SUJIT BOB CHAKRAVORTI

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1 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 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 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 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

2 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 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 Mr. Champ is a Lecturer on Investment Management Law at Harvard Law School, where he is also a Visiting Scholar for the Spring Term 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 ( ) serving as chief legal officer and responsible for all legal and regulatory matters. Prior to

3 that, he was Republican (Minority) Counsel, Committee on Energy and Commerce, U.S. House of Representatives. Earlier in his career, ( ) 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 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 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 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:

4 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 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 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

5 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.