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.
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.
Class of 1965 Associate Professor of Financial Regulation, Associate Professor of Legal Studies & Business Ethics, The Wharton School of the University of Pennsylvania
Peter Conti-Brown is an assistant professor of legal studies and business ethics at The Wharton School of the University of Pennsylvania. A financial historian and a legal scholar, Professor Conti-Brown studies central banking, financial regulation, and public finance, with a particular focus on the history and policies of the US Federal Reserve System. He is author of the book The Power and Independence of the Federal Reserve (Princeton University Press 2016), the editor of two other books, and author or co-author of a dozen articles on central banking, financial regulation, and bank corporate governance. He has been widely quoted in print and online media on central banking and has testified before the US Senate Banking Committee on reforming the Federal Reserve. He holds degrees from Harvard College, Stanford Law School, and Princeton University’s Department of History. He is currently at work on a single-volume, comprehensive history of the US Federal Reserve.
Professor Conti-Brown is married and the father of two children.
Partner, Boyden Gray PLLC
Trent McCotter is a partner with Boyden Gray PLLC. He previously served as Deputy Associate Attorney General of the United States and as an Assistant U.S. Attorney.
Mr. McCotter maintains an extensive appellate practice. He has considerable experience identifying and briefing cases that draw the Supreme Court’s attention, having persuaded the Court to grant certiorari in numerous cases raising issues of sovereignty, constitutional rights, due process, and criminal law. He has authored and submitted over 60 briefs at the Court.
He has also personally argued more than fifteen federal appeals across the Second, Fourth, Fifth, Sixth, Ninth, Eleventh, Federal, and D.C. Circuits—including once arguing three separate appeals in just four days. He has also twice argued before the 17-judge en banc Fifth Circuit. He has been counsel in over 50 other appeals raising matters from FOIA and the APA to constitutional rights and statutory construction.
As Deputy Associate Attorney General, Mr. McCotter oversaw DOJ’s Civil Appellate and Federal Programs branches, which are responsible for defending nearly all major litigation against the federal government. During his three years as a federal trial attorney in the Eastern District of Virginia’s “Rocket Docket,” Mr. McCotter won the Attorney General’s Award for Distinguished Service.
During his DOJ tenures, Mr. McCotter also assisted with the confirmations of two Supreme Court justices and over a dozen lower-court judges.
Mr. McCotter served as an inaugural clerk to the Hon. Steven J. Menashi on the U.S. Court of Appeals for the Second Circuit and also clerked for the Hon. R. Lanier Anderson III on the U.S. Court of Appeals for the Eleventh Circuit.
Senior Fellow, Bank Policy Institute
Jeremy Newell is a senior fellow at the Bank Policy Institute and recognized expert in banking law and financial services regulatory policy matters. As a former partner at Covington & Burling, Federal Reserve attorney and supervisor, and general counsel at both the Bank Policy Institute and The Clearing House Association, Jeremy has spent his career helping banks and other financial institutions to understand and navigate a rapidly-evolving regulatory environment and address complex and high-stakes legal and policy challenges. He is also a frequent speaker, writer, and teacher on U.S. bank regulation and the international framework for financial institutions.
Chairman & Co-Founder, Cynosure Group
Randal Quarles is Chairman and co-founder of The Cynosure Group. Before founding Cynosure, Mr. Quarles was a long-time partner of the Carlyle Group, where he began the firm’s program of investments in the financial services industry during the 2008 financial crisis.
From October 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system’s first Vice Chairman for Supervision, charged specifically with ensuring stability of the financial sector. He also served as the Chairman of the Financial Stability Board (“FSB”) from December 2018 until December 2021; a global body established after the Great Financial Crisis to coordinate international efforts to enhance financial stability. In both positions, he played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, successfully preventing widespread global disruption of the financial system. As FSB Chairman, he was a regular delegate to the finance ministers’ meetings of the G-7 and G20 Groups of nations and to the Summit meetings of the G20. As Fed Vice Chair, he was a permanent member of the Federal Open Market Committee, the body that sets monetary policy for the United States.
Earlier in his career, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department’s activities in financial sector and capital markets policy, including coordination of the President’s Working Group on Financial Markets.
Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs, where he had a key role in response to several international crises. Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, a member of the Air Transportation Stabilization Board, and board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis.
Between his tours of duty in public service, Mr. Quarles was a partner with the law firm of Davis Polk & Wardwell, working at various times in both the New York and London offices, where he was co-head of the firm’s financial institutions practice and advised on transactions that included a number of the largest financial sector mergers ever completed.
Mr. Quarles received an A.B. summa cum laude in philosophy and economics from Columbia in 1981 and a J.D. from the Yale Law School in 1984.
Partner, Gibson, Dunn & Crutcher, and Former United States Secretary of Labor
Eugene Scalia is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher, co-chair of the firm’s Administrative Law and Regulatory Practice Group, and a senior member of the firm’s Labor and Employment Practice Group and Financial Institutions Practice Group. He returned to the firm after serving as U.S. Secretary of Labor from September 2019 to January 2021.
Mr. Scalia has a nationally-prominent practice in two areas: Labor and employment law, and advice and litigation regarding the regulatory obligations of federal administrative agencies. He also has extensive appellate experience. Federal regulatory actions he has challenged include the SEC’s “proxy access” rule; the CFTC’s “position limits’” rule; MetLife’s designation as “too big to fail” by the Financial Services Oversight Council; the Labor Department’s “fiduciary” rule; and OSHA’s “cooperative compliance program.”
As Labor Secretary, Mr. Scalia engaged at the highest level with national employment policy and matters affecting the financial services industry and international trade, overseeing the enforcement and administration of more than 180 federal employment laws covering more than 150 million workers and 10 million workplaces. He also served as Chair of the Board of Directors of the Pension Benefit Guaranty Corporation and as a member of the White House Coronavirus Task Force. He was closely involved in the drafting and implementation of the CARES Act and other coronavirus-related legislation. Laws administered by the Labor Department also include the workplace safety requirements of OSHA and the Mine Safety and Health Administration, federal minimum wage and overtime protections, the anti-discrimination requirements applicable to federal contractors, and ERISA’s protection of the more than $11 trillion held in employee retirement plans and health plans.
Mr. Scalia served from 2002 to 2003 as Solicitor of the U.S. Department of Labor, with responsibility for all Labor Department litigation and legal advice on rulemakings and administrative law. He is the only person to have served as both Solicitor and Secretary of Labor.
He also served at the U.S. Department of Justice as a Special Assistant to the Attorney General, receiving the Department’s Edmund J. Randolph Award in 1993.
In private practice, Mr. Scalia has represented employers in high-profile matters under the National Labor Relations Act and in class actions and collective actions under Title VII, the Americans with Disabilities Act, the Age Discrimination in Employment Act, ERISA, and federal and state wage hour laws. He has extensive experience in federal district court, the courts of appeals, and in the arbitration of employment disputes. He has been a leading authority on “whistleblower” investigations and litigation since the 2002 enactment of the Sarbanes-Oxley Act. Mr. Scalia also counsels employers on reductions-in-force and the proper conduct of harassment and discrimination investigations. He has provided pro bono representation to workers in discrimination matters, wrongful separation disputes, and other matters.
Mr. Scalia is a Senior Fellow of the Administrative Conference of the United States, a federal agency that makes recommendations to Congress and the Executive Branch on ways to improve the administrative process. He is the author of more than 30 articles and papers on labor and employment law, administrative law, and other subjects. Among other accolades, he has been named an “Employment MVP,” a “Securities MVP,” and an “Appellate MVP” by Law360. The National Law Journal recognized Mr. Scalia as a “Visionary” for his litigation against financial regulatory agencies, and the Nation magazine has called him a “fearsome litigator.” He has been a Lecturer in labor and employment law at the University of Chicago Law School.
Mr. Scalia graduated cum laude from the University of Chicago Law School, where he was editor-in-chief of the Law Review. He graduated With Distinction from the University of Virginia in 1985 and was a speechwriter for Education Secretary William J. Bennett before attending law school. Mr. Scalia and his wife Trish have seven children.
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.
Class of 1965 Associate Professor of Financial Regulation, Associate Professor of Legal Studies & Business Ethics, The Wharton School of the University of Pennsylvania
Peter Conti-Brown is an assistant professor of legal studies and business ethics at The Wharton School of the University of Pennsylvania. A financial historian and a legal scholar, Professor Conti-Brown studies central banking, financial regulation, and public finance, with a particular focus on the history and policies of the US Federal Reserve System. He is author of the book The Power and Independence of the Federal Reserve (Princeton University Press 2016), the editor of two other books, and author or co-author of a dozen articles on central banking, financial regulation, and bank corporate governance. He has been widely quoted in print and online media on central banking and has testified before the US Senate Banking Committee on reforming the Federal Reserve. He holds degrees from Harvard College, Stanford Law School, and Princeton University’s Department of History. He is currently at work on a single-volume, comprehensive history of the US Federal Reserve.
Professor Conti-Brown is married and the father of two children.
Partner, Boyden Gray PLLC
Trent McCotter is a partner with Boyden Gray PLLC. He previously served as Deputy Associate Attorney General of the United States and as an Assistant U.S. Attorney.
Mr. McCotter maintains an extensive appellate practice. He has considerable experience identifying and briefing cases that draw the Supreme Court’s attention, having persuaded the Court to grant certiorari in numerous cases raising issues of sovereignty, constitutional rights, due process, and criminal law. He has authored and submitted over 60 briefs at the Court.
He has also personally argued more than fifteen federal appeals across the Second, Fourth, Fifth, Sixth, Ninth, Eleventh, Federal, and D.C. Circuits—including once arguing three separate appeals in just four days. He has also twice argued before the 17-judge en banc Fifth Circuit. He has been counsel in over 50 other appeals raising matters from FOIA and the APA to constitutional rights and statutory construction.
As Deputy Associate Attorney General, Mr. McCotter oversaw DOJ’s Civil Appellate and Federal Programs branches, which are responsible for defending nearly all major litigation against the federal government. During his three years as a federal trial attorney in the Eastern District of Virginia’s “Rocket Docket,” Mr. McCotter won the Attorney General’s Award for Distinguished Service.
During his DOJ tenures, Mr. McCotter also assisted with the confirmations of two Supreme Court justices and over a dozen lower-court judges.
Mr. McCotter served as an inaugural clerk to the Hon. Steven J. Menashi on the U.S. Court of Appeals for the Second Circuit and also clerked for the Hon. R. Lanier Anderson III on the U.S. Court of Appeals for the Eleventh Circuit.
Senior Fellow, Bank Policy Institute
Jeremy Newell is a senior fellow at the Bank Policy Institute and recognized expert in banking law and financial services regulatory policy matters. As a former partner at Covington & Burling, Federal Reserve attorney and supervisor, and general counsel at both the Bank Policy Institute and The Clearing House Association, Jeremy has spent his career helping banks and other financial institutions to understand and navigate a rapidly-evolving regulatory environment and address complex and high-stakes legal and policy challenges. He is also a frequent speaker, writer, and teacher on U.S. bank regulation and the international framework for financial institutions.
Chairman & Co-Founder, Cynosure Group
Randal Quarles is Chairman and co-founder of The Cynosure Group. Before founding Cynosure, Mr. Quarles was a long-time partner of the Carlyle Group, where he began the firm’s program of investments in the financial services industry during the 2008 financial crisis.
From October 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system’s first Vice Chairman for Supervision, charged specifically with ensuring stability of the financial sector. He also served as the Chairman of the Financial Stability Board (“FSB”) from December 2018 until December 2021; a global body established after the Great Financial Crisis to coordinate international efforts to enhance financial stability. In both positions, he played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, successfully preventing widespread global disruption of the financial system. As FSB Chairman, he was a regular delegate to the finance ministers’ meetings of the G-7 and G20 Groups of nations and to the Summit meetings of the G20. As Fed Vice Chair, he was a permanent member of the Federal Open Market Committee, the body that sets monetary policy for the United States.
Earlier in his career, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department’s activities in financial sector and capital markets policy, including coordination of the President’s Working Group on Financial Markets.
Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs, where he had a key role in response to several international crises. Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, a member of the Air Transportation Stabilization Board, and board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis.
Between his tours of duty in public service, Mr. Quarles was a partner with the law firm of Davis Polk & Wardwell, working at various times in both the New York and London offices, where he was co-head of the firm’s financial institutions practice and advised on transactions that included a number of the largest financial sector mergers ever completed.
Mr. Quarles received an A.B. summa cum laude in philosophy and economics from Columbia in 1981 and a J.D. from the Yale Law School in 1984.
Partner, Gibson, Dunn & Crutcher, and Former United States Secretary of Labor
Eugene Scalia is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher, co-chair of the firm’s Administrative Law and Regulatory Practice Group, and a senior member of the firm’s Labor and Employment Practice Group and Financial Institutions Practice Group. He returned to the firm after serving as U.S. Secretary of Labor from September 2019 to January 2021.
Mr. Scalia has a nationally-prominent practice in two areas: Labor and employment law, and advice and litigation regarding the regulatory obligations of federal administrative agencies. He also has extensive appellate experience. Federal regulatory actions he has challenged include the SEC’s “proxy access” rule; the CFTC’s “position limits’” rule; MetLife’s designation as “too big to fail” by the Financial Services Oversight Council; the Labor Department’s “fiduciary” rule; and OSHA’s “cooperative compliance program.”
As Labor Secretary, Mr. Scalia engaged at the highest level with national employment policy and matters affecting the financial services industry and international trade, overseeing the enforcement and administration of more than 180 federal employment laws covering more than 150 million workers and 10 million workplaces. He also served as Chair of the Board of Directors of the Pension Benefit Guaranty Corporation and as a member of the White House Coronavirus Task Force. He was closely involved in the drafting and implementation of the CARES Act and other coronavirus-related legislation. Laws administered by the Labor Department also include the workplace safety requirements of OSHA and the Mine Safety and Health Administration, federal minimum wage and overtime protections, the anti-discrimination requirements applicable to federal contractors, and ERISA’s protection of the more than $11 trillion held in employee retirement plans and health plans.
Mr. Scalia served from 2002 to 2003 as Solicitor of the U.S. Department of Labor, with responsibility for all Labor Department litigation and legal advice on rulemakings and administrative law. He is the only person to have served as both Solicitor and Secretary of Labor.
He also served at the U.S. Department of Justice as a Special Assistant to the Attorney General, receiving the Department’s Edmund J. Randolph Award in 1993.
In private practice, Mr. Scalia has represented employers in high-profile matters under the National Labor Relations Act and in class actions and collective actions under Title VII, the Americans with Disabilities Act, the Age Discrimination in Employment Act, ERISA, and federal and state wage hour laws. He has extensive experience in federal district court, the courts of appeals, and in the arbitration of employment disputes. He has been a leading authority on “whistleblower” investigations and litigation since the 2002 enactment of the Sarbanes-Oxley Act. Mr. Scalia also counsels employers on reductions-in-force and the proper conduct of harassment and discrimination investigations. He has provided pro bono representation to workers in discrimination matters, wrongful separation disputes, and other matters.
Mr. Scalia is a Senior Fellow of the Administrative Conference of the United States, a federal agency that makes recommendations to Congress and the Executive Branch on ways to improve the administrative process. He is the author of more than 30 articles and papers on labor and employment law, administrative law, and other subjects. Among other accolades, he has been named an “Employment MVP,” a “Securities MVP,” and an “Appellate MVP” by Law360. The National Law Journal recognized Mr. Scalia as a “Visionary” for his litigation against financial regulatory agencies, and the Nation magazine has called him a “fearsome litigator.” He has been a Lecturer in labor and employment law at the University of Chicago Law School.
Mr. Scalia graduated cum laude from the University of Chicago Law School, where he was editor-in-chief of the Law Review. He graduated With Distinction from the University of Virginia in 1985 and was a speechwriter for Education Secretary William J. Bennett before attending law school. Mr. Scalia and his wife Trish have seven children.
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