Executive in Residence, Wake Forest University School of Business
John Allison is an Executive in Residence at the Wake Forest School of Business. He is a member of the Cato Institute’s Board of Directors and Chairman of the Executive Advisory Council of the Cato Institute’s Center for Monetary and Financial Alternatives. Allison was president and CEO of the Cato Institute from October 2012 to April 2015. Prior to joining Cato, Allison was chairman and CEO of BB&T Corporation, the 10th-largest financial services holding company headquartered in the United States. During his tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. He was recognized by theHarvard Business Reviewas one of the top 100 most successful CEOs in the world over the last decade.
Allison has received the Corning Award for Distinguished Leadership, been inducted into the North Carolina Business Hall of Fame, and received the Lifetime Achievement Award from theAmerican Banker. He is the author of The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy’s Only Hope and The Leadership Crisis and the Free Market Cure: Why the Future of Business Depends on the Return to Life, Liberty, and the Pursuit of Happiness. In addition, he is a former Distinguished Professor of Practice at Wake Forest University School of Business, and serves on the Board of Visitors at the business schools at Wake Forest, Duke, and the University of North Carolina–Chapel Hill.
Allison is a Phi Beta Kappa graduate of the University of North Carolina–Chapel Hill. He received his master’s degree in management from Duke University and is also a graduate of the Stonier Graduate School of Banking. Allison is the recipient of six honorary doctorate degrees.
Wayne A. Abernathy, Wild Bells
Wayne A. Abernathy is a former U.S. Treasury Assistant Secretary for Financial Institutions under President George W. Bush, receiving the Alexander Hamilton Award in recognition of his service. In that office he was also a member of the Board of Directors of the Securities Investor Protection Corporation. Prior to his work at the Treasury, Mr. Abernathy served as Staff Director of the Senate Banking Committee, under Chairman Phil Gramm.
Following his service at the Treasury, Mr. Abernathy worked for 15 years on the staff of the American Bankers Association, as Executive Vice President for Financial Institutions Policy and Regulatory Affairs.
Previous experience with the Senate Banking Committee includes serving as Staff Director of the Subcommittee on Securities during 1995-1998. From 1989 until 1994, Mr. Abernathy was a Republican economist for the committee. He previously worked as a senior legislative assistant for Senator Gramm during 1987-1989 and as an economist for the Banking Committee’s Subcommittee on International Finance and Monetary Policy during 1981-1986, under Chairman Jake Garn.
Mr. Abernathy earned his bachelor’s degree in International Studies from The Johns Hopkins University in 1978. In 1980, he received a master’s degree in International Studies from the School of Advanced International Studies of The Johns Hopkins University.
Executive Vice President, The Federalist Society
Dean Reuter is Executive Vice President at the Federalist Society for Law and Public Policy Studies. He has served in two federal government agency Offices of the Inspector General, as Counsel to the Inspector General and Deputy Inspector General, responsible for policing the use of federal funds granted and contracted through those agencies. As such, he helped conduct and oversee criminal investigations across the country. He is the principal author of the non-fiction book, The Hidden Nazi: The Untold Story of America's Deal with the Devil, and editor of Liberty’s Nemesis: The Unchecked Expansion of the State and Confronting Terror: 9/11 and the Future of American National Security. He was appointed by the President and served as Vice-Chairman of the Board of Directors of the Corporation for National and Community Service, and recently served as an appointee on the U.S. Commission on Presidential Scholars. He is a graduate of Hood College (BA with Honors) and the University of Maryland School of Law.
Board Member, Center for Equal Opportunity
Roger Clegg is a Board Member at and former President and General Counsel of the Center for Equal Opportunity. He focuses on legal issues arising from civil rights laws--including the regulatory impact on business and the problems in higher education created by affirmative action. A former Deputy Assistant Attorney General in the Reagan and Bush administrations, Clegg held the second highest positions in both the Civil Rights Division (1987-91) and in the Environment and Natural Resources Division (1991-93). He has held several other positions at the U.S. Justice Department, including Assistant to the Solicitor General (1985-87), Associate Deputy Attorney General (1984-85), and Acting Assistant Attorney General in the Office of Legal Policy (1984). Clegg is a graduate of Yale University Law School (1981).
Executive in Residence, Wake Forest University School of Business
John Allison is an Executive in Residence at the Wake Forest School of Business. He is a member of the Cato Institute’s Board of Directors and Chairman of the Executive Advisory Council of the Cato Institute’s Center for Monetary and Financial Alternatives. Allison was president and CEO of the Cato Institute from October 2012 to April 2015. Prior to joining Cato, Allison was chairman and CEO of BB&T Corporation, the 10th-largest financial services holding company headquartered in the United States. During his tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. He was recognized by theHarvard Business Reviewas one of the top 100 most successful CEOs in the world over the last decade.
Allison has received the Corning Award for Distinguished Leadership, been inducted into the North Carolina Business Hall of Fame, and received the Lifetime Achievement Award from theAmerican Banker. He is the author of The Financial Crisis and the Free Market Cure: Why Pure Capitalism Is the World Economy’s Only Hope and The Leadership Crisis and the Free Market Cure: Why the Future of Business Depends on the Return to Life, Liberty, and the Pursuit of Happiness. In addition, he is a former Distinguished Professor of Practice at Wake Forest University School of Business, and serves on the Board of Visitors at the business schools at Wake Forest, Duke, and the University of North Carolina–Chapel Hill.
Allison is a Phi Beta Kappa graduate of the University of North Carolina–Chapel Hill. He received his master’s degree in management from Duke University and is also a graduate of the Stonier Graduate School of Banking. Allison is the recipient of six honorary doctorate degrees.
Allan Shivers Chair in the Law of Banking and Finance, University of Texas School of Law
Professor Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. Appointed by U.S. Securities and Exchange Commission Chairman Mary L. Schapiro, he was the inaugural Director of the SEC's Division of Risk, Strategy, and Financial Innovation (2009-2011). The first new Division in 37 years, "Risk Fin" was created to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities, including policymaking, rulemaking, enforcement, and examinations. See, e.g., (1) Kara Scannell, At SEC, Scholar Who Saw It Coming, Wall Street Journal, Jan. 25, 2010, at page C1; and (2) CNBC's "Squawk Box" - Feb. 23, 2011 (as the "guest host"): (a) Fmr. SEC 'Risk Czar' Speaks Out, http://www.cnbc.com/id/15840232?video=1811142035&play=1 and (b)Containing the Next Crisis, http://www.cnbc.com/id/15840232?video=15840232?video=1811216641&play=1. Interested in the law and economics of capital markets, financial innovation, and governance of corporations and financial institutions, he has written on asset allocation; corporate and financial institution compensation, disclosure, governance, objectives, and risk management; debt, equity, and hybrid "decoupling" through credit default swaps, equity swaps, securitization, stock lending, and other means; director fiduciary duties; financial innovation’s challenges to bank and corporate decision-making, business and legal concepts, and financial stability; individual investors and retirement security; model risk; regulation of banks, derivatives, hedge funds, and mutual funds; systemic risk; and Warren Buffett. The writings have appeared in law reviews (e.g., Columbia Law Review, University of Pennsylvania Law Review, and Yale Law Journal), finance and specialist journals (e.g.,European Financial Management, Journal of Applied Corporate Finance, and Risk), and newspapers (e.g., Financial Times, New York Times, and Wall Street Journal).
In research, his latest article (Too Complex to Depict? -- pertinent links at "Recent Publications" below -- argues that the SEC disclosure paradigm, in place since the Depression, is increasingly undermined by innovations in financial theory and practice, and offers ways forward. The article sets out a fresh conception of the paradigm, and shows that the paradigm must metamorphosize to one that relies both on an "intermediary depiction" model and a “pure information” model—and the full spectrum of strategies between these opposite extremes. (An afterword analyzes the unfolding JPMorgan Chase Chief Investment Office derivatives situation.) Prior research includes early articles on the risks posed by derivatives, articles on the corporate objective, and recent articles on "decoupling." A 1993 Yale Law Journal article receiving renewed attention in the wake of the global financial crisis showed how cognitive bias, compensation, financial "science," and other factors can lead major banks to take undue risks and make other mistakes as to complex derivatives. In recognition of a 1995 article on the corporate objective and hedging, an exchange-traded index derivative introduced in 1996 was assigned the ticker symbol of "HUI". Today, the "HUI" (NYSE Arca Gold BUGS Index) lives on not as a derivative but as what is often considered one of the world's two most widely-followed indexes for gold mining stocks. Recent articles (starting in 2006) offered the first systematic analysis of debt and equity "decoupling," and coined terms that have come into worldwide use such as "empty voter," "empty creditor," and "hidden (morphable) ownership." This decoupling research was featured in a lead front-page story in the Wall Street Journal and stories in the Economist, theFinancial Times, and the New York Times. On August 1, 2009, the "empty voting amendments" to the Delaware General Corporation Law became effective. On July 14, 2010, the SEC issued its most comprehensive review of the proxy voting infrastructure in 30 years, including analysis of decoupling issues.
Professor Hu teaches corporate law, modern finance and governance, and securities regulation. He has also taught them at Harvard Law School, where he was the Bruce W. Nichols Visiting Professor of Law for the 1997-98 academic year. He has been chair of the Association of American Law Schools' Business Associations Section and a member of the Legal Advisory Board of the NASD (now FINRA), the NASD and NASDAQ Market Regulation Committees, and the Board of Trustees of the Center for American and International Law. He is on the Editorial Board of the Oxford University Press's Capital Markets Law Journal. He has testified before Congress, including on behalf of the SEC as to landmark derivatives legislation. In 2010, the National Association of Corporate Directors named him as one of the 100 most influential people in corporate governance ("Directorship 100"), based on a survey of 15,000 directors and executives. He holds a B.S. (Molecular Biophysics & Biochemistry), M.A. (Economics), and J.D., all from Yale.
Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
Jonathan R. Macey is Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law at Yale University, and Professor in the Yale School of Management. From 1991 – 2004, Professor Macey was J. DuPratt White Professor of Law, Director of the John M. Olin Program in Law and Economics at Cornell Law School, and Professor of Law and Business at the Cornell University Johnson Graduate School of Business. Professor Macey earned his B.A. cum laude from Harvard in 1977, and his J.D. from Yale Law School in 1982, where he was Article and Book Review editor of The Yale Law Journal. In 1996, Professor Macey received a Ph.D. honoris causa from the Stockholm School of Economics. Following law school, Professor Macey was law clerk to Judge Henry J. Friendly on the U.S. Court of Appeals for the Second Circuit.
Professor Macey is the author of several books including the two-volume treatise, Macey on Corporation Laws, published in 1998 (Aspen Law & Business), and co-author of two leading casebooks, Corporations: Including Partnerships and Limited Liability Companies (2003 Thomson West), which is in its eighth edition, and Banking Law and Regulation (2002 Aspen Law & Business), which is now in its third edition. He also is the author of over 100 scholarly articles. His recent articles have appeared in the Banking Law Journal, the University of Chicago Law Review, the Stanford Law Review, The Yale Law Journal, the Cornell Law Review, the Journal of Law and Economics, and the Brookings Wharton Papers on Financial Institutions. He has published numerous editorials in such publications as The Wall Street Journal, Forbes, The Los Angeles Times, and The National Law Journal.
Professor Macey has taught at major universities throughout the world, including Bocconi University (Milan), the University of Tokyo; the University of Toronto; the University of Turin, the University of Amsterdam Department of Finance, and the Stockholm School of Economics, Department of Law. He also has been Professor of Law at the University of Chicago (1990) and Visiting Professor of Law at Harvard Law School (1999). Professor Macey is a Senior Research Fellow at the International Centre for Economic Research (ICER) in Turin, Italy. Professor Macey also serves on the Academic Advisory Board (Comitato Scientifico) of the Associazione Disiano Preite for the study of corporate law (per lo studio del diritto dell’impresa). In 1995, Professor Macey was awarded the Paul M. Bator prize for excellence in Teaching, Scholarship and Public Service by the Federalist Society for Law and Public Policy. In 1996, he received a Ph.D., honoris causa from the Stockholm School of Economics. And in 1998, he received the D.P. Jacobs prize for the most significant paper in volume 6 of the Journal of Financial Intermediation for his paper (co-authored with Maureen O’Hara), “The Law & Economics of Best Execution.”
In 1999 Professor Macey was made an honorary Fellow of the Society For Advanced Legal Studies. In 2000, Professor Macey became a member of the Legal Advisory Committee to the Board of Directors of the New York Stock Exchange. In 2001 Professor Macey was appointed a Bertil Daniellson Distinguished Visiting Professor in Banking and Finance at the Stockholm School of Economics. In 2002 Professor Macey was appointed to the Economic Advisory Board of the National Association of Securities Dealers (NASD). In 2004 Professor Macey was awarded a Teaching Award by the Yale Law Women in recognition of his “commitment to excellence in teaching, mentoring and inspiring.” In 2005 Professor Macey became a member of the Board of Editors of Thomson West Publishing Company.
Benjamin Mazur Summer Research Professor of Law Affiliated Faculty, Ford Motor Company Center for Global Citizenship, Northwestern University School of Law
Jide Nzelibe joined Northwestern's faculty as an assistant professor in 2004 became a full Professor in 2008. He served as the Bigelow Teaching Fellow and Lecturer in Law at the University of Chicago before joining Northwestern Law. In addition to his JD from Yale Law School, he also holds an MPA in international relations from Princeton University, where he was awarded a fellowship from the Woodrow Wilson Foundation and a pre-doctoral fellowship from the Ford Foundation. His research and teaching interests include international trade, foreign relations law, public and private international law and contracts.
Vice President for Legal Affairs, Cato Institute
Roger Pilon is the Cato’s Institute’s vice president for legal affairs, the founding director of Cato’s Robert A. Levy Center for Constitutional Studies, the inaugural holder of Cato’s B. Kenneth Simon Chair in Constitutional Studies, and the founding publisher of the Cato Supreme Court Review.
Prior to joining Cato, Pilon held five senior posts in the Reagan administration, including at State and Justice, and was a national fellow at Stanford’s Hoover Institution. In 1989 the Bicentennial Commission presented him with its Benjamin Franklin Award for excellence in writing on the U.S. Constitution. In 2001 Columbia University’s School of General Studies awarded him its Alumni Medal of Distinction. Pilon lectures and debates at universities and law schools across the country and testifies often before Congress.
His writing has appeared in the Wall Street Journal, the Washington Post, the New York Times, the Los Angeles Times, Legal Times, National Law Journal, Harvard Journal of Law and Public Policy, Stanford Law and Policy Review, and elsewhere. He has appeared on ABC’s Nightline, CBS’s 60 Minutes II, Fox News Channel, NPR, CNN, MSNBC, CNBC, C-SPAN, and other media.
Pilon holds a BA from Columbia University, an MA and a PhD from the University of Chicago, and a JD from the George Washington University School of Law.
Senior Fellow, Cato Institute
Doug Bandow is a senior fellow at the Cato Institute, specializing in foreign policy and civil liberties. He worked as special assistant to President Reagan and editor of the political magazine Inquiry. He writes regularly for leading publications such as Fortune magazine, National Interest, Wall Street Journal, and Washington Times. Bandow speaks frequently at academic conferences, on college campuses, and to business groups. Bandow has been a regular commentator on ABC, CBS, NBC, CNN, Fox News Channel, and MSNBC. He holds a J.D. from Stanford University.
Senior Fellow, Cato Institute
Doug Bandow is a senior fellow at the Cato Institute, specializing in foreign policy and civil liberties. He worked as special assistant to President Reagan and editor of the political magazine Inquiry. He writes regularly for leading publications such as Fortune magazine, National Interest, Wall Street Journal, and Washington Times. Bandow speaks frequently at academic conferences, on college campuses, and to business groups. Bandow has been a regular commentator on ABC, CBS, NBC, CNN, Fox News Channel, and MSNBC. He holds a J.D. from Stanford University.
Director, Federal Housing Finance Agency
Mark Calabria is the Director of the Federal Housing Finance Agency.
He was formerly the chief economist for Vice President Mike Pence. Prior to that, he served as Director of Financial Regulation Studies at the Cato Institute. Before joining Cato in 2009, he spent six years as a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs. In that position, Calabria handled issues related to housing, mortgage finance, economics, banking and insurance for Ranking Member Richard Shelby (R-AL). Prior to his service on Capitol Hill, Calabria served as Deputy Assistant Secretary for Regulatory Affairs at the U.S. Department of Housing and Urban Development, and also held a variety of positions at Harvard University’s Joint Center for Housing Studies, the National Association of Home Builders and the National Association of Realtors. Calabria has also been a Research Associate with the U.S. Census Bureau’s Center for Economic Studies.
He has extensive experience evaluating the impacts of legislative and regulatory proposals on financial and real estate markets, with particular emphasis on how policy changes in Washington affect low and moderate income households.
He holds a doctorate in economics from George Mason University.
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