Judge, United States Court of Appeals, Sixth Circuit
The Honorable Joan L. Larsen is a judge of the United States Court of Appeals for the Sixth Circuit. She was nominated by the President on May 8, 2017 and confirmed by the Senate on November 1, 2017. Before her appointment to the federal bench, Judge Larsen served two terms as a Justice of the Michigan Supreme Court, where she was the court’s liaison to Michigan’s drug, sobriety, mental health and veteran’s courts.
Before becoming a judge, Judge Larsen was a faculty member at the University of Michigan Law School, where she was also Special Counsel to the Dean and received the L. Hart Wright Award for Excellence in Teaching. Judge Larsen's research and teaching interests included constitutional law, criminal procedure, statutory interpretation, and presidential power. Judge Larsen continues to assist the law school as the adviser to the Henry M. Campbell Moot Court Competition.
Judge Larsen began her legal career as a law clerk to the Hon. David B. Sentelle of the United States Court of Appeals for the D.C. Circuit and to Justice Antonin Scalia of the Supreme Court of the United States. Following her clerkships, she joined the law firm of Sidley Austin, where she was a member of the Constitutional, Criminal, and Civil Litigation Section. She later served as Deputy Assistant Attorney General in the United States Department of Justice, Office of Legal Counsel.
Judge Larsen graduated first in her class from Northwestern University School of Law, where she served as articles editor of the Northwestern University Law Review and earned the John Paul Stevens Award for Academic Excellence. She received her B.A., with highest honors, from the University of Northern Iowa.
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.
Duke University Law School, Stanley A. Star Distinguished Professor of Law & Business
Steven L. Schwarcz is the Stanley A. Star Distinguished Professor of Law & Business at Duke University and Founding Director of Duke’s interdisciplinary Global Capital Markets Center (now renamed the Global Financial Markets Center). His areas of research and scholarship include insolvency and bankruptcy law, international finance, capital markets, systemic risk, corporate governance, and commercial law. (Links to his scholarship are at http://law.duke.edu/fac/schwarcz/.) He holds a bachelor’s degree in aerospace engineering (summa cum laude) and a Juris Doctor from Columbia Law School. Prior to joining the Duke faculty, he was a partner at two of the world’s leading law firms and Visiting Lecturer at Yale Law School. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition), is one of the most widely used texts in the field.
Professor Schwarcz has also been the Leverhulme Visiting Professor at the University of Oxford, Visiting Professor at the University of Geneva Faculty of Law, Lecturer in Law at Columbia Law School, Senior Fellow at The University of Melbourne Law School, Visiting Fellow at Ludwig-Maximilians-Universitat Munchen (LMU) Center for Advanced Studies, Guest Professor at Shanghai University of International Business and Economics, Distinguished Visiting Professor at University College London (UCL) Faculty of Laws, Distinguished Honorary Professor, University of Durham Law School, the MacCormick Fellow at The University of Edinburgh School of Law, the Liberty Fellow at the University of Leeds School of Law (scheduled for May-June 2020), and an adviser to the United Nations. He has given numerous endowed or distinguished public lectures, including at The University of Hong Kong, the University of Oxford (the Leverhulme Lectures 2010, available at http://www.law.ox.ac.uk/published/leverhulme2010.php), Georgetown University Law Center, National University of Singapore, University of Florence, Leiden University, Radboud University Nijmegen, Trinity College Dublin School of Law, and The National Assembly of the Republic of Korea. He has served as an expert at meetings of the World Economic Forum. He also has given numerous keynote speeches, including at annual conferences of the European Central Bank, the Corporate Law Teachers Association of Australia, New Zealand, and Asia-Pacific, the National Business Law Scholars Conference (at The University of Chicago Law School), Moody’s Corporation, and the Asian Securitisation Forum.
Additionally, Professor Schwarcz has testified before the U.S. Congress on topics including systemic risk, securitization, credit rating agencies, and financial regulation and has advised several U.S. and foreign governmental agencies on the financial crisis and shadow banking. His writings include Systemic Risk, 97 Georgetown Law Journal 193, the second most cited law review article of 2008; he also has been recognized as the world’s second most cited scholar, 2010-2014 and again 2013-2017, in commercial, contract, and bankruptcy law. He is also a Fellow of the American College of Bankruptcy, a Founding Member of the International Insolvency Institute, a Fellow of the American College of Commercial Finance Lawyers, Business Law Advisor to the American Bar Association Section on Business Law, a member of P.R.I.M.E. Finance’s Panel of Recognized International Market Experts in Finance, and Senior Fellow of The Centre for International Governance Innovation (CIGI).
George Mason University Foundation Professor of Law, Antonin Scalia Law School, George Mason University
TODD J. ZYWICKI is George Mason University Foundation Professor of Law at Antonin Scalia Law School at George Mason University and Research Fellow of the George Mason Law and Economics Center. During the Fall 2023 semester he served as the Visiting Scholar in Conservative Thought and Policy for the Bruce Benson Center for the Study of Western Civilization at the University of Colorado-Boulder. From 2020-2021 he was Chair of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law. In 2021 he was inducted to the American College of Consumer Financial Services Lawyers. He is also a Senior Fellow of the F.A. Hayek Program for the Advanced Study of Politics, Philosophy, and Economics at George Mason University and a former Senior Fellow of the Cato Institute. From 2015-2017 he was Executive Director of the George Mason Law and Economics Center. He served as Co-Editor of the Supreme Court Economic Review from 2006-2017. From 2003-2004, Professor Zywicki served as the Director of the Office of Policy Planning at the Federal Trade Commission. He has also taught at Vanderbilt University Law School, Georgetown University Law Center, Boston College Law School, Mississippi College School of Law, and China University of Political Science and Law.
Professor Zywicki clerked for Judge Jerry E. Smith of the U.S. Court of Appeals for the Fifth Circuit and worked as an associate at Alston & Bird in Atlanta, Georgia, where he practiced bankruptcy and commercial law. He received his J.D. from the University of Virginia, where he was executive editor of the Virginia Tax Review and John M. Olin Scholar in Law and Economics. Professor Zywicki also received an M.A. in Economics from Clemson University and an A.B. cum Laude with high honors in his major from Dartmouth College.
Professor Zywicki is also a Lone Mountain Fellow of the Property and Environment Research Center, a Fellow of the International Centre for Economic Research in Turin, Italy, and a former Senior Fellow of the Goldwater Institute. During the Fall 2008 Semester Professor Zywicki was the Searle Fellow of the George Mason University School of Law and was a 2008-09 W. Glenn Campbell and Rita Ricardo-Campbell National Fellow and the Arch W. Shaw National Fellow at the Hoover Institution on War, Revolution and Peace. He has lectured and consulted with government officials around the world, including Iceland, Italy, Japan, and Guatemala. In 2006 Professor Zywicki served as a Member of the United States Department of Justice Study Group on “Identifying Fraud, Abuse and Errors in the United States Bankruptcy System.”
Professor Zywicki is the author of more than 130 articles in leading law reviews and peer-reviewed economics journals. He is one of the Top 10 most-cited law professors in the field of Commercial Law and one of the Top 25 law professors on Twitter as measured by engagement levels. He is one of the Top 50 Most Downloaded Law Authors at the Social Science Research Network. He has testified multiple times before Congress on issues of consumer bankruptcy law and consumer credit and is a frequent commentator on legal issues in the print and broadcast media, including the Wall Street Journal, New York Times, The Washington Post, The Washington Times, Nightline, The Newshour with Jim Lehrer, Neil Cavuto Show, Fox & Friends, Smerconish, Fox News @ Night with Shannon Bream, Fox Business, CNN, CNBC, Bloomberg News, BBC, The Diane Rehm Show, Lou Dobbs Show, Jerry Doyle Show, and The Laura Ingraham Show.
Professor Zywicki is former Chairman and a current member of the Board of Directors of the Competitive Enterprise Institute, and is a member of the Board of Directors of the Institute for Humane Studies, Bill of Rights Institute, the Executive Committee for the Federalist Society's Financial Institutions and E-Commerce Practice Group, the Board of Trustees of the Foundation for Research on Economics and the Environment. He formerly served on the Governing Board and the Advisory Council for the Financial Services Research Program at George Washington University School of Business. He is currently the Chair of the Academic Advisory Council for the following organizations: The Bill of Rights Institute, the film “We the People in IMAX,” and the McCormick-Tribune Foundation “Freedom Museum” in Chicago, Illinois. He is a member of the Board of Visitors of Ralston College and was a member of the Board of Trustees of Yorktown University. From 2005-2009 he served as an elected Alumni Trustee of the Dartmouth College Board of Trustees.
Judge, United States Court of Appeals, Sixth Circuit
The Honorable Joan L. Larsen is a judge of the United States Court of Appeals for the Sixth Circuit. She was nominated by the President on May 8, 2017 and confirmed by the Senate on November 1, 2017. Before her appointment to the federal bench, Judge Larsen served two terms as a Justice of the Michigan Supreme Court, where she was the court’s liaison to Michigan’s drug, sobriety, mental health and veteran’s courts.
Before becoming a judge, Judge Larsen was a faculty member at the University of Michigan Law School, where she was also Special Counsel to the Dean and received the L. Hart Wright Award for Excellence in Teaching. Judge Larsen's research and teaching interests included constitutional law, criminal procedure, statutory interpretation, and presidential power. Judge Larsen continues to assist the law school as the adviser to the Henry M. Campbell Moot Court Competition.
Judge Larsen began her legal career as a law clerk to the Hon. David B. Sentelle of the United States Court of Appeals for the D.C. Circuit and to Justice Antonin Scalia of the Supreme Court of the United States. Following her clerkships, she joined the law firm of Sidley Austin, where she was a member of the Constitutional, Criminal, and Civil Litigation Section. She later served as Deputy Assistant Attorney General in the United States Department of Justice, Office of Legal Counsel.
Judge Larsen graduated first in her class from Northwestern University School of Law, where she served as articles editor of the Northwestern University Law Review and earned the John Paul Stevens Award for Academic Excellence. She received her B.A., with highest honors, from the University of Northern Iowa.
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.
Duke University Law School, Stanley A. Star Distinguished Professor of Law & Business
Steven L. Schwarcz is the Stanley A. Star Distinguished Professor of Law & Business at Duke University and Founding Director of Duke’s interdisciplinary Global Capital Markets Center (now renamed the Global Financial Markets Center). His areas of research and scholarship include insolvency and bankruptcy law, international finance, capital markets, systemic risk, corporate governance, and commercial law. (Links to his scholarship are at http://law.duke.edu/fac/schwarcz/.) He holds a bachelor’s degree in aerospace engineering (summa cum laude) and a Juris Doctor from Columbia Law School. Prior to joining the Duke faculty, he was a partner at two of the world’s leading law firms and Visiting Lecturer at Yale Law School. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition), is one of the most widely used texts in the field.
Professor Schwarcz has also been the Leverhulme Visiting Professor at the University of Oxford, Visiting Professor at the University of Geneva Faculty of Law, Lecturer in Law at Columbia Law School, Senior Fellow at The University of Melbourne Law School, Visiting Fellow at Ludwig-Maximilians-Universitat Munchen (LMU) Center for Advanced Studies, Guest Professor at Shanghai University of International Business and Economics, Distinguished Visiting Professor at University College London (UCL) Faculty of Laws, Distinguished Honorary Professor, University of Durham Law School, the MacCormick Fellow at The University of Edinburgh School of Law, the Liberty Fellow at the University of Leeds School of Law (scheduled for May-June 2020), and an adviser to the United Nations. He has given numerous endowed or distinguished public lectures, including at The University of Hong Kong, the University of Oxford (the Leverhulme Lectures 2010, available at http://www.law.ox.ac.uk/published/leverhulme2010.php), Georgetown University Law Center, National University of Singapore, University of Florence, Leiden University, Radboud University Nijmegen, Trinity College Dublin School of Law, and The National Assembly of the Republic of Korea. He has served as an expert at meetings of the World Economic Forum. He also has given numerous keynote speeches, including at annual conferences of the European Central Bank, the Corporate Law Teachers Association of Australia, New Zealand, and Asia-Pacific, the National Business Law Scholars Conference (at The University of Chicago Law School), Moody’s Corporation, and the Asian Securitisation Forum.
Additionally, Professor Schwarcz has testified before the U.S. Congress on topics including systemic risk, securitization, credit rating agencies, and financial regulation and has advised several U.S. and foreign governmental agencies on the financial crisis and shadow banking. His writings include Systemic Risk, 97 Georgetown Law Journal 193, the second most cited law review article of 2008; he also has been recognized as the world’s second most cited scholar, 2010-2014 and again 2013-2017, in commercial, contract, and bankruptcy law. He is also a Fellow of the American College of Bankruptcy, a Founding Member of the International Insolvency Institute, a Fellow of the American College of Commercial Finance Lawyers, Business Law Advisor to the American Bar Association Section on Business Law, a member of P.R.I.M.E. Finance’s Panel of Recognized International Market Experts in Finance, and Senior Fellow of The Centre for International Governance Innovation (CIGI).
George Mason University Foundation Professor of Law, Antonin Scalia Law School, George Mason University
TODD J. ZYWICKI is George Mason University Foundation Professor of Law at Antonin Scalia Law School at George Mason University and Research Fellow of the George Mason Law and Economics Center. During the Fall 2023 semester he served as the Visiting Scholar in Conservative Thought and Policy for the Bruce Benson Center for the Study of Western Civilization at the University of Colorado-Boulder. From 2020-2021 he was Chair of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law. In 2021 he was inducted to the American College of Consumer Financial Services Lawyers. He is also a Senior Fellow of the F.A. Hayek Program for the Advanced Study of Politics, Philosophy, and Economics at George Mason University and a former Senior Fellow of the Cato Institute. From 2015-2017 he was Executive Director of the George Mason Law and Economics Center. He served as Co-Editor of the Supreme Court Economic Review from 2006-2017. From 2003-2004, Professor Zywicki served as the Director of the Office of Policy Planning at the Federal Trade Commission. He has also taught at Vanderbilt University Law School, Georgetown University Law Center, Boston College Law School, Mississippi College School of Law, and China University of Political Science and Law.
Professor Zywicki clerked for Judge Jerry E. Smith of the U.S. Court of Appeals for the Fifth Circuit and worked as an associate at Alston & Bird in Atlanta, Georgia, where he practiced bankruptcy and commercial law. He received his J.D. from the University of Virginia, where he was executive editor of the Virginia Tax Review and John M. Olin Scholar in Law and Economics. Professor Zywicki also received an M.A. in Economics from Clemson University and an A.B. cum Laude with high honors in his major from Dartmouth College.
Professor Zywicki is also a Lone Mountain Fellow of the Property and Environment Research Center, a Fellow of the International Centre for Economic Research in Turin, Italy, and a former Senior Fellow of the Goldwater Institute. During the Fall 2008 Semester Professor Zywicki was the Searle Fellow of the George Mason University School of Law and was a 2008-09 W. Glenn Campbell and Rita Ricardo-Campbell National Fellow and the Arch W. Shaw National Fellow at the Hoover Institution on War, Revolution and Peace. He has lectured and consulted with government officials around the world, including Iceland, Italy, Japan, and Guatemala. In 2006 Professor Zywicki served as a Member of the United States Department of Justice Study Group on “Identifying Fraud, Abuse and Errors in the United States Bankruptcy System.”
Professor Zywicki is the author of more than 130 articles in leading law reviews and peer-reviewed economics journals. He is one of the Top 10 most-cited law professors in the field of Commercial Law and one of the Top 25 law professors on Twitter as measured by engagement levels. He is one of the Top 50 Most Downloaded Law Authors at the Social Science Research Network. He has testified multiple times before Congress on issues of consumer bankruptcy law and consumer credit and is a frequent commentator on legal issues in the print and broadcast media, including the Wall Street Journal, New York Times, The Washington Post, The Washington Times, Nightline, The Newshour with Jim Lehrer, Neil Cavuto Show, Fox & Friends, Smerconish, Fox News @ Night with Shannon Bream, Fox Business, CNN, CNBC, Bloomberg News, BBC, The Diane Rehm Show, Lou Dobbs Show, Jerry Doyle Show, and The Laura Ingraham Show.
Professor Zywicki is former Chairman and a current member of the Board of Directors of the Competitive Enterprise Institute, and is a member of the Board of Directors of the Institute for Humane Studies, Bill of Rights Institute, the Executive Committee for the Federalist Society's Financial Institutions and E-Commerce Practice Group, the Board of Trustees of the Foundation for Research on Economics and the Environment. He formerly served on the Governing Board and the Advisory Council for the Financial Services Research Program at George Washington University School of Business. He is currently the Chair of the Academic Advisory Council for the following organizations: The Bill of Rights Institute, the film “We the People in IMAX,” and the McCormick-Tribune Foundation “Freedom Museum” in Chicago, Illinois. He is a member of the Board of Visitors of Ralston College and was a member of the Board of Trustees of Yorktown University. From 2005-2009 he served as an elected Alumni Trustee of the Dartmouth College Board of Trustees.
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.
Partner, Davis Polk & Wardwell LLP
Mr. Douglas is a partner in Davis Polk’s Financial Institutions Group, heading the firm’s bank regulatory practice and focusing on bank restructuring and resolutions and other issues arising from the current banking and financial crisis. He has been involved in some of the most difficult and sensitive matters during the crisis, including advising the boards of directors of Indymac and Bank United, counseling Citigroup with respect to FDIC matters, advising various parties on the fallout from the failure of Washington Mutual and advising various private equity firms on proposed investments in troubled or failed banks.
Mr. Douglas was appointed General Counsel of the Federal Deposit Insurance Corporation in 1987 and continued in that capacity through 1989. This was a period of unprecedented stress on the financial system, and he was involved in the major bank failures and restructurings of the late 1980s, participated in the landmark Financial Institutions Regulatory Reform and Restructuring Act of 1989 and assisted in the organization of the Resolution Trust Corporation.
Mr. Douglas is regarded as one of the leading bank insolvency lawyers in the nation.
Judge, United States Court of Appeals, Sixth Circuit
The Honorable Joan L. Larsen is a judge of the United States Court of Appeals for the Sixth Circuit. She was nominated by the President on May 8, 2017 and confirmed by the Senate on November 1, 2017. Before her appointment to the federal bench, Judge Larsen served two terms as a Justice of the Michigan Supreme Court, where she was the court’s liaison to Michigan’s drug, sobriety, mental health and veteran’s courts.
Before becoming a judge, Judge Larsen was a faculty member at the University of Michigan Law School, where she was also Special Counsel to the Dean and received the L. Hart Wright Award for Excellence in Teaching. Judge Larsen's research and teaching interests included constitutional law, criminal procedure, statutory interpretation, and presidential power. Judge Larsen continues to assist the law school as the adviser to the Henry M. Campbell Moot Court Competition.
Judge Larsen began her legal career as a law clerk to the Hon. David B. Sentelle of the United States Court of Appeals for the D.C. Circuit and to Justice Antonin Scalia of the Supreme Court of the United States. Following her clerkships, she joined the law firm of Sidley Austin, where she was a member of the Constitutional, Criminal, and Civil Litigation Section. She later served as Deputy Assistant Attorney General in the United States Department of Justice, Office of Legal Counsel.
Judge Larsen graduated first in her class from Northwestern University School of Law, where she served as articles editor of the Northwestern University Law Review and earned the John Paul Stevens Award for Academic Excellence. She received her B.A., with highest honors, from the University of Northern Iowa.
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.
Duke University Law School, Stanley A. Star Distinguished Professor of Law & Business
Steven L. Schwarcz is the Stanley A. Star Distinguished Professor of Law & Business at Duke University and Founding Director of Duke’s interdisciplinary Global Capital Markets Center (now renamed the Global Financial Markets Center). His areas of research and scholarship include insolvency and bankruptcy law, international finance, capital markets, systemic risk, corporate governance, and commercial law. (Links to his scholarship are at http://law.duke.edu/fac/schwarcz/.) He holds a bachelor’s degree in aerospace engineering (summa cum laude) and a Juris Doctor from Columbia Law School. Prior to joining the Duke faculty, he was a partner at two of the world’s leading law firms and Visiting Lecturer at Yale Law School. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition), is one of the most widely used texts in the field.
Professor Schwarcz has also been the Leverhulme Visiting Professor at the University of Oxford, Visiting Professor at the University of Geneva Faculty of Law, Lecturer in Law at Columbia Law School, Senior Fellow at The University of Melbourne Law School, Visiting Fellow at Ludwig-Maximilians-Universitat Munchen (LMU) Center for Advanced Studies, Guest Professor at Shanghai University of International Business and Economics, Distinguished Visiting Professor at University College London (UCL) Faculty of Laws, Distinguished Honorary Professor, University of Durham Law School, the MacCormick Fellow at The University of Edinburgh School of Law, the Liberty Fellow at the University of Leeds School of Law (scheduled for May-June 2020), and an adviser to the United Nations. He has given numerous endowed or distinguished public lectures, including at The University of Hong Kong, the University of Oxford (the Leverhulme Lectures 2010, available at http://www.law.ox.ac.uk/published/leverhulme2010.php), Georgetown University Law Center, National University of Singapore, University of Florence, Leiden University, Radboud University Nijmegen, Trinity College Dublin School of Law, and The National Assembly of the Republic of Korea. He has served as an expert at meetings of the World Economic Forum. He also has given numerous keynote speeches, including at annual conferences of the European Central Bank, the Corporate Law Teachers Association of Australia, New Zealand, and Asia-Pacific, the National Business Law Scholars Conference (at The University of Chicago Law School), Moody’s Corporation, and the Asian Securitisation Forum.
Additionally, Professor Schwarcz has testified before the U.S. Congress on topics including systemic risk, securitization, credit rating agencies, and financial regulation and has advised several U.S. and foreign governmental agencies on the financial crisis and shadow banking. His writings include Systemic Risk, 97 Georgetown Law Journal 193, the second most cited law review article of 2008; he also has been recognized as the world’s second most cited scholar, 2010-2014 and again 2013-2017, in commercial, contract, and bankruptcy law. He is also a Fellow of the American College of Bankruptcy, a Founding Member of the International Insolvency Institute, a Fellow of the American College of Commercial Finance Lawyers, Business Law Advisor to the American Bar Association Section on Business Law, a member of P.R.I.M.E. Finance’s Panel of Recognized International Market Experts in Finance, and Senior Fellow of The Centre for International Governance Innovation (CIGI).
George Mason University Foundation Professor of Law, Antonin Scalia Law School, George Mason University
TODD J. ZYWICKI is George Mason University Foundation Professor of Law at Antonin Scalia Law School at George Mason University and Research Fellow of the George Mason Law and Economics Center. During the Fall 2023 semester he served as the Visiting Scholar in Conservative Thought and Policy for the Bruce Benson Center for the Study of Western Civilization at the University of Colorado-Boulder. From 2020-2021 he was Chair of the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law. In 2021 he was inducted to the American College of Consumer Financial Services Lawyers. He is also a Senior Fellow of the F.A. Hayek Program for the Advanced Study of Politics, Philosophy, and Economics at George Mason University and a former Senior Fellow of the Cato Institute. From 2015-2017 he was Executive Director of the George Mason Law and Economics Center. He served as Co-Editor of the Supreme Court Economic Review from 2006-2017. From 2003-2004, Professor Zywicki served as the Director of the Office of Policy Planning at the Federal Trade Commission. He has also taught at Vanderbilt University Law School, Georgetown University Law Center, Boston College Law School, Mississippi College School of Law, and China University of Political Science and Law.
Professor Zywicki clerked for Judge Jerry E. Smith of the U.S. Court of Appeals for the Fifth Circuit and worked as an associate at Alston & Bird in Atlanta, Georgia, where he practiced bankruptcy and commercial law. He received his J.D. from the University of Virginia, where he was executive editor of the Virginia Tax Review and John M. Olin Scholar in Law and Economics. Professor Zywicki also received an M.A. in Economics from Clemson University and an A.B. cum Laude with high honors in his major from Dartmouth College.
Professor Zywicki is also a Lone Mountain Fellow of the Property and Environment Research Center, a Fellow of the International Centre for Economic Research in Turin, Italy, and a former Senior Fellow of the Goldwater Institute. During the Fall 2008 Semester Professor Zywicki was the Searle Fellow of the George Mason University School of Law and was a 2008-09 W. Glenn Campbell and Rita Ricardo-Campbell National Fellow and the Arch W. Shaw National Fellow at the Hoover Institution on War, Revolution and Peace. He has lectured and consulted with government officials around the world, including Iceland, Italy, Japan, and Guatemala. In 2006 Professor Zywicki served as a Member of the United States Department of Justice Study Group on “Identifying Fraud, Abuse and Errors in the United States Bankruptcy System.”
Professor Zywicki is the author of more than 130 articles in leading law reviews and peer-reviewed economics journals. He is one of the Top 10 most-cited law professors in the field of Commercial Law and one of the Top 25 law professors on Twitter as measured by engagement levels. He is one of the Top 50 Most Downloaded Law Authors at the Social Science Research Network. He has testified multiple times before Congress on issues of consumer bankruptcy law and consumer credit and is a frequent commentator on legal issues in the print and broadcast media, including the Wall Street Journal, New York Times, The Washington Post, The Washington Times, Nightline, The Newshour with Jim Lehrer, Neil Cavuto Show, Fox & Friends, Smerconish, Fox News @ Night with Shannon Bream, Fox Business, CNN, CNBC, Bloomberg News, BBC, The Diane Rehm Show, Lou Dobbs Show, Jerry Doyle Show, and The Laura Ingraham Show.
Professor Zywicki is former Chairman and a current member of the Board of Directors of the Competitive Enterprise Institute, and is a member of the Board of Directors of the Institute for Humane Studies, Bill of Rights Institute, the Executive Committee for the Federalist Society's Financial Institutions and E-Commerce Practice Group, the Board of Trustees of the Foundation for Research on Economics and the Environment. He formerly served on the Governing Board and the Advisory Council for the Financial Services Research Program at George Washington University School of Business. He is currently the Chair of the Academic Advisory Council for the following organizations: The Bill of Rights Institute, the film “We the People in IMAX,” and the McCormick-Tribune Foundation “Freedom Museum” in Chicago, Illinois. He is a member of the Board of Visitors of Ralston College and was a member of the Board of Trustees of Yorktown University. From 2005-2009 he served as an elected Alumni Trustee of the Dartmouth College Board of Trustees.
Central Bank Digital Currencies: A New Tool for Government Control?
Joan Larsen, Randal K. Quarles, Steven L. Schwarcz, Todd J. Zywicki
Central Bank Digital Currencies (CBDC) are the subject of global debate. While proponents see CBDC...
Central Bank Digital Currencies: A New Tool for Government Control?
Joan Larsen, Randal K. Quarles, Steven L. Schwarcz, Todd J. Zywicki
Central Bank Digital Currencies (CBDC) are the subject of global debate. While proponents see CBDC...
Central Bank Digital Currencies: A New Tool for Government Control?
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