2012 Financial Markets Conference: The Devil's in the Details - Speaker Biographies


David Aikman is a senior manager in the financial stability directorate of the Bank of England. He has overall responsibility for advising the newly formed financial policy committee on issues relating to macroprudential policy tools. His team also leads for the bank on prudential policy matters in Basel and Europe. Aikman has represented the bank on various external policy working groups, including in Basel and at the European Systemic Risk Board. He joined the bank in 2003. Previously, he headed the bank's work in developing a model of systemic risk, RAMSI. Prior to that, Aikman worked on macroeconomic forecasting for the monetary policy committee and on various issues relating to monetary policy strategy. He is the author of various academic papers relating to banking and macroeconomics. In 2005, he was a visiting scholar at the Institute for Monetary and Economic Studies, Bank of Japan. He earned a PhD in macroeconomics from the University of Warwick.

David E. Altig is senior vice president and director of research at the Federal Reserve Bank of Atlanta. His responsibilities include advising the Bank president on monetary policy and related matters, overseeing the Bank's research department and regional executives, and sitting on the Bank's management and discount committees. Altig also serves as an adjunct professor of economics in the graduate school of business at the University of Chicago. Previously, he was vice president and associate director of research at the Federal Reserve Bank of Cleveland, which he joined in 1991 as an economist. Prior to joining the Cleveland Fed, Altig was a faculty member in the department of business economics and public policy at Indiana University. His research focuses primarily on monetary and fiscal policy and has been published in such journals as the Journal of Money, Credit, and Banking; the American Economic Review; and the Journal of Monetary Economics. Altig received a bachelor's degree in business administration from the University of Iowa and a master's degree and a doctorate in economics from Brown University.

Christophe André is an economist in the economics department of the Organization for Economic Cooperation and Development (OECD). Since joining the OECD in 1997, he has taken part in the work of the organization in several fields, including macroeconomic analysis, modeling, and forecasting, and fiscal and monetary policy. André has contributed to several editions of the OECD Economic Outlook. He is now on the United Kingdom and Finland desk in the OECD economics department, monitoring the macroeconomic evolution of these countries, producing forecasts, and writing economic surveys. He has also been involved in research on housing markets. His publications include a cross-country report, A Bird's Eye View of OECD Housing Markets and a survey of the U.K. housing system, Improving the Functioning of the Housing Market in the United Kingdom. André holds a master's degree in economics from the University of Paris (France).

Sheila C. Bair served as the 19th chairman of the Federal Deposit Insurance Corporation (FDIC) for a five-year term, from June 2006 through July 2011. In September 2011, she joined the Pew Charitable Trusts as a senior adviser, providing counsel to the nonpartisan group on matters of fiscal and economic stability. Before joining the FDIC in 2006, Bair was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst. Her extensive experience in banking and finance also includes serving as assistant secretary for financial institutions at the U.S. Department of the Treasury (2001 to 2002), senior vice president for government relations of the New York Stock Exchange (1995 to 2000), a commissioner and acting chairman of the Commodity Futures Trading Commission (1991 to 1995), and research director, deputy counsel, and counsel to Senate Majority Leader Robert Dole (1981 to 1988). Bair received a bachelor's degree from the University of Kansas and a JD from the University of Kansas School of Law.

Barry P. Barbash joined Willkie Farr & Gallagher LLP in February 2006 as a partner and head of the firm's asset management group. Prior to that, he was a partner and head of the asset management practice at another firm and also previously served as the director of the Securities and Exchange Commission's Division of Investment Management. Barbash has a diverse practice covering all aspects of the asset management business. He regularly advises mutual fund and hedge fund clients on a variety of transactional, compliance, and regulatory matters. His areas of expertise include mutual fund operations and regulation, hedge fund formation and regulation, private equity fund structuring and financing, venture capital fund operations and offerings, and fund governance. He has particular experience and expertise dealing with the provisions of the Dodd-Frank Act applicable to the asset management industry, including the registration provisions and exemptions under the Investment Advisers Act of 1940. Barbash holds a JD degree from Cornell Law School and an AB degree from Bowdoin College.

Ben S. Bernanke began a second term as chairman of the Board of Governors of the Federal Reserve System on February 1, 2010. He also serves as chairman of the Federal Open Market Committee. Before being appointed chairman in 2006, Bernanke was chair of the President's Council of Economic Advisors. Previously, he held several roles in the Federal Reserve System: as a member of the Board of Governors; a visiting scholar at the Federal Reserve Banks of Philadelphia, Boston, and New York; and a member of the New York Fed's academic advisory panel. Bernanke's academic career included teaching positions at Princeton University, Stanford University, New York University, and the Massachusetts Institute of Technology. He served as the director of the Monetary Economics Program of the National Bureau of Economic Research and was a member of its business-cycle dating committee. He received a bachelor's degree in economics from Harvard University and a doctorate in economics from the Massachusetts Institute of Technology.

Kevin Brown is the managing director and head of global product management, global transaction services for the Royal Bank of Scotland (RBS). He led the separation of ABN AMRO's transaction banking business from the components acquired by the Dutch government and Santander, and its subsequent integration into the newly formed RBS global transaction services business. Brown is a career banker with 30 years of experience in various roles. He currently has responsibility for global payments, international liquidity management, global trade finance, global commercial cards, global travel money services, and trustee and depository. He is also responsible for maintaining close collaboration with domestic product management in the United Kingdom and the United States. He is a fellow of the Chartered Institute of Bankers and has represented RBS and the UK community on numerous industry bodies. Current memberships include the Board of the IPFA, the EBA Association, and industry director of the Payments Council.

Mark A. Calabria is director of financial regulation studies at the Cato Institute. Before joining Cato in 2009, he spent seven years as a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In that position, he handled issues related to housing, mortgage finance, economics, banking, and insurance for Senator Richard Shelby (R-AL). During his service on Capitol Hill, Calabria drafted significant portions of the Housing and Economic Recovery Act of 2008, which established a new regulatory regime for the government-sponsored enterprises. Prior to that, he served as deputy assistant secretary for regulatory affairs at the U.S. Department of Housing and Urban Development. He also held a variety of positions at Harvard University's Joint Center for Housing Studies, the National Association of Home Builders, and the National Association of Realtors. Calabria has also been a research associate with the U.S. Census Bureau's Center for Economic Studies. He is a frequent contributor to the op-ed pages of the New York Post, National Review, and Investor's Business Daily, and makes frequent appearances on CNBC, Bloomberg, Fox Business, BBC, and BNN. He holds a doctorate in economics from George Mason University.

Sean Collins is senior director of industry and financial analysis at Investment Company Institute (ICI). He also heads ICI's research on the structure of the mutual fund industry, industry trends, and the broader financial markets. Collins, who joined ICI in 2000, is responsible for conducting and overseeing research on the flows, assets, and fees of mutual funds. Recently, he also helped conduct a major research initiative to understand better the costs and benefits of laws and regulations governing mutual funds. Prior to joining ICI, Collins was a staff economist at the Federal Reserve Board of Governors and at the Reserve Bank of New Zealand. He holds a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.

Andrew Davidson is the president of Andrew Davidson & Co. Inc., a New York firm specializing in the application of analytical tools to investment management, which he founded in 1992. The company provides proprietary tools and consulting advice to financial institutions and also works on a variety of fixed income trading and valuation analyses. Previously, Davidson worked at Merrill Lynch for six years, where he was a managing director. In that role, he produced research reports and sophisticated analytical tools, including prepayment and option-adjusted spread models and portfolio analysis tools. He was also responsible for the development of trading and risk management systems for the mortgage desk. He is coauthor of the books Securitization: Structuring and Investment Analysis and Mortgage-Backed Securities: Investment Analysis & Valuation Techniques. He has also written articles for The Handbook of Mortgage-Backed Securities, Mortgage-Backed Securities: New Applications and Research, and the Journal of Real Estate Finance and Economics. He received an MBA in finance at the University of Chicago and a BA in mathematics and physics at Harvard.

Gerald P. Dwyer is director of the Center for Financial Innovation and Stability at the Federal Reserve Bank of Atlanta. He also serves as an adjunct professor at the University of Carlos III in Madrid. Dwyer has been on the faculty at Texas A&M University, Emory University, the University of Houston, and Clemson University, and has worked with the Federal Reserve Banks of St. Louis and Chicago. His research is focused on banking and financial markets—especially the implications of the digital revolution for financial and economic growth—and has been published in many leading economic and finance journals. Dwyer sits on the editorial boards of the Journal of Financial Stability and Economic Inquiry. He is president of the Association for Private Enterprise Education and previously served as president of the Society for Nonlinear Dynamics and Econometrics. Dwyer received a bachelor's degree in business, government, and society from the University of Washington, a master's degree in economics from the University of Tennessee, and a doctorate in economics from the University of Chicago.

Philip H. Dybvig is the Boatmen's Bancshares Professor of Banking and Finance at the Olin School of Business at Washington University in St. Louis. A prominent financial economist, he is best known for his 1983 paper cowritten with Douglas W. Diamond on bank runs, deposit insurance, and liquidity, one of the most widely cited papers in finance and economics and often the starting point for discussions of the financial crisis. The Diamond-Dybvig model shows how banks serve the economy by creating liquidity, and how this liquidity creation subjects the banks to runs if there is not any deposit insurance or other protection. He has published two textbooks and more than 35 articles in leading scholarly journals, spanning most areas of finance and several areas of economics. He has consulted for government, organizations, and individuals. Dybvig received his PhD from Yale University and taught at Princeton University and was tenured at Yale.

Luci Ellis is the head of the financial stability department at the Reserve Bank of Australia. She joined the Reserve Bank in 1989–90 as a cadet, and began working as a graduate economist at the beginning of 1991. She has spent most of her career in various positions in the economic analysis, economic research, and payments policy departments, including four years as deputy head of the economic analysis department. Prior to her current position, she spent almost two years seconded to the Bank for International Settlements, working in its global macroeconomics team. She has written on a range of economic and financial topics, including exchange rates, housing prices, mortgage finance, and factor income shares. Ellis has a PhD from the University of New South Wales and a master's degree from the Australian National University.

W. Scott Frame is a financial economist and policy adviser on the financial team in the research department of the Federal Reserve Bank of Atlanta. His major fields of study are financial institutions, credit markets, real estate, and public policy. Prior to joining the Bank in 2001, he was a senior financial economist at the U.S. Treasury Department from 1996 to 2000. He also worked at the Federal Reserve Bank of Atlanta as an economic analyst from 1993 to 1995 and as an instructor at the University of Georgia. He has published in several journals, including the Journal of Finance, the Journal of Money, Credit and Banking, the Journal of Economic Literature, and the Journal of Business. Frame is an associate editor of the Journal of Financial Services Research and the Quarterly Journal of Finance and Accounting. He is also a member of the American Economic Association, American Real Estate and Urban Economics Association, the Financial Management Association, and the International Banking, Economics, and Finance Association. He received his doctorate in economics and his master's degree in economics, both from the University of Georgia. He received his BS in economics from Arizona State University.

Edward J. Kane is professor of finance at Boston College. From 1972 to 1992 he held the Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined the organization in 2005. He served for 12 years as a trustee and member of the finance committee of Teachers Insurance. Currently, he consults for the World Bank and is a senior fellow in the Federal Deposit Insurance Corporation's Center for Financial Research. Previously, Kane consulted for numerous agencies, including the IMF, components of the Federal Reserve System, and three foreign central banks. He consulted as well for the Congressional Budget Office, the Joint Economic Committee, and the Office of Technology Assessment of the U.S. Congress. He is a past president and fellow of the American Finance Association and a former Guggenheim fellow. He also served as president of the International Atlantic Economic Society and the North American Economics and Finance Association. Kane is a longtime research associate of the National Bureau of Economic Research. He has authored three books and coauthored or coedited several more. He has published widely in professional journals and currently serves on seven editorial boards. He received a BS from Georgetown University and a PhD from the Massachusetts Institute of Technology.

Karen Dunn Kelley is senior managing director and chief executive officer of Invesco Fixed Income for Invesco Limited. She oversees Invesco Fixed Income, Invesco Global Strategies, and global equity trading and investments administration. The businesses she manages had more than $230 billion in assets as of December 31, 2011. Dunn Kelley joined Invesco in 1989 as a money market portfolio manager. In 1992, she was named chief money market and government officer. In 1994, Dunn Kelley was responsible for creating the Short-Term Investments Co. (Global Series) plc portfolios. In April 2007, she was named CEO of Invesco's newly combined fixed income and cash management teams. Dunn Kelley has been in the investment business since 1982 and began her career at Drexel Burnham Lambert on the Fixed Income High Grade Retail Desk. She graduated magna cum laude with a BS from the Villanova University College of Commerce and Finance.

Paul Kupiec is director of the Federal Deposit Insurance Corporation's Center of Financial Research and an associate director in the FDIC's Division of Insurance and Research. His current research interests focus on risk measurement, capital allocation models, the management and regulation of financial institutions, banking system systemic risk, and selected topics in banking, derivatives, and securities pricing. Kupiec has held positions at the International Monetary Fund, Freddie Mac, J.P. Morgan, the Federal Reserve Board, the Bank for International Settlements, and North Carolina State University. He has served as a consultant on financial market issues for the Organization for Economic Cooperation and Development and serves as an IMF technical expert on banking and financial stability issues. In addition to serving as an editor at the Journal of Financial Services Research, he is an associate editor for the Journal of Risk and a member of the editorial board of the Journal of Risk Management in Financial Institutions. Kupiec received a PhD in economics from the University of Pennsylvania.

Michael Lea is the director of the Corky McMillin Center for Real Estate at San Diego State University. In that role, he is responsible for improving real estate education, industry outreach, and research. He is also a visiting professor of finance at San Diego State. Lea has over 25 years of financial services industry experience. He held senior executive positions at several major financial institutions and is an authority on housing and mortgage finance. Lea has published extensively and consulted to international development agencies, government-sponsored enterprises, trade groups, regulatory agencies, and private- and public-sector financial institutions. He has taught at Cornell University, the University of California, San Diego, and the Wharton International Housing Finance Program at the University of Pennsylvania. He received his PhD in economics from the University of North Carolina, Chapel Hill.

Dennis P. Lockhart is president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role he is responsible for all of the Bank's activities, including monetary policy, bank supervision and regulation, and payment services. He also chairs the Bank's management committee and is a voting member on the Federal Open Market Committee. Prior to joining the Atlanta Fed in March 2007, Lockhart served on the faculty of Georgetown University's Walsh School of Foreign Service, teaching in the master's program and chairing the program's concentrations in international business–government relations and global commerce and finance. He was also an adjunct professor at Johns Hopkins University's Nitze School of Advanced International Studies. Prior to his academic career Lockhart was managing partner at the private equity firm Zephyr Management LP. He also worked at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group. Previously, Lockhart held various positions, both domestic and international, with Citicorp/Citibank. In addition to his professional activities, Lockhart was a member of the boards of directors of several companies and was chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds. He holds a bachelor's degree in political science and economics from Stanford University and a master's degree in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies.

Paul McCulley is chairman of the Society of Fellows of the Global Interdependence Center (GIC), a nonprofit in Philadelphia. The society, founded in late 2010, will have its inaugural event in spring 2012. Prior to endowing the society and becoming its first chair, McCulley was a senior partner at PIMCO, the fixed income investment advisory firm, where he was a member of the investment committee from its inception, a manager of multibillion-dollar portfolios, and founding author of the research publication Global Central Bank Focus. A devout Keynesian and an interpreter of the work of economist Hyman Minsky, McCulley coined the terms “Minsky moment” and “shadow banking system.” While at PIMCO, he appeared regularly in the business media, including on CNBC and PBS's Wealth Track. He was also a member of the U.S. Treasury's Borrowing Advisory Committee (TBAC). He earned his BA from Grinnell College, where he now sits on the board of trustees, and his MBA from Columbia University's Graduate School of Business.

Eric S. Rosengren became president and chief executive officer of the Federal Reserve Bank of Boston on July 23, 2007. Previously, Rosengren was executive vice president and head of the Bank's department of supervision, regulation, and credit. An economist by training, he joined the Bank in 1985 as a member of the research department. In his research, Rosengren has made significant contributions in the fields of banking and monetary policy, and he has written extensively on macroeconomics, international banking, bank supervision, and risk management. He has been an author on a variety of papers on macroeconomics, banking, and risk management, including articles in many of the top economics and finance journals. He has served as an adviser on Japanese banking issues, and a focus of his research has been how financial problems can impact the real economy. While in the bank supervision function, he obtained significant domestic and international regulatory experience related to the Basel II Capital Accord. Rosengren holds a BA from Colby College and MS and PhD degrees from the University of Wisconsin, Madison.

Cliff Rossi is an executive-in-residence of finance and Tyser Teaching Fellow at the Robert H. Smith School of Business at the University of Maryland. Prior to entering academia, Rossi had nearly 25 years of experience in banking and government, having being a senior executive in risk management at several of the largest financial services companies. At Citigroup, he was managing director and chief risk officer for consumer lending, overseeing a $300 billion-plus portfolio. He was intimately involved in the TARP funding and stress tests performed on Citi. Previously, he held positions at Washington Mutual and Countrywide Bank. Rossi also held senior risk management positions at Freddie Mac and Fannie Mae, and worked at the Treasury Department and Office of Thrift Supervision on key policy issues affecting depositories. His policy and research interests include government-sponsored enterprise reform, housing finance reform, bank capital issues, and the implications of the Dodd-Frank Act on banking. Rossi received his PhD from Cornell University.

Larry D. Wall is a financial economist and senior policy adviser at the Federal Reserve Bank of Atlanta. He joined the Bank in 1982 and was promoted to his present position in 2001. In addition to pursuing research in the areas of finance and banking, he gives policy advice, evaluates staff research, and provides counsel on research and professional activities. A certified public accountant, Wall is on the academic advisory panel for the International Association of Deposit Insurers and is past president and chairman of the trustees of the Eastern Finance Association. He also serves on the editorial boards of the Financial Review, Journal of Banking and Finance, Journal of Financial Services Research, Journal of Financial Stability, and Review of Financial Economics. Wall received a bachelor's degree in business administration from the University of North Dakota and a doctorate in business from the University of North Carolina at Chapel Hill.

Michael Wedow is an expert in the Directorate General Financial Stability area at the European Central Bank (ECB). Prior to joining the ECB, he was an economist in the Department of Banking Supervision and the Department of Financial Stability of the Deutsche Bundesbank. Wedow was also a member of the research department of the Deutsche Bundesbank. He has published in several journals, including the Journal of Banking and Finance, the Journal of International Money and Finance, and the Journal of Empirical Finance. His research has also appeared in the Discussion Papers published by the Bundesbank. Wedow's current research interests are contagion models for the financial sector, securities pricing, and behavioral finance. He studied at the University of Kent and Oxford University and received a PhD from the University of Mainz in 2006.