The Regulatory Transparency Project is a nonprofit, nonpartisan effort dedicated to fostering discussion and a better understanding of regulatory policies.
Douglas Elliott, Michael Piwowar, Dawn Stump, Thomas P. Vartanian, Paul N. Watkins
Regulatory Transparency Project's Fourth Branch Podcast
As the cryptocurrency industry grows, state and federal governments are considering how that industry should...
Steven Gill Bradbury, Sheng Li, Beth A. Williams
In February of 2019, then General Counsel of the Department of Transportation (DOT), Steven Bradbury,...
Steven Gill Bradbury, Sheng Li, Beth A. Williams
In February of 2019, then General Counsel of the Department of Transportation (DOT), Steven Bradbury,...
Douglas Elliott, Michael Piwowar, Dawn Stump, Thomas P. Vartanian, Paul N. Watkins
As the cryptocurrency industry grows, state and federal governments are considering how that industry should...
Regulatory Transparency Project's Fourth Branch Podcast
In this episode, Adam Thierer interviews Professor Daniel Crane regarding state restrictions on direct car...
Professor of Law, South Texas College of Law Houston
Josh Blackman is a national thought leader on constitutional law and the United States Supreme Court. Josh’s work was quoted during two presidential impeachment trials. He has testified before Congress and advises federal and state lawmakers. Josh regularly appears on TV, including NBC, CBS, ABC, Fox, and the BBC. Josh is also a frequent guest on NPR and other syndicated radio programs. He has published commentaries in the New York Times, Wall Street Journal, Washington Post, and leading national publications.
Since 2012, Josh has served as a professor at the South Texas College of Law Houston. He holds the Centennial Chair of Constitutional Law. Josh is an Adjunct Fellow at the Manhattan Institute. Josh has written more than seven dozen law review articles that have been cited more than a thousand times. Josh was selected as the Jurist of the Year by the Texas Journal of Law & Public Policy, received the inaugural Meese III Originalism Award, and was awarded the Inaugural Joseph Story Award. Josh was selected by Forbes Magazine for the “30 Under 30” in Law and Policy. Josh is the President of the Harlan Institute, and founded FantasySCOTUS, the Internet’s Premier Supreme Court Fantasy League. He blogs at the Volokh Conspiracyand posts@JoshMBlackman.
Clinical Professor of Law, Cornell Law School
William A. Jacobson is a Clinical Professor of Law and Director of the Securities Law Clinic.
He is a 1981 graduate of Hamilton College and a 1984 graduate of Harvard Law School. At Harvard he was Senior Editor of the Harvard International Law Journal and Director of Litigation for the Harvard Prison Legal Assistance Project.
Prior to joining the Cornell law faculty in 2007, Professor Jacobson had a highly successful civil litigation and arbitration practice in Providence, Rhode Island, concentrating in investment, employment, and business disputes in the securities industry, including many high profile cases reported in leading newspapers and magazines.
Professor Jacobson has argued cases in numerous federal and state courts, including the Courts of Appeal for the First, Fifth and Sixth Circuits, and the Rhode Island Supreme Court.
Professor Jacobson has a national reputation as a leading practitioner in securities arbitration. He was Treasurer, and is a former member of the Executive Committee and Board of Directors of the Public Investors Arbitration Bar Association, a professional organization of attorneys dedicated to protecting public investors. He frequently is quoted in national media on issues related to investment fraud and investor protection, and in the past has served as one of a small number of private practice attorneys who trained new arbitrators for the Financial Industry Regulatory Authority.
Professor Jacobson is co-author of the Securities Arbitration Desk Reference (Thomson-Reuters), updated annually.
Professor Jacobson also is the founder and publisher of Legal Insurrection, a popular politics and law website. He is frequently quoted in the media on political and legal topics, has authored many Op-Eds in major publications, and appears on television and radio to discuss politics and the law.
Vice President and Deputy Counsel, Wisconsin Institute for Law and Liberty
Professor of Law and J. Philip Johnson Faculty Fellow, University of North Dakota School of Law
Michael S. McGinniss is Professor of Law and J. Philip Johnson Faculty Fellow at the University of North Dakota School of Law, where he joined the faculty in 2010 and served as the Dean from 2019 to 2022. He chairs the executive committee for the Federalist Society's Practice Group on Professional Responsibility and Legal Education.
Before entering the legal academy, Professor McGinniss served for twelve years as a Disciplinary Counsel for the Supreme Court of Delaware. He currently teaches courses on Professional Responsibility, Advanced Legal Ethics, Civil Procedure, and Federal Courts. He also serves as Faculty Advisor for the North Dakota Law Review and the UND Law Federalist Society student chapter.
Professor McGinniss’ research and scholarship interests are wide-ranging and include lawyer and judicial ethics, lawyer discipline and regulation of the profession, constitutional law (especially First Amendment, separation of powers, and federalism), and cultural challenges faced by conservatives in the law schools and the legal profession. His most recent law review article, Declaring Independence to Secure Integrity: The Supreme Court Justices' Code of Conduct, was published in the Federalist Society Review. His article Expressing Conscience with Candor: Saint Thomas More and First Freedoms in the Legal Profession, was published in the Harvard Journal of Law & Public Policy.
Professor McGinniss has spoken to Federalist Society lawyer and student chapters across the country about judicial independence and ethics, especially relating to the federal courts and the United States Supreme Court Justices. In addition, he has spoken to several chapters about rising challenges to ideological diversity and targeting of conservative viewpoints in law schools and the legal profession. Although he is very pleased to speak on these and many other topics that may be of interest to lawyer and student chapters, in 2026-2027, he has particular interest in speaking on the topic “Lawyer Discipline as Political ‘Resistance’: Separation of Powers, Federalism, and the Rule of Law,” concerning his work-in-progress on the weaponization of professional disciplinary processes against conservative lawyers for political and ideological purposes.
Commissioner, U.S. Equal Employment Opportunity Commission
Founder, Chairman, and CEO, Louis D. Brandeis Center for Human Rights Under Law
Hon. Kenneth L. Marcus is an internationally recognized expert in civil and human rights, as well as a leader in the fight against anti-Semitism on and off university campuses. He is the Founder, Chairman, and CEO of The Louis D. Brandeis Center for Human Rights Under Law, the leading civil rights legal organization fighting against anti-Semitism. The New York Times has called him “The Man Who Helped Redefine Campus Anti-Semitism.” He been described, in that paper, as “the single most effective and respected force” to combat anti-Semitism.
During his public service career, Marcus served as Assistant U.S. Secretary of Education for Civil Rights; Staff Director at the U.S. Commission on Civil Rights; and General Deputy Assistant U.S. Secretary of Housing and Urban Development for Fair Housing and Equal Opportunity.
In academia, he serves as Professorial Lecturer in Law at George Washington University. He formerly held the Lillie and Nathan Ackerman Chair in Equality and Justice in America at the City University of New York’s Bernard M. Baruch College, served as Visiting Research Professor of Political Science at Yeshiva University, and was a Board of Visitors member George Mason University and Distinguished Senior Fellow at that university’s law school. He is a member of the editorial board of the Journal of Contemporary Antisemitism and previously served as Associate Editor of the Journal for the Study of Anti-Semitism.
Marcus is also author of The Definition of Anti-Semitism (Oxford University Press) and Jewish Identity and Civil Rights in America (Cambridge University Press). He has published widely in academic journals as well as in more popular venues such as The Wall Street Journal, Washington Post, Newsweek, USA Today, and Politico. He is a graduate of Williams College and the University of California at Berkeley School of Law.
Earlier in his career, he was a litigation partner in two major law firms, where he conducted complex commercial and constitutional litigation. He also serves as Chairman emeritus of the Executive Committee of the Federalist Society for Law & Public Policy Civil Rights Practice Group.
Assistant Secretary for Fair Housing and Equal Opportunity, United States Department of Housing and Urban Development
Craig Trainor is Assistant Secretary for Fair Housing and Equal Opportunity at the United States Department of Housing and Urban Development. President Trump nominated Mr. Trainor for this position on February 11, 2025, and the United States Senate confirmed him on October 7, 2025.
A “Day One” Trump-Vance Administration official, he previously served as Acting Assistant Secretary for Civil Rights and Principal Deputy Assistant Secretary for Civil Rights at the United States Department of Education, where he spearheaded the Department’s efforts to reorient America’s civil rights regime from an unjust spoils system to one that protects the rights of all Americans. Mr. Trainor’s February 14, 2025, “Dear Colleague” letter is widely considered the Trump Administration’s blueprint for enforcing civil rights laws and restoring the Constitution’s promise of equal protection.
Prior to serving in the Trump-Vance Administration, he was Senior Special Counsel with the United States House of Representatives Committee on the Judiciary under Chairman Jim Jordan (R-OH), and Senior Litigation Counsel with the America First Policy Institute under the Honorable Pam Bondi.
For over ten years, Mr. Trainor was a criminal defense and civil rights lawyer in New York City, litigating cases in New York state court and the United States District Court for the Southern and Eastern Districts of New York.
Prior to founding his law practice, he served as a New York City prosecutor, an associate attorney at a white collar criminal defense firm, and a law clerk to Chief Judge Frederick J. Scullin, Jr., United States District Court for the Northern District of New York.
Assistant Secretary for Civil Rights, U.S. Department of Agriculture
Devon Westhill is the Assistant Secretary for Civil Rights at the U.S. Department of Agriculture. The U.S. Senate confirmed President Donald Trump’s nomination of Westhill on October 7, 2025.
Westhill returns to the USDA where he previously headed the civil rights office as Deputy Assistant Secretary in President Trump’s first term. His previous government appointments also include service at the U.S. Department of Labor, liaison to the Administrative Conference of the U.S., and liaison to the White House Initiative on Historically Black Colleges and Universities. Prior to returning to government service, Westhill was President and General Counsel of a nonprofit civil rights organization.
Westhill has testified on civil rights matters before Congress, federal agencies, and as an expert witness in federal court. He has spoken hundreds of times at college campuses, conferences, and on radio and TV programs, and he is frequently quoted in print publications, and his writing has appeared in numerous national outlets. A U.S. Navy veteran, Westhill earned his BA from the University of North Carolina at Chapel Hill and his JD from the University of Florida.
Dwight D. Opperman Professor of Law; Director, Center for Labor, New York University School of Law
Samuel Estreicher is a nationally preeminent scholar in US and international-comparative labor and employment law and arbitration law. He has authored more than a dozen books, including Beyond Elite Law: Access to Civil Justice in America (with Joy Radice, Cambridge Univ. 2016); leading casebooks on legislation and regulatory state, labor law and employment discrimination and employment law; and published more than 200 articles in professional and academic journals. He served as Chief Reporter for the American Law Institute’s Restatement of Employment Law (2015). After clerking for Judge Harold Leventhal of the US Court of Appeals for the DC Circuit, practicing in a labor law firm, and clerking for Justice Lewis F. Powell Jr. of the US Supreme Court, Prof. Estreicher joined the NYU School of Law faculty in 1978. In addition to serving as counsel to major law firms, he is the former secretary of the Labor and Employment Law Section of the American Bar Association, a former chair of the Committee on Labor and Employment Law of the Association of the Bar of the City of New York.15). He maintains an active appellate and ADR practice. The Labor and Employment Research Association awarded him its 2010 Susan C. Eaton Award for Outstanding Scholar-Practitioner. In recent years, Estreicher also has published work in public international law and authored several briefs in the Supreme Court and US courts of appeals on employment and US foreign relations law issues. Prof. Estreicher received his BA from Columbia College, his MS in industrial relations from Cornell University, and his JD from Columbia Law School, where he was editor-in-chief of the Columbia Law Review. He is a member of the College of Labor and Employment Lawyers and was appointed in 2016 by the UN Secretary General as a member of the UN’s Internal Justice Commission.
Shareholder, Ogletree Deakins
Brian Hayes is a Shareholder in the Washington, DC office of Ogletree Deakins and serves as Co-Chair of the law firm’s Traditional Labor Practice Group. Immediately prior to his joining the firm he was a Member of the National Labor Relations Board. He was confirmed to that post by the United States Senate in 2010 and his term ended in December of 2012. He is currently a Member of the U.S. Chamber of Commerce Litigation Advisory Committee and was recently named Chairman of the U.S. Chamber’s Subcommittee on the National Labor Relations Act. He also serves as editor in chief for The Practical NLRB Advisor.
Prior to his nomination and confirmation to the NLRB, Brian Hayes served as the Republican Labor Policy Director for the United States Senate Committee on Health, Education, Labor and Pensions. He came to Capitol Hill in 2005 after nearly thirty years in private legal practice devoted exclusively to representing management clients in labor and employment matters. While in private practice he represented clients in scores of cases before NLRB, state and federal courts, and a host of other federal agencies such as the EEOC, OFCCP, OSHA, the Department of Labor and their state counterparts. He also has had extensive private practice experience representing employers in collective-bargaining negotiations, arbitrations and other forms of dispute resolution. In addition to his private practice, he served as Counsel to the Employers’ Association of the Northeast, editor-in-chief and contributor to The Health Care Labor Manual, and also served on the adjunct faculty of Western New England Law School teaching courses in labor law, and collective-bargaining, arbitration and employment litigation. Before entering private practice he began his legal career at the NLRB working as a law clerk to the Chief Administrative Law Judge while in law school and subsequently as counsel to the then-Board Chairman. He is a graduate of Boston College and of Georgetown University Law School.
Principal, JacksonLewis
Marvin Kaplan is a principal in the New York City, New York, office of Jackson Lewis P.C.
Marvin, a former Chairman of the National Labor Relations Board (NLRB), advises clients on labor and employment issues, focusing on union organizing and labor-management relations. Over his eight years on the NLRB, Marvin participated in over 900 decisions, including decisions addressing the lawfulness of captive audience speeches and work rules, and the standards for determining the composition of a bargaining unit and whether an individual is an independent contractor, and several rulemakings, defining a joint-employer and laying out procedures governing representation elections.
Prior to his time on the NLRB, he served as Chief Counsel at the Occupational Safety and Health Review Commission and a Special Assistant at U.S. Department of Labor. His cross-disciplinary experience makes Marvin particularly well-suited to advise clients on strategic business planning.
His experience at all levels of government in different agencies and branches, including the U.S. House of Representatives, provides a unique perspective on Congressional oversight, legislation, regulations and federal investigations—enabling him to help clients navigate complex compliance challenges and anticipate regulatory developments that could impact their organizations.
He is a graduate of Cornell University and Washington University in St. Louis Law School.
Shareholder & Co-Chair of the Workplace Policy Institute, Littler Mendelson P.C.
Alexander T. MacDonald advises employers on all aspects of the employment and labor landscape, focusing on emerging legislation and regulation. He has extensive experience advising businesses on worker classification, arbitration, the administrative and regulatory process, and the future of work. He frequently writes, publishes, and speaks on these subjects. His work has been cited by scholars and appellate courts. He is a recognized voice for the management perspective.
Alexander is a co-chair of the Workplace Policy Institute (WPI) team. With WPI, he advises employers on legislative, administrative, and regulatory developments at the state and federal level. He advocates for employers in the regulatory and administrative process. He also helps employers protect their businesses by understanding and anticipating cutting-edge legal developments.
Alexander also has extensive experience in traditional labor law. He represents management in all aspects of labor-management relations, including unfair labor practice charges, grievance arbitrations, representation elections, contract negotiations, and related litigation, including litigation in the U.S. courts of appeals.
Before joining Littler, Alexander served as the director, future of work, for a major technology company. He also worked in a national labor and employment law firm and a major public-sector general counsel’s office. He was a law clerk to the senior judges in the District of Columbia Court of Appeals.
He is also a veteran of the U.S. Air Force. He served in Operations Enduring Freedom and Iraqi Freedom. In law school, he graduated first in his class
Partner, Oliver Wyman
Douglas Elliott is a Partner at Oliver Wyman in New York, where he focuses on financial regulation and associated public policy issues and their implications for the financial sector.
He analyzes a wide range of issues and has published papers on such diverse topics as “Financial Institutions in an Age of Populism,” “Data Rights in Finance,” and “Tackling Global Market Fragmentation in Banking.” He has also written extensively on the impacts of capital and liquidity requirements, including a 150-page literature review in 2016, which followed on an earlier study for the IMF. Recently he addressed the finance ministers and central bank governors of the 28 EU member states on the topic of “Rebooting Capital Markets Union.”
Prior to joining the firm, he was a Fellow in Economic Studies at The Brookings Institution, generally ranked as the world’s top think tank. He primarily analyzed financial institutions and markets and their regulation, along with extensive analysis of the Euro Crisis. He has twice been a Visiting Scholar at the International Monetary Fund. Mr. Elliott also worked as a consultant for the IMF, the World Bank, and the Asian Development Bank. Prior to Brookings, he was a financial institutions investment banker for two decades, principally at J.P. Morgan.
He has testified multiple times before both houses of Congress and participated in numerous speaking engagements, as well as appearing widely in the major media outlets. The New York Times has described his analyses as “refreshingly understandable” and “without a hint of dogma or advocacy.”
Mr. Elliott graduated from Harvard College magna cum laude with an A.B. in Sociology in 1981. In 1984, he graduated from Duke University with an M.A. in Computer Science.
Executive Director, Milken Institute Center for Financial Markets
Michael S. Piwowar is the executive director of the Milken Institute Center for Financial Markets. Dr. Piwowar served as a Commissioner at the U.S. Securities and Exchange Commission from August 15, 2013 to July 6, 2018. He was first appointed to the SEC by President Barack Obama and was designated Acting Chairman of the Commission by President Donald Trump from January 23, 2017 to May 4, 2017. He was previously the Republican chief economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs under Senators Mike Crapo (R-ID) and Richard Shelby (R-AL) and served as the lead Republican economist on the four SEC-related titles of the Dodd-Frank Act and the JOBS Act. During the financial crisis and its immediate aftermath, Dr. Piwowar served in a one-year fixed-term position at the White House as a senior economist at the President’s Council of Economic Advisers (CEA) in both the George W. Bush and Barack Obama Administrations. Before joining the White House, Dr. Piwowar worked as a Principal at the Securities Litigation and Consulting Group (SLCG). He received a B.A. in Foreign Service and International Politics from the Pennsylvania State University, an M.B.A. from Georgetown University, and a Ph.D. in Finance from the Pennsylvania State University.
Former Commissioner, The Commodity Futures Trading Commission
Dawn Stump is a senior leader and regulatory expert in domestic and international financial services. Her experience and thought leadership have tactically identified potential risks and initiated regulatory and systemic solutions to protect industries, infrastructures, and economies. Based on her global perspective and industry expertise, Dawn is able to raise critical financial services issues to the board level and/or the global stage as business environments fluctuate. She is widely respected for her leadership, bipartisanism, and consensus building among senior government officials, senior regulatory ministry officials, corporate, and academic leaders worldwide.
Recently, she completed her term as a Commissioner of the CFTC, the independent U.S. agency that regulates the $200+ Trillion derivatives market. As one of five Commissioners, she helped to shape the priorities of the agency while overseeing policy direction and internal planning. Dawn prioritized sector resilience in evolving global markets through robust regulatory strategies necessary during market volatility and changing economic environments. Within the agency, she also championed the importance of enterprise-wide risk management practices. Specifically, Dawn initiated new agency wide data protection procedures for the consistent handling of data intake and strengthening of responses to potential cyber intrusions.
Previously, as Senior Vice President of the Futures Industry Association and concurrently Executive Director of its Americas Advisory Board, Dawn advised its President and global Board of Directors on the impacts of public policy changes on the industry and association members. Earlier, she was Vice President of Government Affairs for NYSE Euronext where she developed regulatory compliance policies alongside her international counterparts to ensure adherence across jurisdictions. Her leadership was critical to the establishment of a new U.S. based derivative exchange/clearing house.
During her early career in public service, she served as majority and minority senior professional staff for the U.S. Senate Committee on Agriculture, Nutrition & Forestry, U.S. House of Representatives Committee on Agriculture, and initially on the staff of U.S. Senator Phil Gramm. She was actively involved in negotiating the reform of derivatives regulations contained in the Dodd-Frank Act and efforts to conduct oversight of commodity and financial derivatives, under the jurisdiction of the CFTC.
Dawn shares her professional expertise as a member of the 3-person Advisory Council to the Women In Derivative’s (WIND) Board of Directors and through committee service for the National Charity League. She earned a Bachelor of Science from Texas Tech University in Lubbock, Texas and is a past President of the Texas Tech Alumni Association’s Washington, DC Chapter. Dawn and her husband have two children and live in the greater Washington, DC area.
Executive Director, The Financial Technology and Cybersecurity Center
Thomas P. Vartanian is the Executive Director of the Financial Technology & Cybersecurity Center, an author, financial services advisor, expert witness, and board mentor. He is the former Executive Director of the Program on Financial Regulation & Technology at George Mason University’s Antonin Scalia Law School, where he was also a Professor of Law. Between 1983 and 2018, he chaired the Financial Institution’s practices at two international law firms, Dechert LLP and Fried Frank LLP, through four financial crises. Both as a regulator and private practitioner, he has represented parties in a majority of the 50 largest financial institution failures in American history.
Mr. Vartanian served in the Reagan Administration during the S&L crisis as General Counsel of the Federal Home Loan Bank Board and the FSLIC. Prior to that, he served in the Carter Administration in the Office of the Comptroller of the Currency as Special Assistant to the Chief Counsel. Since departing government service, he has advised many subsequent presidential administrations on financial institution issues.
Mr. Vartanian is a futurist and expert in financial technology who has been described by clients in Chambers as “one of the best financial services lawyers in America.” Mr. Vartanian was Chairman of the American Bar Association’s Cyberspace Law Committee between 1998 and 2002, where he chaired an international task force of lawyers from twenty countries which released a seminal report in London in 2000 on the novel issues created by doing business in Cyberspace. He is currently a member of the American Association of Bank Directors’ Task Force on Bank Director Personal Liability Mitigation.
Mr. Vartanian has authored more than four hundred articles and eight books, including his new book, 200 Years of American Financial Panics: Crashes, Recessions, Depressions, and the Technology That Will Change It All chronicling the country’s tumultuous financial history and the impact that technology will have on its future.
He is a frequent lecturer and media commentator on the financial services industry, having appeared on Bloomberg TV, CNN, Fox News, Newsmax, PBS and various local and national radio shows. He has also taught financial services and digital commerce law at Georgetown Law School, George Washington Law School, and Boston University School of Law, and has been a guest lecturer at Harvard Law School.
In 2008, Mr. Vartanian was named “Washingtonian of the Year” based on his use of music and sports to raise money for charities in the D.C. metropolitan area. As a musician, he appeared in the first production in the United States in 1970 of Joseph and the Amazing Technicolor Dreamcoat. His classic rock band, The Johnny Esquire Band, has helped raise approximately $5,000,000 for charities in the Washington D.C. area over the last twenty-five years. Mr. Vartanian also founded and plays for the Washington All Stars, a senior baseball team that has raised more than $500,000 for Special Olympics.
His next book, The Unhackable Internet, will be published in early 2023.
Partner, Fusion Law, PLLC
Paul is the founding partner of Fusion Law, PLLC. He has extensive experience with state, federal, and global regulators building coalitions and implementing policies to promote innovation in financial services. He is responsible for designing and implementing the first state (Arizona) and federal (CFPB) FinTech sandboxes in the United States. He also designed the CFPB no-action letter and trial disclosure policies. He helped found the first global regulatory innovation coalition (Global Financial Innovation Network) and led the founding of the first U.S. regulatory innovation coalition (American Consumer Financial Innovation Network). He served on the Financial Stability Oversight Council subcommittee on digital assets. He also has drafted state-level laws on blockchain and utility tokens.
Paul also has significant enforcement and litigation experience. He led many multi-state consumer protection enforcement matters as Civil Litigation Division Chief at the Arizona Attorney General’s Office.
Prior to his government service, Paul practiced law in the areas of securities litigation and transactional work for approximately six years at two well-known law firms. He also clerked on the U.S. Court of Appeals for the Fourth Circuit.
Deputy Secretary of Transportation, US Department of Transportation
Steven G. Bradbury was sworn in as the Deputy Secretary of Transportation on March 13, 2025, following his confirmation by the U.S. Senate on March 11, 2025. In this role, he oversees the Department’s operating administrations and spearheads initiatives to ensure a safe, efficient, and modern transportation system that strengthens economic productivity and global competitiveness. Deputy Secretary Bradbury also assists Secretary Duffy in managing the Department’s activities, including its workforce of over 58,000 employees and an annual budget exceeding $109 billion.
Bradbury previously served as the 23rd General Counsel of the Department of Transportation from 2017 to 2021, as the Acting Deputy Secretary from 2019, and as Acting Secretary of Transportation in 2021. As General Counsel, he was the chief legal officer, advising on all legal matters and ensuring the integrity and compliance of the Department’s policies and programs.
Before rejoining DOT, Bradbury was a Distinguished Fellow at The Heritage Foundation from December 2022 to March 2025. He has extensive experience in the public and private sector, having served as Principal Deputy and Acting Assistant Attorney General at the U.S. Department of Justice and as a partner at Kirkland & Ellis LLP and Dechert LLP. Earlier in his career, he clerked for Justice Clarence Thomas and Judge James L. Buckley.
Bradbury holds a J.D., magna cum laude, from the University of Michigan Law School and a B.A. in English from Stanford University.
Litigation Counsel, New Civil Liberties Alliance
Sheng Li is Litigation Counsel for the New Civil Liberties Alliance. Prior to joining NCLA, Sheng served as Counselor to the Administrator of Wage and Hour at the U.S. Department of Labor. In that role, he led numerous efforts to remove or simplify unduly burdensome regulations. He has also worked in the private sector as a litigation associate at Patterson Belknap Webb & Tyler and at Kirkland & Ellis.
Sheng is a graduate of Johns Hopkins University and Yale Law School, where he was managing editor of the Yale Journal of International Law. After graduating law school, Sheng served as law clerk to the Hon. Danny J. Boggs on the U.S. Court of Appeals for the Sixth Circuit.
Board Member, U.S. Privacy and Civil Liberties Oversight Board
Beth A. Williams is a Board Member of the United States Privacy and Civil Liberties Oversight Board, an agency whose mission is to ensure that the federal government's efforts to prevent terrorism are balanced with the need to protect privacy and civil liberties.
Prior to her Board service, Ms. Williams was the Assistant Attorney General for the Office of Legal Policy at the United States Department of Justice from August 2017 to December 2020. In that role, she served as the primary policy advisor to the Attorney General and the Deputy Attorney General, and as the Chief Regulatory Officer for the Department. Ms. Williams also led the judicial nomination process for the Department, assisting in the selection and confirmation of more than 230 Article III judges to the bench.
Prior to becoming Assistant Attorney General, Ms. Williams was a litigation and appellate partner at a national law firm, where her practice focused on complex commercial, securities, appellate, and First Amendment litigation. From 2005-2006, Ms. Williams served as Special Counsel to the United States Senate Committee on the Judiciary, where she assisted with the confirmation of Chief Justice John G. Roberts, Jr. and Associate Justice Samuel A. Alito, Jr. to the United States Supreme Court.
Ms. Williams clerked for the Hon. Richard C. Wesley on the United State Court of Appeals for the Second Circuit. She graduated from Harvard College magna cum laude, with a degree in History and Literature, and she earned her law degree from Harvard Law School, where she served as Executive Editor of the Harvard Journal of Law and Public Policy.
Deputy Secretary of Transportation, US Department of Transportation
Steven G. Bradbury was sworn in as the Deputy Secretary of Transportation on March 13, 2025, following his confirmation by the U.S. Senate on March 11, 2025. In this role, he oversees the Department’s operating administrations and spearheads initiatives to ensure a safe, efficient, and modern transportation system that strengthens economic productivity and global competitiveness. Deputy Secretary Bradbury also assists Secretary Duffy in managing the Department’s activities, including its workforce of over 58,000 employees and an annual budget exceeding $109 billion.
Bradbury previously served as the 23rd General Counsel of the Department of Transportation from 2017 to 2021, as the Acting Deputy Secretary from 2019, and as Acting Secretary of Transportation in 2021. As General Counsel, he was the chief legal officer, advising on all legal matters and ensuring the integrity and compliance of the Department’s policies and programs.
Before rejoining DOT, Bradbury was a Distinguished Fellow at The Heritage Foundation from December 2022 to March 2025. He has extensive experience in the public and private sector, having served as Principal Deputy and Acting Assistant Attorney General at the U.S. Department of Justice and as a partner at Kirkland & Ellis LLP and Dechert LLP. Earlier in his career, he clerked for Justice Clarence Thomas and Judge James L. Buckley.
Bradbury holds a J.D., magna cum laude, from the University of Michigan Law School and a B.A. in English from Stanford University.
Litigation Counsel, New Civil Liberties Alliance
Sheng Li is Litigation Counsel for the New Civil Liberties Alliance. Prior to joining NCLA, Sheng served as Counselor to the Administrator of Wage and Hour at the U.S. Department of Labor. In that role, he led numerous efforts to remove or simplify unduly burdensome regulations. He has also worked in the private sector as a litigation associate at Patterson Belknap Webb & Tyler and at Kirkland & Ellis.
Sheng is a graduate of Johns Hopkins University and Yale Law School, where he was managing editor of the Yale Journal of International Law. After graduating law school, Sheng served as law clerk to the Hon. Danny J. Boggs on the U.S. Court of Appeals for the Sixth Circuit.
Board Member, U.S. Privacy and Civil Liberties Oversight Board
Beth A. Williams is a Board Member of the United States Privacy and Civil Liberties Oversight Board, an agency whose mission is to ensure that the federal government's efforts to prevent terrorism are balanced with the need to protect privacy and civil liberties.
Prior to her Board service, Ms. Williams was the Assistant Attorney General for the Office of Legal Policy at the United States Department of Justice from August 2017 to December 2020. In that role, she served as the primary policy advisor to the Attorney General and the Deputy Attorney General, and as the Chief Regulatory Officer for the Department. Ms. Williams also led the judicial nomination process for the Department, assisting in the selection and confirmation of more than 230 Article III judges to the bench.
Prior to becoming Assistant Attorney General, Ms. Williams was a litigation and appellate partner at a national law firm, where her practice focused on complex commercial, securities, appellate, and First Amendment litigation. From 2005-2006, Ms. Williams served as Special Counsel to the United States Senate Committee on the Judiciary, where she assisted with the confirmation of Chief Justice John G. Roberts, Jr. and Associate Justice Samuel A. Alito, Jr. to the United States Supreme Court.
Ms. Williams clerked for the Hon. Richard C. Wesley on the United State Court of Appeals for the Second Circuit. She graduated from Harvard College magna cum laude, with a degree in History and Literature, and she earned her law degree from Harvard Law School, where she served as Executive Editor of the Harvard Journal of Law and Public Policy.
Partner, Oliver Wyman
Douglas Elliott is a Partner at Oliver Wyman in New York, where he focuses on financial regulation and associated public policy issues and their implications for the financial sector.
He analyzes a wide range of issues and has published papers on such diverse topics as “Financial Institutions in an Age of Populism,” “Data Rights in Finance,” and “Tackling Global Market Fragmentation in Banking.” He has also written extensively on the impacts of capital and liquidity requirements, including a 150-page literature review in 2016, which followed on an earlier study for the IMF. Recently he addressed the finance ministers and central bank governors of the 28 EU member states on the topic of “Rebooting Capital Markets Union.”
Prior to joining the firm, he was a Fellow in Economic Studies at The Brookings Institution, generally ranked as the world’s top think tank. He primarily analyzed financial institutions and markets and their regulation, along with extensive analysis of the Euro Crisis. He has twice been a Visiting Scholar at the International Monetary Fund. Mr. Elliott also worked as a consultant for the IMF, the World Bank, and the Asian Development Bank. Prior to Brookings, he was a financial institutions investment banker for two decades, principally at J.P. Morgan.
He has testified multiple times before both houses of Congress and participated in numerous speaking engagements, as well as appearing widely in the major media outlets. The New York Times has described his analyses as “refreshingly understandable” and “without a hint of dogma or advocacy.”
Mr. Elliott graduated from Harvard College magna cum laude with an A.B. in Sociology in 1981. In 1984, he graduated from Duke University with an M.A. in Computer Science.
Executive Director, Milken Institute Center for Financial Markets
Michael S. Piwowar is the executive director of the Milken Institute Center for Financial Markets. Dr. Piwowar served as a Commissioner at the U.S. Securities and Exchange Commission from August 15, 2013 to July 6, 2018. He was first appointed to the SEC by President Barack Obama and was designated Acting Chairman of the Commission by President Donald Trump from January 23, 2017 to May 4, 2017. He was previously the Republican chief economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs under Senators Mike Crapo (R-ID) and Richard Shelby (R-AL) and served as the lead Republican economist on the four SEC-related titles of the Dodd-Frank Act and the JOBS Act. During the financial crisis and its immediate aftermath, Dr. Piwowar served in a one-year fixed-term position at the White House as a senior economist at the President’s Council of Economic Advisers (CEA) in both the George W. Bush and Barack Obama Administrations. Before joining the White House, Dr. Piwowar worked as a Principal at the Securities Litigation and Consulting Group (SLCG). He received a B.A. in Foreign Service and International Politics from the Pennsylvania State University, an M.B.A. from Georgetown University, and a Ph.D. in Finance from the Pennsylvania State University.
Former Commissioner, The Commodity Futures Trading Commission
Dawn Stump is a senior leader and regulatory expert in domestic and international financial services. Her experience and thought leadership have tactically identified potential risks and initiated regulatory and systemic solutions to protect industries, infrastructures, and economies. Based on her global perspective and industry expertise, Dawn is able to raise critical financial services issues to the board level and/or the global stage as business environments fluctuate. She is widely respected for her leadership, bipartisanism, and consensus building among senior government officials, senior regulatory ministry officials, corporate, and academic leaders worldwide.
Recently, she completed her term as a Commissioner of the CFTC, the independent U.S. agency that regulates the $200+ Trillion derivatives market. As one of five Commissioners, she helped to shape the priorities of the agency while overseeing policy direction and internal planning. Dawn prioritized sector resilience in evolving global markets through robust regulatory strategies necessary during market volatility and changing economic environments. Within the agency, she also championed the importance of enterprise-wide risk management practices. Specifically, Dawn initiated new agency wide data protection procedures for the consistent handling of data intake and strengthening of responses to potential cyber intrusions.
Previously, as Senior Vice President of the Futures Industry Association and concurrently Executive Director of its Americas Advisory Board, Dawn advised its President and global Board of Directors on the impacts of public policy changes on the industry and association members. Earlier, she was Vice President of Government Affairs for NYSE Euronext where she developed regulatory compliance policies alongside her international counterparts to ensure adherence across jurisdictions. Her leadership was critical to the establishment of a new U.S. based derivative exchange/clearing house.
During her early career in public service, she served as majority and minority senior professional staff for the U.S. Senate Committee on Agriculture, Nutrition & Forestry, U.S. House of Representatives Committee on Agriculture, and initially on the staff of U.S. Senator Phil Gramm. She was actively involved in negotiating the reform of derivatives regulations contained in the Dodd-Frank Act and efforts to conduct oversight of commodity and financial derivatives, under the jurisdiction of the CFTC.
Dawn shares her professional expertise as a member of the 3-person Advisory Council to the Women In Derivative’s (WIND) Board of Directors and through committee service for the National Charity League. She earned a Bachelor of Science from Texas Tech University in Lubbock, Texas and is a past President of the Texas Tech Alumni Association’s Washington, DC Chapter. Dawn and her husband have two children and live in the greater Washington, DC area.
Executive Director, The Financial Technology and Cybersecurity Center
Thomas P. Vartanian is the Executive Director of the Financial Technology & Cybersecurity Center, an author, financial services advisor, expert witness, and board mentor. He is the former Executive Director of the Program on Financial Regulation & Technology at George Mason University’s Antonin Scalia Law School, where he was also a Professor of Law. Between 1983 and 2018, he chaired the Financial Institution’s practices at two international law firms, Dechert LLP and Fried Frank LLP, through four financial crises. Both as a regulator and private practitioner, he has represented parties in a majority of the 50 largest financial institution failures in American history.
Mr. Vartanian served in the Reagan Administration during the S&L crisis as General Counsel of the Federal Home Loan Bank Board and the FSLIC. Prior to that, he served in the Carter Administration in the Office of the Comptroller of the Currency as Special Assistant to the Chief Counsel. Since departing government service, he has advised many subsequent presidential administrations on financial institution issues.
Mr. Vartanian is a futurist and expert in financial technology who has been described by clients in Chambers as “one of the best financial services lawyers in America.” Mr. Vartanian was Chairman of the American Bar Association’s Cyberspace Law Committee between 1998 and 2002, where he chaired an international task force of lawyers from twenty countries which released a seminal report in London in 2000 on the novel issues created by doing business in Cyberspace. He is currently a member of the American Association of Bank Directors’ Task Force on Bank Director Personal Liability Mitigation.
Mr. Vartanian has authored more than four hundred articles and eight books, including his new book, 200 Years of American Financial Panics: Crashes, Recessions, Depressions, and the Technology That Will Change It All chronicling the country’s tumultuous financial history and the impact that technology will have on its future.
He is a frequent lecturer and media commentator on the financial services industry, having appeared on Bloomberg TV, CNN, Fox News, Newsmax, PBS and various local and national radio shows. He has also taught financial services and digital commerce law at Georgetown Law School, George Washington Law School, and Boston University School of Law, and has been a guest lecturer at Harvard Law School.
In 2008, Mr. Vartanian was named “Washingtonian of the Year” based on his use of music and sports to raise money for charities in the D.C. metropolitan area. As a musician, he appeared in the first production in the United States in 1970 of Joseph and the Amazing Technicolor Dreamcoat. His classic rock band, The Johnny Esquire Band, has helped raise approximately $5,000,000 for charities in the Washington D.C. area over the last twenty-five years. Mr. Vartanian also founded and plays for the Washington All Stars, a senior baseball team that has raised more than $500,000 for Special Olympics.
His next book, The Unhackable Internet, will be published in early 2023.
Partner, Fusion Law, PLLC
Paul is the founding partner of Fusion Law, PLLC. He has extensive experience with state, federal, and global regulators building coalitions and implementing policies to promote innovation in financial services. He is responsible for designing and implementing the first state (Arizona) and federal (CFPB) FinTech sandboxes in the United States. He also designed the CFPB no-action letter and trial disclosure policies. He helped found the first global regulatory innovation coalition (Global Financial Innovation Network) and led the founding of the first U.S. regulatory innovation coalition (American Consumer Financial Innovation Network). He served on the Financial Stability Oversight Council subcommittee on digital assets. He also has drafted state-level laws on blockchain and utility tokens.
Paul also has significant enforcement and litigation experience. He led many multi-state consumer protection enforcement matters as Civil Litigation Division Chief at the Arizona Attorney General’s Office.
Prior to his government service, Paul practiced law in the areas of securities litigation and transactional work for approximately six years at two well-known law firms. He also clerked on the U.S. Court of Appeals for the Fourth Circuit.
Richard W. Pogue Professor of Law, University of Michigan Law School
Professor Daniel Crane is the Richard W. Pogue Professor of Law. He served as the associate dean for faculty and research from 2013 to 2016. He teaches Contracts, Antitrust, Antitrust and Intellectual Property, and Legislation and Regulation.
Crane previously was a professor of law at Yeshiva University's Benjamin N. Cardozo School of Law and a visiting professor at New York University School of Law and the University of Chicago Law School. In spring 2009, he taught antitrust law on a Fulbright Scholarship at the Universidade Católica Portuguesa in Lisbon.
Crane's work has appeared in the University of Chicago Law Review, the California Law Review, the Michigan Law Review, the Georgetown Law Journal, and the Cornell Law Review, among other journals. He is the author of several books on antitrust law, including Antitrust (Aspen, 2014), The Making of Competition Policy: Legal and Economic Sources (Oxford University Press, 2013), and The Institutional Structure of Antitrust Enforcement (Oxford University Press, 2011).
Senior Fellow, R Street Institute
Prior to R Street, Adam spent 12 years as a senior fellow at the Mercatus Center at George Mason University. Before the Mercatus Center, he served as the president of the Progress and Freedom Foundation. Adam has also worked for the Adam Smith Institute, the Heritage Foundation and the Cato Institute.
Adam has published 10 books on a wide range of topics, including online child safety, internet governance, intellectual property, telecommunications policy, media regulation and federalism.
In 2008, Adam received the Family Online Safety Institute’s “Award for Outstanding Achievement.”
