures. From 2000 to 2003, he was a Portfolio Manager at Goldman Sachs Asset Management, where he oversaw the Emerging Markets Debt team, and he launched the Goldman Sachs Global Opportunities Fund. From 1992 to 2000, Teichholtz was a trader at Goldman Sachs in agency mortgage-backed securities, Latin American Brady bonds, and Asian Emerging Markets credit.

Jason Trennert is the Chairman and Chief Executive Officer of Strategas and its related companies. The firm provides research and commentary on macroeconomic, investment strategy, and policy trends to institutional investors in 44 states and 25 foreign countries. In 2006, he co-founded Strategas, which began with just five employees. Today, the firm employs more than 50 research analysts, institutional salesmen, and sales traders at its offices in New York, Washington, D.C., and Columbus, Ohio. Institutional Investor magazine has ranked the firm as the top independent macro firm on Wall Street for the past three years. Prior to founding Strategas, Trennert was the Chief Investment Strategist and a Senior Managing Director at International Strategy & Investment (ISI) Group, where he built and oversaw two of that firm's most popular research efforts, its Company Surveys and Investment Strategy groups. He is the author of three books about investing and the investment business and multiple op-eds for The Wall Street Journal, the Financial Times, and Investor's Business Daily. He is a frequent guest host on CNBC's Squawk Box. He is committed to a number of Italian, Italian-American, and Catholic causes in New York and abroad. He is a member of the investment committee of the Rockefeller Brothers Fund and sits on the advisory board at Hollow Brook Wealth Management, LLC. He has a master's degree in business administration from The Wharton School of the University of Pennsylvania and a bachelor's degree in international economics from Georgetown University. He has been selected to represent the views of investment strategists, particularly on macroeconomic matters and their implications for financial stability. He was selected given his extensive experience providing macroeconomic research, as well as capital markets and corporate advisory services.

David Weisbrod is a board member of the BNY Mellon Government Securities Services Corp. Previously, he was Chief Executive Officer of LCH Group Ltd.'s U.S. subsidiary and U.S. country head of the London Stock Exchange Group. Prior to joining LCH, Weisbrod worked at JPMorgan Chase and Company in a variety of senior risk management positions culminating in being appointed the firm's Vice Chairman of Risk Management. He also served as a member of the New York Federal Reserve Bank's Payments Risk Committee, a Director of the Depository Trust & Clearing Corporation, a Director of CLS Group Holdings and CLS Bank International and as a member of the Commodity Futures Trading Commission's Global Markets Advisory Committee.