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.
Senior Fellow and Director of Finance Policy, Competitive Enterprise Institute
John Berlau is a senior fellow and Director of Finance Policy at the Competitive Enterprise Institute. His work focuses on how public policy affects access to capital, entrepreneurship, and investments made by the public and business community alike. In recent years, he has studied the consequences of financial reform efforts passed by Congress like the Sarbanes-Oxley Act, the government’s response to the 2008 financial crisis including the Dodd-Frank Act, the placement of Fannie Mae and Freddie Mac into conservatorship, and the rise of cryptocurrency.
He is also the author of the book George Washington: Entrepreneur: How Our Founding Father’s Private Business Pursuits Changed America and the World. The book received rave reviews in the Wall Street Journal and other forums, and was endorsed by eminent historians and scholars such as Richard Brookhiser, Amity Shlaes, and Craig Shirley.
Berlau is a contributing writer for Forbes. His work has been published and cited in The Wall Street Journal, The New York Times, The Washington Post, Financial Times, Bloomberg News, The Atlantic, Politico, Daily Caller, Washington Examiner, Investor’s Business Daily, National Journal, National Review, American Spectator, Reason Magazine, and more. He is a frequent guest on radio and television programs, including CNBC’s “The Call,” “Power Lunch” and “Closing Bell,” Fox News’ “Fox & Friends” and “Your World with Neil Cavuto,” and Fox Business’ “Cavuto.”
He has testified on the impact of financial regulation before the House Committee on Financial Services and the House Committee on Energy and Commerce. A recognized expert on the phenomenon of crowdfunding, Berlau has spoken at prominent conferences such as South by Southwest Interactive in Austin, Money 20/20 in Las Vegas, the FinTech Global Expo in San Diego, the CFGE Crowdfund Banking and Lending Summit in San Francisco and the Crowdfund Intermediary Regulatory Advocates (CFIRA) Summit in Washington, D.C. He is also author of the widely cited paper “Declaration of Crowdfunding Independence: Finance of the People, by the People, and for the People.”
Berlau is an award-winning financial and political journalist. He served as Washington correspondent for Investor’s Business Daily and as a staff writer for Insight magazine, published by The Washington Times. In 2002, he received the Sandy Hume Memorial Award for Excellence in Political Journalism from Washington’s National Press Club. He was a media fellow at the Hoover Institution in 2003. He graduated from the University of Missouri-Columbia in 1994 with degrees in journalism and economics.
Senior Counsel, Willkie Farr & Gallagher LLP
J. Christopher “Chris” Giancarlo is senior counsel at Willkie Farr & Gallagher LLP, based in the firm’s New York office. Chris served as the thirteenth Chairman of the U.S. Commodity Futures Trading Commission (CFTC), where he oversaw regulation of the futures, options and swaps derivatives markets. Chris was also a successful entrepreneur helping GFI Group Inc. grow into a leading trading platform and technology vendor to global markets for OTC swaps and other derivatives and managing GFI’s successful private equity financing and IPO.
Chris is a renowned blockchain technology advocate and key contributor to the global discourse on cryptocurrencies and digital assets. During his tenure at the CFTC (2014-2019), Chris oversaw the first bitcoin futures products entering the marketplace and applied a “Do No Harm” regulatory approach towards blockchain technology.
Chris has testified often about financial and derivatives markets before the U.S. Congress and EU Parliament and is a frequent guest on broadcast radio and television, including BloombergTV, CNBC, Fox Business and the BBC, as well as podcasts such as “Unchained” and “CoinDesk.” Chris has written and spoken extensively on public policy, legal and other matters involving technology and the financial markets and has authored numerous white papers, articles and op-eds that have been published in The Wall Street Journal, Financial Times, Cato Journal, New York Law Journal, Les Echos and Coinbase.
Chris has over 45,000 followers on Twitter as @giancarloMKTS where he is known as “CryptoDad.”
Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute
Norbert Michel is vice president and director of the Cato Institute’s Center for Monetary and Financial Alternatives, where he specializes on issues pertaining to financial markets and monetary policy. Michel was most recently the Director for Data Analysis at the Heritage Foundation where he edited, and contributed chapters, to two books: The Case Against Dodd–Frank: How the “Consumer Protection” Law Endangers Americans, and Prosperity Unleashed: Smarter Financial Regulation
Michel was previously a tenured professor at Nicholls State University’s College of Business, teaching finance, economics and statistics. Before that, he worked at Heritage as a tax policy analyst in the think tank’s Center for Data Analysis from 2002 to 2005. He previously was with the global energy company Entergy, where he worked on models to help predict bankruptcies of commercial clients.
Michel holds a doctoral degree in financial economics from the University of New Orleans. He received his bachelor of business administration degree in finance and economics from Loyola University. He currently resides in Virginia.
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,...
Deep Dive Episode 127 – Should the Fed Create Fedcoin, Digital Dollars, and Fed Accounts?
John Berlau, J. Christopher Giancarlo, Norbert J. Michel
As cryptocurrencies have proliferated in the private sector, central banks are now contemplating getting into...
Book Review: The End of Money and the Struggle for Financial Privacy by Richard Rahn
John Pickering
Several years ago, before the White House had a Y2K czar and before CNN had...