RUSS WERMERS
Russ Wermers is Professor of Finance at the Smith School of Business, University of Maryland at College Park, where
he won a campus-wide teaching award during 2005 and a Krowe Teaching Award (within the Smith Business School)
during 2013. His main research interests include studies of the efficiency of securities markets, as well as the role of
institutional investors in setting stock prices. In addition, he studies and teaches quantitative equity strategies, and is
currently researching microfinance institutions in Thailand. Most notably, his past research has developed new
approaches to measuring and attributing the performance of mutual funds, pension funds, and hedge funds, as well as
devising winning strategies for investing in these funds. Professor Wermers also studies the investment behavior of these
asset managers, as well as the impact of their trades on stock markets.
His papers have been published in leading scholarly journals, such as The American Economic Review, The Review of
Financial Studies, The Journal of Financial Economics, and The Journal of Finance. His article on mutual fund
“herding” and stock prices (Journal of Finance, 1999) won the NYSE Award for the Best Paper on Equity Trading in
1995. His coauthored article on mutual fund performance was a finalist for the Smith-Breeden Award for the Best Paper
in the Journal of Finance during 2006/2007. Professor Wermers consults for the hedge fund, pension fund, and mutual
fund industries. He is coauthor of a book on the latest scientific approaches to performance evaluation and attribution of
professional fund managers, written for academics and practitioners (published in December 2012). He received his
Ph.D. from the University of California, Los Angeles, in December 1995.
SUJIT “BOB” CHAKRAVORTI
Dr. Chakravorti is the Managing Director and Chief Economist at The Clearing House. Dr. Chakravorti is responsible
for overseeing The Clearing House’s quantitative research efforts and providing insight and analysis on economic,
regulatory and payment system issues. He leads a team of economists and analysts to inform policymakers, academics
and the public on economic impact of proposed bank regulations. He participates in the organization’s public policy
efforts and works closely with economists at financial institutions, academic institutions, and regulatory agencies. In
addition, Dr. Chakravorti serves on the Boards of the Consortium of Systemic Risk Analytics housed at MIT and the
Federal Reserve Bank of Boston’s Consumer Payments Research Center along with the editorial board of the Journal of
Financial Market Infrastructures.
Prior to joining the Clearing House, Dr. Chakravorti was a senior economist at the Federal Reserve Banks of Chicago
and Dallas for 15 years. In this capacity, he advised policymakers about financial market and payment system policy
domestically and globally. Prior to joining the Fed, Dr. Chakravorti was a senior associate at KPMG where he advised
foreign governments on economic and financial market policies. Dr. Chakravorti has written more than 40 articles for
industry, academic and Federal Reserve publications on financial markets and is a frequent speaker at public policy
forums. Dr. Chakravorti has been a visiting scholar at the International Monetary Fund, Nederlandsche Bank (the Dutch
central bank), and several universities. He received his Ph.D. and M.A. in Economics from Brown University and his
B.A. in Economics & Genetics from the University of California-Berkeley.
MATTHEW J. EICHNER
Matthew J. Eichner is currently Deputy Director in the Division of Reserve Bank Operations and Payment Systems at the
Federal Reserve Board, where he focuses on financial market infrastructures, payment and settlement systems, and
central bank operations as well as related financial stability issues. Prior to joining the Board staff, Matt was an Assistant
Director in the Division of Trading and Markets at the Securities and Exchange Commission. Previously, he was
Assistant Professor of Finance and Economics at the Columbia University Graduate School of Business. He holds a
Ph.D. in economics from MIT, a Masters of Public Policy from the John F. Kennedy School of Government at Harvard
University, and was awarded a CFA Charter.
GREGORY FELDBERG
Gregory Feldberg currently serves as Senior Advisor at the Office of Financial Research, the US Department of
Treasury. Greg previously served as Director of Research for the Financial Crisis Inquiry Commission, and has worked
as a senior member of the Banking Supervision team at the Federal Reserve Board. Prior to joining the FRB, Greg
headed the Technology Research team at Credit Agricole and also led the team of Research analysts at ABN Amro. He
was previously Financial journalist with Bloomberg News. Greg received his MPP from the Harvard University
Kennedy School of Government, and was a graduate from Brown University.
NORM CHAMP
Norm Champ is the former Director of the Division of Investment Management at the Securities and Exchange
Commission. Under his leadership, the SEC adopted a new rule in July 2014 to reform money market mutual funds. He
also led the creation of the Division's Risk and Examination Office, which monitors the investment management industry
and certain firms to understand risks that regulations should address. He was the leader of the SEC’s interactions with
the Financial Stability Oversight Council as the Council turned its attention to designating asset management firms as
“systemically important.” Mr. Champ also headed the creation of Guidance Updates and Senior Level Engagement,
initiatives created to provide transparency to the industry and to engage with boards and senior managements of asset
management firms, respectively. In addition, Mr. Champ led a Division-wide reassessment called “IM Moving Ahead”
that resulted in a reorganization of the Division. Mr. Champ also steered the Commission towards the adoption of the
portion of the Volcker Rule covering private funds and other matters. For his service at the SEC, Mr. Champ received the
Chairman’s Award for Law and Policy in 2014, the Chairman’s Award for Labor Management Relations in 2014 and the
Chairman’s Analytical Methods Award in 2013.
Prior to becoming the Director of the Division of Investment Management, Mr. Champ was the Deputy Director of the
SEC’s Office of Compliance, Inspections and Examinations (OCIE) and the Associate Regional Director for
Examinations in the SEC’s New York Regional Office. In that capacity he supervised examinations of broker-dealers,
investment advisers/investment companies, exchanges, clearing agencies and credit rating agencies. Mr. Champ led a
reorganization of OCIE to place more supervisors in the field, increase exam expertise and make exam reports
electronic. While in OCIE, Mr. Champ received the Chairman’s Award for Law and Policy in 2011 and the Chairman’s
Award for Labor-Management Relations in 2011.
Mr. Champ is a Lecturer on Investment Management Law at Harvard Law School, where he is also a Visiting Scholar for
the Spring Term 2015. He is doing research and writing on the regulatory response to the financial crisis. Mr. Champ
participated in the SEC’s Technical Assistance program in Saudi Arabia, Abu Dhabi and Hong Kong. He has been a
speaker on securities law topics at SEC programs, Princeton University’s Bendheim Center for Finance, the Practicing
Law Institute, ICI, SIFMA, MFA, the Saudi Central Bank, the New York City Bar Association, the International Bar
Association and others. Before joining the SEC in 2010, Mr. Champ was Executive Vice President and General Counsel
of Chilton Investment Company, an investment adviser to long/short equity hedge funds and managed accounts.
Prior to joining Chilton in 1999, Mr. Champ was with the law firm of Davis Polk & Wardwell. From 1990 to 1992, Mr.
Champ clerked for the Honorable Charles S. Haight, Jr. of the U.S. District Court for the Southern District of New York.
Mr. Champ has an A.B., summa cum laude, in History from Princeton University and a J.D., cum laude, from Harvard
Law School. He was a Fulbright Scholar at King’s College London where he received his M.A. in War Studies. Mr.
Champ lives in New York City with his wife and four children.
STUART KASWELL
Stuart J. Kaswell is MFA’s Executive Vice President & Managing Director, General Counsel. In his role as chief legal
officer, Stuart represents the hedge fund industry on domestic and international legislative and regulatory policy issues.
Stuart works directly with MFA’s President & CEO to oversee all legal aspects of the Association’s legislative and
regulatory policy initiatives in Washington and around the world. Prior to joining MFA, Stuart was Partner in Bryan
Cave’s White Collar Defense & Investigations, Securities Litigations & Enforcement practice groups and focused on
issues including financial services regulation and short sale regulation. Previously, Stuart was Partner in the financial
services group at Dechert, LLP. Stuart was Senior Vice President and General Counsel, Securities Industry Association
for nearly a decade (1994-2003) serving as chief legal officer and responsible for all legal and regulatory matters. Prior to
that, he was Republican (Minority) Counsel, Committee on Energy and Commerce, U.S. House of Representatives.
Earlier in his career, (1979-1986) he held several positions at the Securities and Exchange Commission, including as
branch chief, OTC regulation, during which time he was responsible for oversight of the NASD. Stuart received his A.B.
in political science from Vassar College with General and Departmental Honors, and his J.D., from Washington College
of Law, The American University. His bar admissions include Virginia, District of Columbia, Maryland, U.S. Supreme
Court and various Federal Courts.
ITAY GOLDSTEIN
Itay Goldstein is the Joel S. Ehrenkranz Family Professor in the Finance Department at the Wharton School of the
University of Pennsylvania. He is also the coordinator of the Ph.D. program in Finance. He has been on the faculty of the
Wharton School since 2004. Professor Goldstein earned his Ph.D. in Economics in 2001 from Tel Aviv University. He is
an expert in the areas of corporate finance, financial institutions, and financial markets, focusing on financial fragility
and crises and on the feedback effects between firms and financial markets. His research has been published in top
academic journals, including the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies,
the Journal of Financial Economics, and the Journal of Economic Theory. His research has also been featured in the
popular press in the Economist, Financial Times, Bloomberg, Forbes, National Public Radio, and others. Professor
Goldstein is an editor of the Review of Financial Studies. He has been an editor of the Finance Department in
Management Science and an editor of the Journal of Financial Intermediation. He has served as an academic advisor at
the Federal Reserve Banks of New York, Philadelphia, and Richmond, the Bank of Canada, and the Committee for
Capital Markets Regulation. He was the co-founder and the first president of the Finance Theory Group. He has taught
various undergraduate, M.B.A., Ph.D., and executive education courses in finance and economics. Prior to joining
Wharton, Professor Goldstein has served on the faculty of Duke University’s Fuqua School of Business. He had also
worked in the research department of the bank of Israel.
PHILLIP L. SWAGEL
Phillip L. Swagel is Professor in International Economic Policy at the Maryland School of Public Policy. He directs the
Thomas Schelling Distinguished Visitor Series, which brings to the university eminent policy makers and leading
academics who have made sustained contributions to public policy. Swagel comes to MSPP from the McDonough
School of Business at Georgetown University, where he served as a visiting professor teaching classes on the relationship
between financial markets and the economy. Swagel was also the director of the McDonough School's Center for
Financial Institutions, Policy, and Governance. He is a non-resident scholar at the American Enterprise Institute.
Swagel was Assistant Secretary for Economic Policy at the Treasury Department from December 2006 to January
2009. In that position, he advised Secretary Paulson on all aspects of economic policy. He served as a member of the
TARP investment committee, and was responsible for analysis on issues including housing, financial markets, healthcare,
pensions, and macroeconomic forecasts. Swagel was previously chief of staff and a senior economist at the White House
Council of Economic Advisers, and was an economist at the IMF and the Federal Reserve Board. He has taught courses
on domestic and international economics at Northwestern University and the University of Chicago Booth School of
Business. He received a bachelor's degree in economics from Princeton University in 1987 and a PhD in economics
from Harvard University in 1993.
JASON THOMAS
Jason Thomas is a Managing Director and Director of Research at The Carlyle Group, focusing on economic and
statistical analysis of the Carlyle portfolio, asset prices, and broader trends in the global economy. Mr. Thomas is based
in Washington, D.C. Mr. Thomas’ research helps to identify new investment opportunities, advance strategic initiatives
and corporate development, and support Carlyle investors. Previous to joining Carlyle, Mr. Thomas was Vice President,
Research at the Private Equity Council. Prior to that, he served on the White House staff as Special Assistant to the
President and Director for Policy Development at the National Economic Council.
Mr. Thomas received a B.A. from Claremont McKenna College and an M.S. and Ph.D. in finance from George
Washington University where he was a Bank of America Foundation, Leo and Lillian Goodwin, and School of Business
Fellow. Mr. Thomas has earned the Chartered Financial Analyst (CFA) designation and is a financial risk manager
(FRM) certified by the Global Association of Risk Professionals.
GIOVANNI DELL'ARICCIA
Giovanni Dell'Ariccia is an Assistant Director in the Research Department where he coordinates the activities of the
Macro-Financial Linkages Unit. Previously he worked in the Asia and Pacific Department. His research interests include:
Banking; the Macroeconomics of Credit; International Finance; and Conditionality in International Lending and Aid
Programs. He is a CEPR Research Fellow. Giovanni received his Bachelors from Universita’ di Roma “La Sapienza”,
Laurea in Scienze Statistiche ed Economiche (Summa cum Laude), and his Ph.D. from Massachusetts Institute of
Technology, Ph.D. in Economics.
LINDA TESAR
Linda Tesar is currently a Senior Economist at the Council of Economic Advisers, on leave from the University of
Michigan. Professor Tesar is a Research Associate at the National Bureau of Economic Research and has been a visitor
in the Research Departments of the International Monetary Fund, the Board of Governors of the Federal Reserve System,
and the Federal Reserve Banks of Chicago and Minneapolis. She has also served on the Academic Advisory Council to
the Federal Reserve Bank of Chicago. Professor Tesar’s research focuses on issues in international finance, with
particular interests in the international transmission of business cycles and fiscal policy and the various consequences of
capital market integration. Results of her research have been published in numerous journals including the American
Economic Review, the Journal of International Economics, the Review of Financial Studies and the Journal of Monetary
Economics.
MARK J. FLANNERY
Mark J. Flannery is the Director and Chief Economist of the Division of Economic and Risk Analysis at the Securities
and Exchange Commission. He also served on the Financial Advisory Roundtable at the Federal Reserve of New York.
Prior to working at the SEC he was the senior advisory at the Department of Treasury’s Office of Financial Research
from 2011-2014. He was a visiting scholar at New York University and co-director at the center for financial research at
the FDIC. He received his bachelors from Princeton University and Ph.D. in Economics from Yale University.
ANTOINE MARTIN
Antoine Martin is Vice President and Head of the Money and Payments Studies Function at the Federal Reserve Bank of
New York. Prior to joining the New York Fed in 2005, he was an Economist at the Federal Reserve Bank of Kansas
City. Antoine’s recent research and policy work has focused on short-term money markets, monetary policy
implementation, and payments. He has published in a number of scholarly journals, among which Journal of Finance,
Review of Financial Studies, Brookings Paper on Economic Activity, Journal of Monetary Economics, and Journal of
Money, Credit, and Banking. He instructed as a visiting professor at the University of Lausanne and the University of
Bern. Antoine holds a Ph.D. in Economics from the University of Minnesota and a B.A. in Economics from the
University of Lausanne.
GREGORY BAER
Gregory Baer is Managing Director and Head of Regulatory Policy at JPMorgan Chase. He works directly with senior
leaders across the firm to analyze the impact of regulatory developments, formulate and present our positions to
regulatory authorities globally, and engage in capital policy and planning. He previously served as General Counsel for
Corporate and Regulatory Law at JP Morgan Chase. He supervised the company’s legal work with respect to financial
reporting, global regulatory affairs, intellectual property, private equity and corporate M&A, and data protection and
privacy.
Mr. Baer previously served as a deputy general counsel at Bank of America, and as a partner at Wilmer, Cutler,
Pickering, Hale & Dorr. From 1999 to 2001, Mr. Baer served as Assistant Secretary for Financial Institutions at the U.S.
Department of the Treasury, after serving as Deputy Assistant Secretary. Prior to working for the Treasury Department,
Mr. Baer was managing senior counsel at the Board of Governors of the Federal Reserve System.
Mr. Baer received his J.D. cum laude from Harvard Law School in 1987, and served as managing editor of the Harvard
Law Review. He received his A.B. with honors from the University of North Carolina at Chapel Hill in 1984. He is the
author of two books: The Great Mutual Fund Trap (Random House, 2002) and Life: The Odds (And How to Improve
Them) (Penguin-Putnam, 2003).
MANMOHAN SINGH
Manmohan Singh is a Senior Economist with the International Monetary Fund in Washington DC. He writes extensively
on topical issues including rehypothecation of collateral, collateral velocity and supply of safe assets, monetary policy
and collateral, shadow banking, deleveraging in financial markets, and counterparty risk in OTC derivatives market. He
has written a new book “Collateral and Financial Plumbing” that looks at all the above themes from the lens of financial
collateral. He has also worked and written policy notes on several countries including Chile, Japan, India, U.S., U.K,
Argentina, Kazakhstan, UAE, etc. Manmohan has led work-shops for the IMF to official sector policy makers on
strategic asset allocation, and impact of regulations on financial markets. He holds a PhD and MBA from University of
Illinois at Urbana-Champaign and a B.S. from Allegheny College.