Member, Board of Governors , Federal Reserve System
Michael S. Barr took office as a member of the Board of Governors of the Federal Reserve System on July 19, 2022, for an unexpired term ending January 31, 2032. Mr. Barr served as the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System from July 19, 2022, to February 28, 2025.
Prior to his appointment to the Board, Mr. Barr was the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy, the Frank Murphy Collegiate Professor of Public Policy, the Roy F. and Jean Humphrey Proffitt Professor of Law at the University of Michigan Law School, and the founder and faculty director of the University of Michigan's Center on Finance, Law & Policy. At the University of Michigan Law School, Mr. Barr taught financial regulation and international finance and co-founded the International Transactions Clinic and the Detroit Neighborhood Entrepreneurs Project.
Mr. Barr served as the U.S. Department of the Treasury's assistant secretary for financial institutions, 2009-2010. Under President William J. Clinton, he served as the Treasury Secretary's special assistant, as deputy assistant secretary of the Treasury, as special adviser to the President, and as a special adviser and counselor on the policy planning staff at the U.S. Department of State.
Additionally, Mr. Barr served as a law clerk to U.S. Supreme Court Justice David H. Souter during October Term 1993, and previously to the Honorable Pierre N. Leval, then of the Southern District of New York.
Mr. Barr received a BA in history from Yale University, an MPhil in international relations from Oxford University, and a JD from Yale Law School.
Partner, Cahill Gordon & Reindel LLP; Special Professor of Law, Maurice A. Dean School of Law, Hofstra University
Gary E. Kalbaugh is a nationally recognized leader in commodities, futures, and derivatives law.
Gary is a partner in the New York office of Cahill Gordon & Reindel LLP as well as a Special Professor of Law at the Maurice A. Deane School of Law at Hofstra University, where he teaches derivatives law and banking law.
A preeminent authority in the derivatives field, Gary is the author of the principal treatise Derivatives Law and Regulation (3rd ed. 2021) and serves as Editor-in-Chief of the Futures and Derivatives Law Report, the foremost industry publication. He is a past chair of the New York City Bar Association’s Committee on the Regulation of Futures and Derivatives and has over 15 years of experience as a professor teaching derivatives and banking law.
Gary is the leading derivatives lawyer in the digital assets space, and one of few to truly understand the technical side of emerging financial technology. He serves on the CFTC’s Future of Finance Subcommittee, reflecting his recognized leadership at the intersection of financial regulation and emerging technologies. A frequent speaker, writer, and commentator on derivatives, banking law, artificial intelligence, and digital assets regulation, he has served as conference co-chair for the American Bar Association’s “Artificial Intelligence and Derivatives Market” conference and regularly speaks at major industry conferences on cutting-edge issues in financial regulation and technology. Gary is sought after as a thought leader on the evolving landscape of digital asset regulation and the regulatory implications of AI in financial markets.
At ING, Gary served as Deputy General Counsel and Director, where he chaired swap dealer and security-based swap dealer regulatory committees and provided strategic leadership on U.S., European, and other regulations impacting the organization. He had global responsibility for U.S. derivatives regulatory issues and maintained strong relationships with regulators. Gary also co-developed ING legal’s global artificial intelligence training program and was responsible for U.S. regulatory issues relating to ING’s blockchain-based pilot programs and crypto initiatives.
Previously, Gary served as a lecturer-in-law at Columbia Law School and held senior roles at WestLB, where he was executive director, counsel, and chief U.S. data protection officer and chaired the global Dodd-Frank and underwriting committees. He began his career as an associate at a notable international firm.
Chief Executive Officer, Blockchain Association
Summer Mersinger is CEO of Blockchain Association, where she leads advocacy efforts to advance digital asset innovation and policy in Washington. She previously served as a Commissioner of the Commodity Futures Trading Commission, nominated by President Biden and unanimously confirmed by the Senate. With over 20 years of experience in public policy and government affairs, Summer has held senior roles at the CFTC, on Capitol Hill as Chief of Staff to Senator John Thune, and in the private sector.
Senior Fellow, Mises Institute
Alex J. Pollock is a Senior Fellow with the Mises Institute, providing thought and policy leadership on financial issues and the study of financial systems. His work includes cycles of booms and busts, financial crises with their political responses, housing finance, government-sponsored enterprises, risk and uncertainty, central banking, banking and financial regulation, corporate governance, retirement finance, student loans, and the politics of finance.
He previously served as the Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department 2019-2021. He was a Distinguished Senior Fellow with the R Street Institute 2015-2019 and 2021, and a resident fellow at the American Enterprise Institute, 2004-2015. Among the many aspects of his AEI work, he developed the One Page Mortgage Form to give borrowers in clear form the key information they need in order to know what they are committing themselves to. He was President and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. There he invented the Mortgage Partnership Finance program, which successfully created front-end mortgage credit risk sharing beginning in 1997. His decades of banking experience include being a Visiting Scholar at the Federal Reserve Bank of St. Louis, 1991.
Pollock was a director of the CME Group 2004-2019 and of Ascendium Education Group 1989-2019. He is a director and past-chairman of the Great Books Foundation and a past president of the International Union for Housing Finance.
He is the co-author of Surprised Again! - The COVID Crisis and the New Market Bubble (2022), and the author of Finance and Philosophy—Why We’re Always Surprised (2018) and Boom and Bust: Financial Cycles and Human Prosperity (2011), as well as numerous articles and Congressional testimony.
Pollock is a graduate of Williams College, the University of Chicago, and Princeton University.
His work is available on alexjpollock.com.
Partner and General Counsel, Multicoin Capital
Greg Xethalis is a Partner and General Counsel of Multicoin Capital. He manages all legal and policy functions for the firm and works with our portfolio companies on legal and policy strategy. Prior to joining Multicoin, Greg was a partner in the Investment Management and FinTech practices at Chapman and Cutler LLP with 12 years of experience counseling clients on digital asset matters. Greg is a Director of the Blockchain Association, the DeFi Education Foundation, KindlyMD and the Fordham Law Alumni Association, and Senior Lecturing Fellow at Duke University School of Law, where he teaches Fintech and Blockchain Law and Policy.
Former Acting Assistant Attorney General, United States Department of Justice; Partner, Winston & Strawn LLP
Jonathan “Jon” Brightbill is a trial and appellate lawyer in Winston’s Washington, D.C. office, and a partner in the firm’s Litigation and White Collar, Regulatory Defense, and Investigations Practices. He represents public and private companies, corporate officers, and other individuals across white collar, regulatory defense, and government and internal investigation matters and rulemaking challenges, as well as complex commercial disputes, citizen suits, and class actions. His commercial litigation experience encompasses business disputes, false advertising, consumer protection and fraud, FCA, and extensive class action defense work; antitrust and unfair competition matters; and intellectual property litigation, such as trademarks, patents, and trade secrets.
Jon served as the Nation’s lead environmental civil and criminal enforcement official and litigator, as Acting Assistant Attorney General for the Environment & Natural Resources Division (“ENRD”) of the U.S. Department of Justice (DOJ). Jon led ENRD’s 425 lawyers, overseeing 6,500 active matters and managing an annual budget of more than $150 million. Jon brings highly experienced executive leadership from among the most senior level of DOJ on white collar and regulatory enforcement, as well as on federal policymaking and rulemaking development and challenges. He speaks with authority on government decision-making processes, and the arguments and perspectives that move regulators and enforcers, best advising and positioning clients to deal with challenges.
Jon argued many of the government’s most significant cases during his time with the DOJ. This included the Navigable Waters Protection Rule and Clean Water Rule Repeal (10th Cir., district courts), the Affordable Clean Energy Rule and Clean Power Plan Repeal (D.C. Cir), defense of EPA actions on pesticide tolerances under FIFRA and the FDCA (9th Cir. en banc), among numerous others. Jon represented the United States in trial courts in both enforcement and defensive cases, including federal enforcement action against Jeffrey Lowe and the Tiger King Park, of Netflix fame, securing a first-of-its-kind injunction for violations of the Endangered Species Act and Animal Welfare Act. Jon directed the litigation and briefing of scores of additional federal cases nationwide, covering all of the major environmental and natural resources statutes, such as the Clean Air Act, the Clean Water Act, FIFRA (pesticides), FDCA (food safety), TSCA (toxics), CERCLA (land remediation), RCRA (waste), National Environmental Policy Act, Federal Land Policy and Management Act, and numerous other land- and resource-management statutes.
Jon has unmatched experience litigating legal and technical issues relating to climate change. He argued in the courts of appeals, including the D.C. Circuit, regarding the most significant climate change regulations by EPA, as well as the preemptive scope of the Clean Air Act. Jon also litigated climate change-related credit and trading schemes and international agreements in district court. During Jon’s time in leadership at ENRD, it successfully defeated one of the most wide-ranging lawsuits regarding climate change to date—obtaining a stay pending interlocutory appeal and dismissal just weeks before a scheduled three-month trial on federal government liability for climate change.
An accomplished trial lawyer, prior to working at DOJ, Jon was a partner in the Washington, D.C. office of another global law firm. He not only represents clients in court, but creatively counsels corporations on balancing business needs and realities with a broad range of litigation risks and compliance obligations. Jon is also an Adjunct Professor at Georgetown University Law Center. He served on the American Bar Association’s E-Discovery Working Group for Bankruptcy Practice, and was a frequent lecturer for District of Columbia Bar Association Continuing Legal Education Programs.
Jon served as an appellate clerk for the Honorable D. Brooks Smith, U.S. Court of Appeals for the Third Circuit, after graduating magna cum laude from the Georgetown University Law Center. He worked in state government as an Executive Policy Specialist for air, waste, land remediation, and radiation matters at the Pennsylvania Department of Environmental Protection.
Senior Attorney of the Clean Energy Program, Earthjustice
Thomas Cmar is a senior attorney for the Clean Energy Program, and is based in Cincinnati, Ohio.
Thomas first joined Earthjustice in 2012 after working for six years as an attorney with the Natural Resources Defense Council, where he specialized in energy and water issues. Thomas was deputy managing attorney of the Earthjustice Coal Program from 2018 to 2021. In 2021, Thomas moved back home to Ohio and spent a year working in private practice before rejoining Earthjustice in 2022.
Thomas has also worked as an adjunct lecturer in the Environmental Policy & Culture Program at Northwestern University, as an attorney with the International Labor Rights Fund in Washington, D.C., and as a law clerk for United States Magistrate Judge Debra Freeman of the United States District Court for the Southern District of New York. He is a 2004 graduate of Harvard Law School and has a B.A. in Politics & Philosophy from the University of Pittsburgh.
Director of Energy Policy, Chamber of Digital Commerce, Digital Power Network
Ms. Czapla is the Director of Energy Policy of the Chamber of Digital Commerce at the Digital Power Network. Prior to her current job, she worked on energy and climate policy at Citizens for Responsible Energy Solutions and the American Action Forum. In addition, Ms. Czapla worked for more than 5 years at Arbo, where she advised developers as well as the federal government on regulatory issues that arise throughout the planning, siting, construction and operation of energy infrastructure projects.
She earned a JD from the Columbus School of Law at the Catholic University of America, as well as a BS in Geological Sciences, and a BA in Philosophy with a concentration in Public Affairs, from George Washington University.
Litigation Counsel, New Civil Liberties Alliance
Kara Rollins, Litigation Counsel, comes to NCLA with experience in vindicating client’s rights from agency overreach and holding the administrative state accountable through government transparency projects. Before joining NCLA, Kara was Counsel for Cause of Action Institute where she represented clients in various Federal Trade Commission enforcement actions. She also engaged in strategic research and oversight of Executive Branch agencies, focusing on administrative rulemaking and government oversight and compliance. Prior to joining the Cause of Action Institute in 2016, she clerked for the Hon. Karen M. Cassidy, A.J.S.C. in the Superior Court of New Jersey, Union Vicinage. Preceding her legal career, Kara served as the Political Programs Manager for the National Federation of Independent Business, where she worked with small business owners throughout the country and learned firsthand about the adverse impact the regulatory state has on individuals.
Kara graduated with honors from Rutgers College, Rutgers University with a B.A. in Political Science in 2007, and cum laude from Catholic University’s Columbus School of Law in 2014. During law school, she was a member of The Catholic University Law Review and a Moot Court Associate for the Seigenthaler-Sutherland Cup National First Amendment Moot Court Competition.
Kara is admitted to practice in the District of Columbia, New York, and New Jersey, as well as to the U.S. District Court for the District of Columbia, the U.S. Court of Appeals for the Eleventh Circuit, and the U.S. Supreme Court.
Her work has been published on The Hill.com.
Former Acting Assistant Attorney General, United States Department of Justice; Partner, Winston & Strawn LLP
Jonathan “Jon” Brightbill is a trial and appellate lawyer in Winston’s Washington, D.C. office, and a partner in the firm’s Litigation and White Collar, Regulatory Defense, and Investigations Practices. He represents public and private companies, corporate officers, and other individuals across white collar, regulatory defense, and government and internal investigation matters and rulemaking challenges, as well as complex commercial disputes, citizen suits, and class actions. His commercial litigation experience encompasses business disputes, false advertising, consumer protection and fraud, FCA, and extensive class action defense work; antitrust and unfair competition matters; and intellectual property litigation, such as trademarks, patents, and trade secrets.
Jon served as the Nation’s lead environmental civil and criminal enforcement official and litigator, as Acting Assistant Attorney General for the Environment & Natural Resources Division (“ENRD”) of the U.S. Department of Justice (DOJ). Jon led ENRD’s 425 lawyers, overseeing 6,500 active matters and managing an annual budget of more than $150 million. Jon brings highly experienced executive leadership from among the most senior level of DOJ on white collar and regulatory enforcement, as well as on federal policymaking and rulemaking development and challenges. He speaks with authority on government decision-making processes, and the arguments and perspectives that move regulators and enforcers, best advising and positioning clients to deal with challenges.
Jon argued many of the government’s most significant cases during his time with the DOJ. This included the Navigable Waters Protection Rule and Clean Water Rule Repeal (10th Cir., district courts), the Affordable Clean Energy Rule and Clean Power Plan Repeal (D.C. Cir), defense of EPA actions on pesticide tolerances under FIFRA and the FDCA (9th Cir. en banc), among numerous others. Jon represented the United States in trial courts in both enforcement and defensive cases, including federal enforcement action against Jeffrey Lowe and the Tiger King Park, of Netflix fame, securing a first-of-its-kind injunction for violations of the Endangered Species Act and Animal Welfare Act. Jon directed the litigation and briefing of scores of additional federal cases nationwide, covering all of the major environmental and natural resources statutes, such as the Clean Air Act, the Clean Water Act, FIFRA (pesticides), FDCA (food safety), TSCA (toxics), CERCLA (land remediation), RCRA (waste), National Environmental Policy Act, Federal Land Policy and Management Act, and numerous other land- and resource-management statutes.
Jon has unmatched experience litigating legal and technical issues relating to climate change. He argued in the courts of appeals, including the D.C. Circuit, regarding the most significant climate change regulations by EPA, as well as the preemptive scope of the Clean Air Act. Jon also litigated climate change-related credit and trading schemes and international agreements in district court. During Jon’s time in leadership at ENRD, it successfully defeated one of the most wide-ranging lawsuits regarding climate change to date—obtaining a stay pending interlocutory appeal and dismissal just weeks before a scheduled three-month trial on federal government liability for climate change.
An accomplished trial lawyer, prior to working at DOJ, Jon was a partner in the Washington, D.C. office of another global law firm. He not only represents clients in court, but creatively counsels corporations on balancing business needs and realities with a broad range of litigation risks and compliance obligations. Jon is also an Adjunct Professor at Georgetown University Law Center. He served on the American Bar Association’s E-Discovery Working Group for Bankruptcy Practice, and was a frequent lecturer for District of Columbia Bar Association Continuing Legal Education Programs.
Jon served as an appellate clerk for the Honorable D. Brooks Smith, U.S. Court of Appeals for the Third Circuit, after graduating magna cum laude from the Georgetown University Law Center. He worked in state government as an Executive Policy Specialist for air, waste, land remediation, and radiation matters at the Pennsylvania Department of Environmental Protection.
Senior Attorney of the Clean Energy Program, Earthjustice
Thomas Cmar is a senior attorney for the Clean Energy Program, and is based in Cincinnati, Ohio.
Thomas first joined Earthjustice in 2012 after working for six years as an attorney with the Natural Resources Defense Council, where he specialized in energy and water issues. Thomas was deputy managing attorney of the Earthjustice Coal Program from 2018 to 2021. In 2021, Thomas moved back home to Ohio and spent a year working in private practice before rejoining Earthjustice in 2022.
Thomas has also worked as an adjunct lecturer in the Environmental Policy & Culture Program at Northwestern University, as an attorney with the International Labor Rights Fund in Washington, D.C., and as a law clerk for United States Magistrate Judge Debra Freeman of the United States District Court for the Southern District of New York. He is a 2004 graduate of Harvard Law School and has a B.A. in Politics & Philosophy from the University of Pittsburgh.
Director of Energy Policy, Chamber of Digital Commerce, Digital Power Network
Ms. Czapla is the Director of Energy Policy of the Chamber of Digital Commerce at the Digital Power Network. Prior to her current job, she worked on energy and climate policy at Citizens for Responsible Energy Solutions and the American Action Forum. In addition, Ms. Czapla worked for more than 5 years at Arbo, where she advised developers as well as the federal government on regulatory issues that arise throughout the planning, siting, construction and operation of energy infrastructure projects.
She earned a JD from the Columbus School of Law at the Catholic University of America, as well as a BS in Geological Sciences, and a BA in Philosophy with a concentration in Public Affairs, from George Washington University.
Litigation Counsel, New Civil Liberties Alliance
Kara Rollins, Litigation Counsel, comes to NCLA with experience in vindicating client’s rights from agency overreach and holding the administrative state accountable through government transparency projects. Before joining NCLA, Kara was Counsel for Cause of Action Institute where she represented clients in various Federal Trade Commission enforcement actions. She also engaged in strategic research and oversight of Executive Branch agencies, focusing on administrative rulemaking and government oversight and compliance. Prior to joining the Cause of Action Institute in 2016, she clerked for the Hon. Karen M. Cassidy, A.J.S.C. in the Superior Court of New Jersey, Union Vicinage. Preceding her legal career, Kara served as the Political Programs Manager for the National Federation of Independent Business, where she worked with small business owners throughout the country and learned firsthand about the adverse impact the regulatory state has on individuals.
Kara graduated with honors from Rutgers College, Rutgers University with a B.A. in Political Science in 2007, and cum laude from Catholic University’s Columbus School of Law in 2014. During law school, she was a member of The Catholic University Law Review and a Moot Court Associate for the Seigenthaler-Sutherland Cup National First Amendment Moot Court Competition.
Kara is admitted to practice in the District of Columbia, New York, and New Jersey, as well as to the U.S. District Court for the District of Columbia, the U.S. Court of Appeals for the Eleventh Circuit, and the U.S. Supreme Court.
Her work has been published on The Hill.com.
Retired, Winston & Strawn LLP
Jerry Loeser is of counsel in the Chicago office of Winston & Strawn, and his practice focuses on banking regulation. He has extensive experience in counseling financial services clients on, among other things, bank acquisitions, privacy, financial modernization, the USA PATRIOT Act, Basel II and III, lending limits, capital, trust, affiliate transactions, and Federal Reserve, OCC, FDIC, and CFPB regulations.
Prior to working at large corporate law firms, Jerry was chief regulatory and compliance counsel for Comerica Bank, where he also served as senior vice president and deputy general counsel and as general counsel of its retail bank division. Before that, he served as chief regulatory in-house counsel at Wells Fargo & Co. Jerry began his legal career advising the Board of Governors of the Federal Reserve System in Washington, D.C.
Principal, Ely & Company, Inc.
Bert Ely has specialized in deposit insurance and banking structure issues since 1981. In 1986, he became an early predictor of the S&L crisis and a taxpayer bailout of the FSLIC. In 1991, he was the first person to correctly predict the non-crisis in commercial banking; in 1992, he predicted an eventual taxpayer bailout of the Japanese banking system.
Bert continuously monitors conditions in the banking and S&L industries, monetary policy, and the growing federalization of credit risk. He has helped to draft legislation to enact the cross-guarantee concept for privatizing banking regulation and its related deposit insurance and systemic risks. He has testified on numerous occasions before congressional committees on banking issues and he often speaks on these matters to bankers and others.
Bert first established his consulting practice in 1972. Before that, he was the chief financial officer of a public company, a consultant with Touche, Ross & Company, and an auditor with Ernst & Ernst. He received his MBA from the Harvard Business School in 1968 and his Bachelor's degree in economics in 1964 from Case Western Reserve University.
General Counsel, Strive
Before joining Strive, Alexandra served as the Director of Regulatory Affairs at River Financial, where she handled all regulatory and government matters and served as product counsel. Prior to her time at River, Alexandra worked at the U.S. Department of Treasury, first in the General Counsel’s office and then as the youngest-ever Executive Secretary, where she worked directly with Secretary Mnuchin. Alexandra previously worked as an associate in the Washington, D.C. office of Akin Gump. She clerked for then-Justice Allison Eid on the Colorado Supreme Court and Judge Jennifer Elrod on the U.S. Court of Appeals for the Fifth Circuit. She holds a J.D. from the University of Texas and a B.A. from The King’s College.
Senior Fellow, Mises Institute
Alex J. Pollock is a Senior Fellow with the Mises Institute, providing thought and policy leadership on financial issues and the study of financial systems. His work includes cycles of booms and busts, financial crises with their political responses, housing finance, government-sponsored enterprises, risk and uncertainty, central banking, banking and financial regulation, corporate governance, retirement finance, student loans, and the politics of finance.
He previously served as the Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department 2019-2021. He was a Distinguished Senior Fellow with the R Street Institute 2015-2019 and 2021, and a resident fellow at the American Enterprise Institute, 2004-2015. Among the many aspects of his AEI work, he developed the One Page Mortgage Form to give borrowers in clear form the key information they need in order to know what they are committing themselves to. He was President and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. There he invented the Mortgage Partnership Finance program, which successfully created front-end mortgage credit risk sharing beginning in 1997. His decades of banking experience include being a Visiting Scholar at the Federal Reserve Bank of St. Louis, 1991.
Pollock was a director of the CME Group 2004-2019 and of Ascendium Education Group 1989-2019. He is a director and past-chairman of the Great Books Foundation and a past president of the International Union for Housing Finance.
He is the co-author of Surprised Again! - The COVID Crisis and the New Market Bubble (2022), and the author of Finance and Philosophy—Why We’re Always Surprised (2018) and Boom and Bust: Financial Cycles and Human Prosperity (2011), as well as numerous articles and Congressional testimony.
Pollock is a graduate of Williams College, the University of Chicago, and Princeton University.
His work is available on alexjpollock.com.
Professor of Economics, George Mason University
Lawrence H. White has been a professor of economics at George Mason University since 2009. An expert on banking and monetary policy, he is the author of Better Money, The Clash of Economic Ideas (Cambridge University Press, 2012), The Theory of Monetary Institutions (Basil Blackwell, 1999), Free Banking in Britain (2nd ed., Institute of Economic Affairs, 1995), and Competition and Currency (New York University Press, 1989).
He is coeditor of Renewing the Search for a Monetary Constitution (Cato Institute, 2015) and editor of The History of Gold and Silver (3 vols., Pickering and Chatto, 2000), Free Banking (3 vols., Edward Elgar, 1993), and The Crisis in American Banking (NYU Press, 1993). His articles on monetary theory and banking history have appeared in the American Economic Review; Journal of Money, Credit, and Banking; and other leading professional journals.
White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He has been a visiting research fellow at the American Institute for Economic Research, a visiting lecturer at the Swiss National Bank, and a visiting scholar at the Federal Reserve Bank of Atlanta. He is a coeditor of the online journal Econ Journal Watch and hosts bimonthly podcasts for EJW Audio. He is a member of the Financial Markets Working Group of the Mercatus Center at George Mason University. He writes regularly for the Center for Monetary and Financial Alternatives publication Alt‑M.
White holds a BA in economics from Harvard College and a PhD in economics from the University of California, Los Angeles.
Principal, Ely & Company, Inc.
Bert Ely has specialized in deposit insurance and banking structure issues since 1981. In 1986, he became an early predictor of the S&L crisis and a taxpayer bailout of the FSLIC. In 1991, he was the first person to correctly predict the non-crisis in commercial banking; in 1992, he predicted an eventual taxpayer bailout of the Japanese banking system.
Bert continuously monitors conditions in the banking and S&L industries, monetary policy, and the growing federalization of credit risk. He has helped to draft legislation to enact the cross-guarantee concept for privatizing banking regulation and its related deposit insurance and systemic risks. He has testified on numerous occasions before congressional committees on banking issues and he often speaks on these matters to bankers and others.
Bert first established his consulting practice in 1972. Before that, he was the chief financial officer of a public company, a consultant with Touche, Ross & Company, and an auditor with Ernst & Ernst. He received his MBA from the Harvard Business School in 1968 and his Bachelor's degree in economics in 1964 from Case Western Reserve University.
General Counsel, Strive
Before joining Strive, Alexandra served as the Director of Regulatory Affairs at River Financial, where she handled all regulatory and government matters and served as product counsel. Prior to her time at River, Alexandra worked at the U.S. Department of Treasury, first in the General Counsel’s office and then as the youngest-ever Executive Secretary, where she worked directly with Secretary Mnuchin. Alexandra previously worked as an associate in the Washington, D.C. office of Akin Gump. She clerked for then-Justice Allison Eid on the Colorado Supreme Court and Judge Jennifer Elrod on the U.S. Court of Appeals for the Fifth Circuit. She holds a J.D. from the University of Texas and a B.A. from The King’s College.
Senior Fellow, Mises Institute
Alex J. Pollock is a Senior Fellow with the Mises Institute, providing thought and policy leadership on financial issues and the study of financial systems. His work includes cycles of booms and busts, financial crises with their political responses, housing finance, government-sponsored enterprises, risk and uncertainty, central banking, banking and financial regulation, corporate governance, retirement finance, student loans, and the politics of finance.
He previously served as the Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department 2019-2021. He was a Distinguished Senior Fellow with the R Street Institute 2015-2019 and 2021, and a resident fellow at the American Enterprise Institute, 2004-2015. Among the many aspects of his AEI work, he developed the One Page Mortgage Form to give borrowers in clear form the key information they need in order to know what they are committing themselves to. He was President and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. There he invented the Mortgage Partnership Finance program, which successfully created front-end mortgage credit risk sharing beginning in 1997. His decades of banking experience include being a Visiting Scholar at the Federal Reserve Bank of St. Louis, 1991.
Pollock was a director of the CME Group 2004-2019 and of Ascendium Education Group 1989-2019. He is a director and past-chairman of the Great Books Foundation and a past president of the International Union for Housing Finance.
He is the co-author of Surprised Again! - The COVID Crisis and the New Market Bubble (2022), and the author of Finance and Philosophy—Why We’re Always Surprised (2018) and Boom and Bust: Financial Cycles and Human Prosperity (2011), as well as numerous articles and Congressional testimony.
Pollock is a graduate of Williams College, the University of Chicago, and Princeton University.
His work is available on alexjpollock.com.
Professor of Economics, George Mason University
Lawrence H. White has been a professor of economics at George Mason University since 2009. An expert on banking and monetary policy, he is the author of Better Money, The Clash of Economic Ideas (Cambridge University Press, 2012), The Theory of Monetary Institutions (Basil Blackwell, 1999), Free Banking in Britain (2nd ed., Institute of Economic Affairs, 1995), and Competition and Currency (New York University Press, 1989).
He is coeditor of Renewing the Search for a Monetary Constitution (Cato Institute, 2015) and editor of The History of Gold and Silver (3 vols., Pickering and Chatto, 2000), Free Banking (3 vols., Edward Elgar, 1993), and The Crisis in American Banking (NYU Press, 1993). His articles on monetary theory and banking history have appeared in the American Economic Review; Journal of Money, Credit, and Banking; and other leading professional journals.
White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He has been a visiting research fellow at the American Institute for Economic Research, a visiting lecturer at the Swiss National Bank, and a visiting scholar at the Federal Reserve Bank of Atlanta. He is a coeditor of the online journal Econ Journal Watch and hosts bimonthly podcasts for EJW Audio. He is a member of the Financial Markets Working Group of the Mercatus Center at George Mason University. He writes regularly for the Center for Monetary and Financial Alternatives publication Alt‑M.
White holds a BA in economics from Harvard College and a PhD in economics from the University of California, Los Angeles.
Howard Adler, Nome
Howard B. Adler is a retired partner at the international law firm Gibson, Dunn and Crutcher LLP. From 2019-21, he served as Deputy Assistant Secretary of the Treasury for the Financial Stability Oversight Council. He is the co-author of Surprised Again! The COVID Crisis and the New Market Bubble (2023).
Former Acting Assistant Attorney General, United States Department of Justice; Partner, Winston & Strawn LLP
Jonathan “Jon” Brightbill is a trial and appellate lawyer in Winston’s Washington, D.C. office, and a partner in the firm’s Litigation and White Collar, Regulatory Defense, and Investigations Practices. He represents public and private companies, corporate officers, and other individuals across white collar, regulatory defense, and government and internal investigation matters and rulemaking challenges, as well as complex commercial disputes, citizen suits, and class actions. His commercial litigation experience encompasses business disputes, false advertising, consumer protection and fraud, FCA, and extensive class action defense work; antitrust and unfair competition matters; and intellectual property litigation, such as trademarks, patents, and trade secrets.
Jon served as the Nation’s lead environmental civil and criminal enforcement official and litigator, as Acting Assistant Attorney General for the Environment & Natural Resources Division (“ENRD”) of the U.S. Department of Justice (DOJ). Jon led ENRD’s 425 lawyers, overseeing 6,500 active matters and managing an annual budget of more than $150 million. Jon brings highly experienced executive leadership from among the most senior level of DOJ on white collar and regulatory enforcement, as well as on federal policymaking and rulemaking development and challenges. He speaks with authority on government decision-making processes, and the arguments and perspectives that move regulators and enforcers, best advising and positioning clients to deal with challenges.
Jon argued many of the government’s most significant cases during his time with the DOJ. This included the Navigable Waters Protection Rule and Clean Water Rule Repeal (10th Cir., district courts), the Affordable Clean Energy Rule and Clean Power Plan Repeal (D.C. Cir), defense of EPA actions on pesticide tolerances under FIFRA and the FDCA (9th Cir. en banc), among numerous others. Jon represented the United States in trial courts in both enforcement and defensive cases, including federal enforcement action against Jeffrey Lowe and the Tiger King Park, of Netflix fame, securing a first-of-its-kind injunction for violations of the Endangered Species Act and Animal Welfare Act. Jon directed the litigation and briefing of scores of additional federal cases nationwide, covering all of the major environmental and natural resources statutes, such as the Clean Air Act, the Clean Water Act, FIFRA (pesticides), FDCA (food safety), TSCA (toxics), CERCLA (land remediation), RCRA (waste), National Environmental Policy Act, Federal Land Policy and Management Act, and numerous other land- and resource-management statutes.
Jon has unmatched experience litigating legal and technical issues relating to climate change. He argued in the courts of appeals, including the D.C. Circuit, regarding the most significant climate change regulations by EPA, as well as the preemptive scope of the Clean Air Act. Jon also litigated climate change-related credit and trading schemes and international agreements in district court. During Jon’s time in leadership at ENRD, it successfully defeated one of the most wide-ranging lawsuits regarding climate change to date—obtaining a stay pending interlocutory appeal and dismissal just weeks before a scheduled three-month trial on federal government liability for climate change.
An accomplished trial lawyer, prior to working at DOJ, Jon was a partner in the Washington, D.C. office of another global law firm. He not only represents clients in court, but creatively counsels corporations on balancing business needs and realities with a broad range of litigation risks and compliance obligations. Jon is also an Adjunct Professor at Georgetown University Law Center. He served on the American Bar Association’s E-Discovery Working Group for Bankruptcy Practice, and was a frequent lecturer for District of Columbia Bar Association Continuing Legal Education Programs.
Jon served as an appellate clerk for the Honorable D. Brooks Smith, U.S. Court of Appeals for the Third Circuit, after graduating magna cum laude from the Georgetown University Law Center. He worked in state government as an Executive Policy Specialist for air, waste, land remediation, and radiation matters at the Pennsylvania Department of Environmental Protection.
Senior Attorney of the Clean Energy Program, Earthjustice
Thomas Cmar is a senior attorney for the Clean Energy Program, and is based in Cincinnati, Ohio.
Thomas first joined Earthjustice in 2012 after working for six years as an attorney with the Natural Resources Defense Council, where he specialized in energy and water issues. Thomas was deputy managing attorney of the Earthjustice Coal Program from 2018 to 2021. In 2021, Thomas moved back home to Ohio and spent a year working in private practice before rejoining Earthjustice in 2022.
Thomas has also worked as an adjunct lecturer in the Environmental Policy & Culture Program at Northwestern University, as an attorney with the International Labor Rights Fund in Washington, D.C., and as a law clerk for United States Magistrate Judge Debra Freeman of the United States District Court for the Southern District of New York. He is a 2004 graduate of Harvard Law School and has a B.A. in Politics & Philosophy from the University of Pittsburgh.
Director of Energy Policy, Chamber of Digital Commerce, Digital Power Network
Ms. Czapla is the Director of Energy Policy of the Chamber of Digital Commerce at the Digital Power Network. Prior to her current job, she worked on energy and climate policy at Citizens for Responsible Energy Solutions and the American Action Forum. In addition, Ms. Czapla worked for more than 5 years at Arbo, where she advised developers as well as the federal government on regulatory issues that arise throughout the planning, siting, construction and operation of energy infrastructure projects.
She earned a JD from the Columbus School of Law at the Catholic University of America, as well as a BS in Geological Sciences, and a BA in Philosophy with a concentration in Public Affairs, from George Washington University.
Litigation Counsel, New Civil Liberties Alliance
Kara Rollins, Litigation Counsel, comes to NCLA with experience in vindicating client’s rights from agency overreach and holding the administrative state accountable through government transparency projects. Before joining NCLA, Kara was Counsel for Cause of Action Institute where she represented clients in various Federal Trade Commission enforcement actions. She also engaged in strategic research and oversight of Executive Branch agencies, focusing on administrative rulemaking and government oversight and compliance. Prior to joining the Cause of Action Institute in 2016, she clerked for the Hon. Karen M. Cassidy, A.J.S.C. in the Superior Court of New Jersey, Union Vicinage. Preceding her legal career, Kara served as the Political Programs Manager for the National Federation of Independent Business, where she worked with small business owners throughout the country and learned firsthand about the adverse impact the regulatory state has on individuals.
Kara graduated with honors from Rutgers College, Rutgers University with a B.A. in Political Science in 2007, and cum laude from Catholic University’s Columbus School of Law in 2014. During law school, she was a member of The Catholic University Law Review and a Moot Court Associate for the Seigenthaler-Sutherland Cup National First Amendment Moot Court Competition.
Kara is admitted to practice in the District of Columbia, New York, and New Jersey, as well as to the U.S. District Court for the District of Columbia, the U.S. Court of Appeals for the Eleventh Circuit, and the U.S. Supreme Court.
Her work has been published on The Hill.com.
Principal, Ely & Company, Inc.
Bert Ely has specialized in deposit insurance and banking structure issues since 1981. In 1986, he became an early predictor of the S&L crisis and a taxpayer bailout of the FSLIC. In 1991, he was the first person to correctly predict the non-crisis in commercial banking; in 1992, he predicted an eventual taxpayer bailout of the Japanese banking system.
Bert continuously monitors conditions in the banking and S&L industries, monetary policy, and the growing federalization of credit risk. He has helped to draft legislation to enact the cross-guarantee concept for privatizing banking regulation and its related deposit insurance and systemic risks. He has testified on numerous occasions before congressional committees on banking issues and he often speaks on these matters to bankers and others.
Bert first established his consulting practice in 1972. Before that, he was the chief financial officer of a public company, a consultant with Touche, Ross & Company, and an auditor with Ernst & Ernst. He received his MBA from the Harvard Business School in 1968 and his Bachelor's degree in economics in 1964 from Case Western Reserve University.
General Counsel, Strive
Before joining Strive, Alexandra served as the Director of Regulatory Affairs at River Financial, where she handled all regulatory and government matters and served as product counsel. Prior to her time at River, Alexandra worked at the U.S. Department of Treasury, first in the General Counsel’s office and then as the youngest-ever Executive Secretary, where she worked directly with Secretary Mnuchin. Alexandra previously worked as an associate in the Washington, D.C. office of Akin Gump. She clerked for then-Justice Allison Eid on the Colorado Supreme Court and Judge Jennifer Elrod on the U.S. Court of Appeals for the Fifth Circuit. She holds a J.D. from the University of Texas and a B.A. from The King’s College.
Senior Fellow, Mises Institute
Alex J. Pollock is a Senior Fellow with the Mises Institute, providing thought and policy leadership on financial issues and the study of financial systems. His work includes cycles of booms and busts, financial crises with their political responses, housing finance, government-sponsored enterprises, risk and uncertainty, central banking, banking and financial regulation, corporate governance, retirement finance, student loans, and the politics of finance.
He previously served as the Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department 2019-2021. He was a Distinguished Senior Fellow with the R Street Institute 2015-2019 and 2021, and a resident fellow at the American Enterprise Institute, 2004-2015. Among the many aspects of his AEI work, he developed the One Page Mortgage Form to give borrowers in clear form the key information they need in order to know what they are committing themselves to. He was President and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. There he invented the Mortgage Partnership Finance program, which successfully created front-end mortgage credit risk sharing beginning in 1997. His decades of banking experience include being a Visiting Scholar at the Federal Reserve Bank of St. Louis, 1991.
Pollock was a director of the CME Group 2004-2019 and of Ascendium Education Group 1989-2019. He is a director and past-chairman of the Great Books Foundation and a past president of the International Union for Housing Finance.
He is the co-author of Surprised Again! - The COVID Crisis and the New Market Bubble (2022), and the author of Finance and Philosophy—Why We’re Always Surprised (2018) and Boom and Bust: Financial Cycles and Human Prosperity (2011), as well as numerous articles and Congressional testimony.
Pollock is a graduate of Williams College, the University of Chicago, and Princeton University.
His work is available on alexjpollock.com.
Professor of Economics, George Mason University
Lawrence H. White has been a professor of economics at George Mason University since 2009. An expert on banking and monetary policy, he is the author of Better Money, The Clash of Economic Ideas (Cambridge University Press, 2012), The Theory of Monetary Institutions (Basil Blackwell, 1999), Free Banking in Britain (2nd ed., Institute of Economic Affairs, 1995), and Competition and Currency (New York University Press, 1989).
He is coeditor of Renewing the Search for a Monetary Constitution (Cato Institute, 2015) and editor of The History of Gold and Silver (3 vols., Pickering and Chatto, 2000), Free Banking (3 vols., Edward Elgar, 1993), and The Crisis in American Banking (NYU Press, 1993). His articles on monetary theory and banking history have appeared in the American Economic Review; Journal of Money, Credit, and Banking; and other leading professional journals.
White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He has been a visiting research fellow at the American Institute for Economic Research, a visiting lecturer at the Swiss National Bank, and a visiting scholar at the Federal Reserve Bank of Atlanta. He is a coeditor of the online journal Econ Journal Watch and hosts bimonthly podcasts for EJW Audio. He is a member of the Financial Markets Working Group of the Mercatus Center at George Mason University. He writes regularly for the Center for Monetary and Financial Alternatives publication Alt‑M.
White holds a BA in economics from Harvard College and a PhD in economics from the University of California, Los Angeles.
Plenary Session 4: Federalism with the Feds– Unique Partnerships Between State Executives and Federal Agencies
Featuring: Mr. Louis J. Capozzi III, Solicitor General, Missouri Attorney General's Office Ms. Madeline Clark, Principal...
The GENIUS Act in Practice: Key Questions for Stablecoin Regulation
Michael S. Barr, Gary Kalbaugh, Summer Mersinger, Alex J. Pollock, Greg Xethalis
The GENIUS Act of 2025 was a watershed moment in the legal framework for stablecoins,...
Crypto, Data Centers, and Climate
A Look at Federal and State Regulation of the Environmental Effects of Bitcoin
Crypto, Data Centers, and Climate
Jonathan Brightbill, Thomas Cmar, Ewelina Czapla, Kara Rollins
In January 2024, the U.S. Energy Information Administration (EIA) initiated an “emergency collection” of information...
Crypto, Data Centers, and Climate
Jonathan Brightbill, Thomas Cmar, Ewelina Czapla, Kara Rollins
In January 2024, the U.S. Energy Information Administration (EIA) initiated an “emergency collection” of information...
Surprise, the Only Constant
Julius L. Loeser
A review of Alex Pollock & Howard Adler, Surprised Again! The COVID Crisis and the...
Talks With Authors: Better Money: Gold, Fiat, Or Bitcoin?
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In Better Money: Gold, Fiat, Or Bitcoin?, monetary expert Lawrence H. White delves into the...
Talks With Authors: Better Money: Gold, Fiat, Or Bitcoin?
Bert Ely, Alexandra Gaiser, Alex J. Pollock, Lawrence H. White
In Better Money: Gold, Fiat, Or Bitcoin?, monetary expert Lawrence H. White delves into the...
Talks With Authors: Better Money: Gold, Fiat, Or Bitcoin?
What Kind of Money is Best?: An Interesting New Investigation
Howard B. Adler
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