Board Biographies: Systemic Risk Council

11/12/2012 -

Sheila Bair, Chair

Sheila C. Bair served as the 19th Chairman of the Federal Deposit Insurance Corporation for a five-year term, from June 2006 through June 2011.

Chairman Bair has an extensive background in banking and finance in a career that has taken her from Capitol Hill, to academia, to the highest levels of government. Before joining the FDIC in 2006, she was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst since 2002.

Other career experience includes serving as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002), Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000), a Commissioner of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Senate Majority Leader Robert Dole (1981 to 1988).

As FDIC Chairman, Ms. Bair presided over a tumultuous period in the nation’s financial sector, working to bolster public confidence and system stability. Determined not to turn to taxpayer borrowing during the crisis, the FDIC managed its losses and liquidity needs entirely through its traditional industry-funded resources.  In response to the financial crisis, she developed innovative and stabilizing programs that provided temporary liquidity guarantees to unfreeze credit markets and increased deposit insurance limits.  In 2007, she was a singular – and prescient -- advocate for systematic loan modifications to stem the coming tidal wave of foreclosures. Ms. Bair also led FDIC resolution strategies to sell failing banks to healthier institutions, while providing credit support of future losses from failed banks’ troubled loans. That strategy saved the Deposit Insurance Fund $40 billion over losses it would have incurred if the FDIC had liquidated those banks.

Under Ms. Bair’s leadership, the FDIC’s powers and authority were significantly expanded by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The law extends the FDIC’s resolution process to large, systemically-important financial institutions, effectively attacking the doctrine of too-big-to-fail. The FDIC was also given joint authority to order the restructuring of an entity that cannot demonstrate, through a continually-monitored resolution plan, that it can be unwound.

Ms. Bair has been a leading domestic and international advocate for common-sense capital and leverage ratios, including backing a key provision in Dodd-Frank that requires large financial entities to have capital cushions at least as strong as those that apply to U.S. community banks.  As a member of the Basel Committee on Banking Supervision, in 2006 she called for higher bank capital standards, including an international leverage ratio to constrain growing levels of leverage among the world’s major financial institutions.  Financial experts now widely attribute excess leverage as a key driver of the 2008 financial crisis. In 2010, the Basel Committee finally adopted an international leverage ratio.

Ms. Bair’s work at the FDIC also focused on consumer protection and economic inclusion. Under her leadership, the FDIC issued early calls for interagency guidance addressing high-risk mortgages, and was among the first to see the dangers of these unaffordable mortgages to the broader banking sector and to the economy as a whole. She championed the creation of an Advisory Committee on Economic Inclusion, seminal research on small-dollar loan programs, and the formation of broad-based alliances in nine regional markets to bring underserved populations into the financial mainstream.

Known for her focused and effective management style, FDIC employee morale soared under Chairman Bair’s leadership.  Under her leadership, the FDIC achieved a #1 ranking of the "Best Places to Work in the Government for 2011," among more than 200 comparable federal organizations. Moreover, her hands-on approach and strong emphasis on risk management led to the FDIC receiving an “unqualified,” or clean audit from the General Accounting Office (GAO) during every year of her term, a remarkable feat given the many demands on the agency for rapid expansion and loss exposure associated with the resolution of 370 failed banks representing over $650 billion in assets.

Ms. Bair received a number of prestigious honors during her tenure as FDIC Chairman. In 2008 and 2009, Forbes Magazine named Ms. Bair as the second most powerful woman in the world, after Germany's Chancellor Angela Merkel. Also in 2008, Ms. Bair topped The Wall Street Journal's annual 50 "Women to Watch List." In 2009 she was named one of Time Magazine's "Time 100" most influential people; awarded the John F. Kennedy Profile in Courage Award; and received the Hubert H. Humphrey Civil Rights Award. In 2010, Ms. Bair was featured on the cover of TIME Magazine with Mary Schapiro and Elizabeth Warren as “The New Sheriffs of Wall Street.” Also in 2010, she received the Better Business Bureau's Presidents' Award. In December of 2011, subsequent to leaving office, Ms. Bair was named by the Washington Post and Harvard University as one of seven of America’s Top Leaders.

A Kansan by birth; Ms. Bair was inducted into the University of Kansas Women’s Hall of Fame and received the Distinguished Kansan Award from the Native Sons and Daughters of Kansas in 2011.  In May of 2012, she joined fellow KU alumni Robert Dole and Ford CEO Alan Mulally in Lawrence, KS to receive the first honorary doctoral degrees ever granted by their alma mater.

Chairman Bair has also received several honors for her published work on financial issues, including her educational writings on money and finance for children, and for professional achievement. Among the honors she has received are: Distinguished Achievement Award, Association of Education Publishers (2005); Personal Service Feature of the Year, and Author of the Month Awards, Highlights Magazine for Children (2002, 2003 and 2004); and The Treasury Medal (2002). Her first children’s book, Rock, Brock and the Savings Shock, was published in 2006 and her second, Isabel’s Car Wash, in 2008. She is currently working on Bull by the Horns, to be released by Simon and Schuster in September.

Chairman Bair received a bachelor's degree from the University of Kansas in 1975 and a J.D. from the University of Kansas School of Law in 1978. She is married to Scott P. Cooper and has two children.

Brooksley Born 

Brooksley Born is a retired partner of Arnold & Porter LLP where she practiced for more than thirty years.  She was head of the firm’s derivatives practice, chaired its pro bono committee, and served on its policy committee.  From 1996 to 1999 Ms. Born was chair of the U.S. Commodity Futures Trading Commission, the federal agency that oversees futures and commodity option markets, and strongly advocated the need for federal regulation of the over-the-counter derivatives market.  That unregulated market played a significant role in the recent financial crisis.  She also served as a Commissioner on the U.S. Financial Crisis Inquiry Commission from 2009 until early 2011, when the Commission issued its report on the causes of the 2007-2008 financial crisis and resulting economic crisis.

Ms. Born has championed women’s rights, civil rights and the rights of the indigent.  She currently chairs the board of the National Women’s Law Center which she helped to found and has served on the boards of a number of other public interest legal organizations.  She has also served on the boards of the American Bar Association, the American Bar Foundation and ALI-ABA and has chaired a number of ABA entities including the Section of Individual Rights and Responsibilities, the Women’s Caucus, and the Standing Committee on Federal Judiciary.

She has received awards recognizing her public service including the Margaret Brent Women Lawyers of Achievement Award of the ABA Commission on Women in the Profession, the Outstanding Service Award of the Fellows of the American Bar Foundation, the Profile in Courage Award of the John F. Kennedy Library Foundation, the American Lawyer’s Lifetime Achievement Award, the Outstanding Public Interest Advocate of the Year Award of the National Association of Public Interest Law (now Equal Justice Works), and the Woman Lawyer of the Year Award of the Women’s Bar Association of the District of Columbia.

Ms. Born received her law degree from Stanford Law School where she was President of the Stanford Law Review and received the Outstanding Senior Award.  Prior to joining Arnold & Porter LLP, she was a law clerk to Judge Henry W. Edgerton of the U.S. Court of Appeals for the District of Columbia Circuit.

Bill Bradley 

Senator William W. Bradley, 68, is a Managing Director of Allen & Company LLC.  From 2001-2004, he acted as chief outside advisor to McKinsey & Company’s nonprofit practice.  He was a Senior Advisor and Vice Chairman of the International Council of JP Morgan & Co., Inc. from 1997-1999.  During that time, he also worked as an essayist for CBS evening news and was a visiting professor at Stanford University, University of Notre Dame and the University of Maryland.  Senator Bradley served in the U.S. Senate from 1979 – 1997 representing the state of New Jersey.  In 2000, he was a candidate for the Democratic nomination for President of the United States.  Prior to serving in the Senate, he was an Olympic gold medalist in 1964 and a professional basketball player with the New York Knicks from 1967 – 1977 during which time they won 2 NBA championships.  In 1982, he was elected to the Basketball Hall of Fame.  Senator Bradley holds a BA degree in American History from Princeton University and an MA degree from Oxford University where he was a Rhodes Scholar.  He has authored seven books on American politics, culture and economy, including his latest book We Can All Do Better.  Currently, Senator Bradley hosts American Voices, a weekly show on Sirius XM Satellite Radio that highlights the remarkable accomplishments of Americans both famous and unknown.

William Henry Donaldson 

William H. Donaldson is Chairman of Donaldson Enterprises and Chairman of the Advisory Board of Perella Weinberg Partners. He recently served as a member of President Obama’s Economic Recovery Advisory Board. During his career, he served as the 27th Chairman of the Securities and Exchange Commission, Undersecretary of State under Secretary Henry Kissinger, and Council to Vice President Nelson Rockefeller. He was Chairman and CEO of the New York Stock Exchange; Chairman, President and CEO of Aetna Inc.; the Co-Founder, Chairman and CEO of Donaldson Lufkin and Jenrette (DLJ); and founder of DLJ former subsidiary Alliance Capital Management. He has been director of numerous publically held corporations and private businesses. He has also served on boards of many philanthropic, arts and educational institutions, among them the Ford Foundation, Lincoln Center for Performing Arts, Yale University, and the Aspen Institute. He was founding Dean and Professor of Management of the Yale School of Management. Earlier in his career, Mr. Donaldson served as a first lieutenant in the U.S. Marine Corps in the Far Eastern Theatre (Japan-Korea), as a rifle platoon commander and later as aide-de-camp to the Commanding General of the 1st Provisional Marine Air Ground Task Force. He holds a BA from Yale University, an MBA with distinction from Harvard Business School, and he is a Chartered Financial Analyst (CFA).

Harvey Goldschmid

(born May 6, 1940) is currently the Dwight Professor of Law at Columbia Law School. From 2002 to 2005, he served as a member of the Securities & Exchange Commission, where, though a Democrat, often sided with chairman William H. Donaldson.

Professor Goldschmid has been recognized as the most influential SEC Commissioner who did not become a Chair in the agency’s history.

Professor Goldschmid has served as Dwight Professor since 1984, and was an Assistant Professor (1970-71), an Associate Professor (1971-73), and a Professor of Law (1973-84) at Columbia.  He is also Senior Counsel at the law firm of Weil, Gotshal & Manges.  Before serving as an SEC Commissioner, Goldschmid, in 1998-99, was the SEC’s General Counsel (chief legal officer); from January 1 to July 15, 2000, he was Special Senior Advisor to SEC Chairman Arthur Levitt. 

Professor Goldschmid now serves as a Public Governor and Chair of the Regulatory Policy Committee of the Financial Industry Regulatory Authority (FINRA), as a Trustee of the International Financial Reporting Standards (IFRS) Foundation, as a Director of the National Center on Philanthropy and the Law, as a Director of Transparency International-USA, and on the Governing Board (and Vice Chair) of the Center for Audit Quality.  Until recently, he served as Chair of the Board of Directors of the Greenwall Foundation, on the Advisory Board of the Yale’s Millstein Center for Corporate Governance and Performance, on the PCAOB Advisory Council, and as Co-Chair of the IASB/FASB Financial Crisis Advisory Group (“an 18 member panel of senior international leaders with broad experience in the global financial system”).

Professor Goldschmid has been a frequent lecturer at national and international legal programs and conferences, and in recent years, served as a Distinguished Visitor at the American Academy in Berlin, Germany, as Distinguished Fellow in Ethics and Leadership at NYU’s Stern School of Business, and as a Business Law Advisor for the ABA Section of Business Law (“a distinguished leader of the profession” who will share “wisdom and experience with members of the Section”).  He received:  the 2004 Lawrence A. Wien Prize for Social Responsibility from Columbia University (honoring an attorney who puts his “legal skills to work for the public good”); the 1999 Chairman’s Award for Excellence from the SEC; and several teaching awards, including Columbia Law School’s Willis L.M. Reese Award for Excellence in Teaching in both 1996 and 1997.

Professor Goldschmid received his J.D., magna cum laude, from Columbia Law School in 1965 and a B.A., also magna cum laude, from Columbia College in 1962.  He was Articles Editor of the Columbia Law Review and a member of Phi Beta Kappa.  He is the author of numerous publications on corporate, securities, and antitrust law.

Jeremy Grantham

Mr. Grantham co-founded GMO in 1977. Prior to GMO’s founding, Mr. Grantham was co-founder of Batterymarch Financial Management in 1969 where he recommended commercial indexing in 1971, one of several claims to being first. He began his investment career as an economist with Royal Dutch Shell. Mr. Grantham is GMO’s chief investment strategist and is an active member of GMO’s asset allocation division. He is a member of the GMO Board and has also served on investment boards of several non-profit organizations. Mr. Grantham has been featured in Forbes, Barron’s and Business Week and is routinely quoted by the financial press. He earned his undergraduate degree from the University of Sheffield (U.K.) and an M.B.A. from Harvard Business School.

Richard Herring

Richard J. Herring, Jacob Safra Professor of International Banking, Professor of Finance, The Wharton School; Co-Director, Wharton Financial Institutions Center

Richard J. Herring is Jacob Safra Professor of International Banking and Professor of Finance at The Wharton School, University of Pennsylvania, where he is also founding director of the Wharton Financial Institutions Center. From 2000 to 2006, he served as the Director of the Lauder Institute of International Management Studies and from 1995 to 2000, he served as Vice Dean and Director of Wharton’s Undergraduate Division. During 2006, he was a Professorial Fellow at the Reserve Bank of New Zealand and Victoria University and during 2008 he was the Metzler Fellow at Johann Goethe University in Frankfurt.

He is the author of more than 100 articles, monographs and books on various topics in financial regulation, international banking, and international finance.  His most recent book, The Known, the Unknown & the Unknowable in Financial Risk Management (with F. Diebold and N. Doherty) has just been recognized as the most influential book published on the economics or risk management and insurance by the American Risk and Insurance Association.  At various times his research has been funded by grants from the National Science Foundation, the Ford Foundation, the Brookings Institution, the Sloan Foundation, the Council on Foreign Relations, and the Royal Swedish Commission on Productivity.

Outside the university, he is co-chair of the US Shadow Financial Regulatory Committee and Executive Director of the Financial Economist’s Roundtable, a member of the Advisory Board of the European Banking Report in Rome, the Institute for Financial Studies in Frankfurt, and the International Centre for Financial Regulation in London. In addition, he is a member of the FDIC Systemic Risk Advisory Committee and the Stanford University Hoover Institute Working Group on Resolution.  He served as co-chair of the Multinational Banking seminar from 1992–2004 and was a Fellow of the World Economic Forum in Davos from 1992–95. Currently, he is an independent director of the DWS mutual fund complex, the Daiwa closed-end Japanese Equity Fund, the Aberdeen Singapore closed-end fund, and Barclays Bank, Delaware.

Herring received his undergraduate degree from Oberlin College in 1968 and his PhD from Princeton University in 1973. He has been a member of the Finance Department since 1972. He is married, with two children, and lives in Bryn Mawr, Pennsylvania.

Simon Johnson 

Simon Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management and a Professor of Global Economics and Management at the MIT Sloan School of Management.

He is also a senior fellow at the Peterson Institute for International Economics in Washington, D.C., a co-founder of (a much cited website on the global economy), a member of the Congressional Budget Office's Panel of Economic Advisers, and a member of the FDIC’s Systemic Resolution Advisory Committee.

Prof. Johnson is a weekly contributor to's Economix, is a regular Bloomberg columnist, has a monthly article with Project Syndicate that runs in publications around the world, and has published high impact opinion pieces recently in The Washington Post, The Wall Street Journal, The Atlantic, The New Republic, BusinessWeek, and The Financial Times, among other places. In January 2010, he joined The Huffington Post as contributing business editor. Professor Johnson is the co-author, with James Kwak, of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown, a bestselling assessment of the dangers now posed by the US financial sector (published March 2010) and White House Burning:  The Founding Fathers, Our National Debt and Why it Matters to You (April 2012).

In his roles as a professor, research fellow and author, Johnson's speaking engagements include paid appearances before various business groups, including financial institutions and other companies, as well before other groups that may have a political agenda. He is not on the board of any company, does not currently serve as a consultant to anyone, and does not work as an expert witness or conduct sponsored research. His investment portfolio comprises cash and broadly diversified mutual funds; he does not trade stocks, bonds, derivatives or other financial products actively.

From March 2007 through the end of August 2008, Johnson was the International Monetary Fund's Economic Counsellor (chief economist) and Director of its Research Department. He is a co-director of the NBER Africa Project, and works with non-profits and think tanks around the world.

Johnson holds a BA in economics and politics from the University of Oxford, an MA in economics from the University of Manchester, and a PhD in economics from MIT.

For any media requests to Professor Johnson, please contact Michelle Fiorenza:


Hugh F. Johnston 

Hugh F. Johnston is chief financial officer of PepsiCo, which owns the world's largest portfolio of billion-dollar food and beverage brands, including 19 different product lines, each of which generates more than $1 billion in annual retail sales each. PepsiCo's main businesses – Quaker, Tropicana, Gatorade, Frito-Lay, and Pepsi Cola – also make hundreds of other enjoyable and wholesome foods and beverages that are respected household names throughout the world. With net revenues of approximately $60 billion, PepsiCo employs nearly 300,000 people worldwide.

Johnston assumed this role in March 2010, and is responsible for providing strategic financial leadership for the corporation.   He ensures that PepsiCo’s strategic and operating plans, capital allocation, performance management processes, financial systems and controls, and capital structure all position the company to preserve and increase shareholder value.  Johnston is also responsible for leading and developing PepsiCo’s pipeline of outstanding finance talent.  He was recently named one of the Top 100 influential people in Finance.

Johnston joined PepsiCo in 1987, and has served in a variety of positions, including CFO, PepsiCo Beverages and Foods; senior vice president, Mergers and Acquisitions, PepsiCo; president, Pepsi-Cola North America Beverages; and most recently executive vice president, Global Operations, PepsiCo. In this role, Johnston ran the post-merger integration efforts for PepsiCo's bottler transactions with Pepsi Bottling Group and PepsiAmericas, and was responsible for overseeing PepsiCo's Global Procurement and Business Information Systems functions, as well as the company’s Worldwide Concentrate Operations.

Johnston is based in Purchase, N.Y.


  • Bachelor of Science, Syracuse University, Syracuse, N.Y.
  • Master of Business Administration, University of Chicago, Chicago
Affiliations and Appointments:

  • Trustee, College of New Rochelle
  • Board Member, Executive Advisory board, Whitman School of Management at Syracuse University
PepsiCo offers the world's largest portfolio of billion-dollar food and beverage brands, including 22 different product lines that generate more than $1 billion in annual retail sales each. Our main businesses -- Quaker, Tropicana, Gatorade, Frito-Lay, and Pepsi Cola -- also make hundreds of other enjoyable foods and beverages that are respected household names throughout the world. With net revenues of approximately $60 billion, PepsiCo's people are united by our unique commitment to sustainable growth by investing in a healthier future for people and our planet, which we believe also means a more successful future for PepsiCo. We call this commitment Performance with Purpose: PepsiCo's promise to provide a wide range of foods and beverages for local tastes; to find innovative ways to minimize our impact on the environment, including by conserving energy and water usage, and reducing packaging volume; to provide a great workplace for our associates; and to respect, support, and invest in the local communities where we operate. For more information, please visit

Ira Millstein 

Ira M. Millstein is a senior partner at the international law firm Weil, Gotshal & Manges LLP, where he practices in the areas of government regulation and antitrust law, he now counsels boards on issues of corporate governance. In addition to his active legal practice, Mr. Millstein is Director of the Columbia Law School and Business School Program on Global, Economic and Regulatory Interdependence and formerly the Senior Associate Dean for Corporate Governance and the Theodore Nierenberg Adjunct Professor of Corporate Governance at the Yale School of Management.

A graduate of Columbia Law School, Mr. Millstein is a Life Trustee and former Chairman of the Board of the Central Park Conservancy, Chairman Emeritus and member of the Board of Overseers of the Albert Einstein College of Medicine and Chairman Emeritus of the Board of Trustees of the American Red Cross of Greater New York. He serves on the Advisory Council of Transparency International.

Among many distinguished positions and roles, Mr. Millstein has served as Chairman of the OECD Business Sector Advisory Group on Corporate Governance, where he was instrumental in the development of the OECD Principles of Corporate Governance, Co-Chair of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees (sponsored by the New York Stock Exchange and the National Association of Securities Dealers) and Chairman of the National Association of Corporate Directors (NACD) Blue Ribbon Commission on Director Professionalism.  He is an Elected Fellow of the American Academy of Arts & Sciences.

Mr. Millstein is also a dedicated member of the Board of Directors of the National September 11 Memorial & Museum at the World Trade Center. Most recently, Mr. Millstein has played a key role in the reform of New York State’s numerous public authorities, serving at the request of Governors Pataki, Paterson and Cuomo, as Chairman of various task forces charged with overseeing successful implementation of the new public authorities laws.

Mr. Millstein is a frequent lecturer and author on corporate governance, antitrust, and government regulation.

Maureen O’Hara 

Maureen Patricia O'Hara is an American financial economist. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and Acting Director in Graduate Studies at the Samuel Curtis Johnson Graduate School of Management at Cornell University.

She has won numerous awards and grants for her research, served on numerous boards, served as an editor for numerous finance journals, and chaired the dissertations of numerous students.

In addition, she is well-known as the author of Market Microstructure Theory. She was the first female president of the American Finance Association.

Paul O’Neill 


Paul H. O'Neill is active in the world of think tanks and public policy discussion.  He is a director of Qcept Technologies, Inc., Celanese Corp., TRW Automotive Holdings, RAND, The Center for Global Development and The Peterson Institute for International Economics.

Health care - Policy Issue of Interest

O'Neill has become a national leader in tackling the complex issues of health care quality and has long argued that addressing health care with tax incentives is an inadequate approach.

In December 1997, Mr. O’Neill, together with Karen Wolk Feinstein, President of the Jewish Healthcare Foundation, founded the Pittsburgh Regional Healthcare Initiative (PRHI) to address the problems of regional healthcare. 

A PHRI-led collaboration in infection control brought about a 63 percent decline in one type of bloodstream infection across the region—with some hospital units virtually eliminating the infection.  Regional collaboration also led to the establishment of one of the nation’s largest and most robust registry of data concerning coronary artery bypass graft surgery.  Cardiac teams can now glean significant data from over 10,000 cases, yielding nationally important information every day.

Believing that the pace of healthcare improvement nationally has to be substantially increased, in 2005 Mr. O'Neill became non-executive Chairman of Value Capture, LLC, and the Value Capture Policy Institute, where he provides counsel and support to health care executives and policymakers who share his conviction that the value of health care operations can be increased by 50% or more through the pursuit of perfect safety and clinical outcomes.   Value Capture believes American healthcare needs examples of entire healthcare institutions that are demonstrating this level of excellence across their operations – not in limited project focus areas – to learn from.

In 2006, O’Neill said that the Congress should pass a law requiring all Americans who make more than $30,000 a year to purchase catastrophic health care coverage for themselves and their families. The government would then use general revenue funds to purchase health insurance coverage for lower-income people. A second part of his initiative would create a commission to examine flaws in the health care pricing and reimbursement systems. The plan would require the government to set national performance goals for health care institutions.

In 2007, O’Neill said that America should define health care as a right and consider a "pool" to cover health care costs. He proposes assembling 50 experts in process analysis and sending them to five of the nation's best hospitals to identify how to improve processes and then spread those practices to all providers.

Tenure as Secretary of the Treasury

He was appointed the 72nd Secretary of the Treasury Department on January 20, 2001 by President George W. Bush. 

Months after O’Neill was appointed, the country faced 9/11, which in turn precipitated a sudden downturn in U.S. economic growth that closely tied to the economic uncertainty worldwide. Secretary O’Neill helped restore confidence by vowing to eliminate the funding source of terrorist attacks and was instrumental in setting up a special task force within the Department whose purpose was to combat terrorist financing. This initiative ultimately led to the creation of the Office of Terrorism and Financial Intelligence.

Secretary O’Neill was also an outspoken critic on the complexity of our nation’s tax code. He believed the code was inhibiting personal as well as corporate growth in America and became one of the administration’s leading advocates for change. 

Due to major policy differences with the President, O'Neill resigned in December 2002. 

Known for speaking his mind – his story is the centerpiece of a book entitled, The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O'Neill (2004) written by Ron Suskind, a former Wall Street Journal reporter.  


O’Neill began his public service as a computer systems analyst with the US Veterans Administration from 1961 to 1966.  His mastery of federal budget details and process stems from his tenure at the US Office of Management and Budget (OMB) where he joined in 1967, and was deputy director from 1974 to 1977.

O'Neill was vice president of International Paper Company from 1977 to 1985 and was president from 1985 to 1987.

From 1987 to 1999, O'Neill was chairman and CEO of aluminum giant Alcoa, and retired as its chairman in 2000. During his reign, the company's revenues increased from $1.5 billion to $23 billion over thirteen years and had more than 140,000 employees spread across 36 nations. It is here that O’Neill developed a reputation as an independent-minded business leader who put an emphasis on worker safety and employee health plans.

As a testament to O’Neill’s work ethic and dedication to Public Service, he has been awarded many honorary doctorates over the years from various universities and served on a wide variety of committees including the American Red Cross, Peterson Institute for International Economics, and National Leadership Commission on Health Care.  His unique experience transforming an old economy firm into a new economy success has been chronicled as a study by the Harvard Business School, and studied in business schools across the nation. 


O’Neill received a bachelor's degree in Economics from Fresno State College, and a master's degree in Public Administration from Indiana University. He was born in St. Louis, Missouri, on December 4, 1935. His hometown and current residence is Pittsburgh. He and his wife Nancy have four children and 12 grandchildren.

John Shepard Reed  

Mr. Reed was born in Chicago in 1939.  He was raised in Argentina and Brazil.  He came to go to college in the United States and graduated from Washington and Jefferson College and the Massachusetts Institute of Technology in 1961 under a joint degree program earning a BA and a BS degree.  He served as a Lieutenant in the Corp of Engineers, US Army from 1962-64 and then returned to MIT for his MS.

Mr. Reed spent thirty five years with Citibank/Citicorp and Citigroup, the last sixteen years as Chairman.  He retired in April of 2000.

Mr. Reed returned to work as Chairman of the New York Stock Exchange from September 2003 until April 2005 and is currently serving as Chairman of the Corporation of MIT.

Mr. Reed is a Trustee of MDRC, the Isabella Stewart Gardner Museum and the NBER.  He is a Fellow of the American Academy of Arts and Sciences and of the American Philosophical Society. 

John Rogers

President and Chief Executive Officer CFA Institute

John Rogers joined CFA Institute in January 2009 after more than two decades of global experience as an investment practitioner and executive in the Asia-Pacific region and the United States.

Mr. Rogers worked with Citibank and CIGNA in Japan and Australia prior to joining INVESCO. He served as president and chief investment officer of Invesco Asset Management Ltd., Japan, CEO and Co-Chief Investment Officer of Invesco Global Asset Management, N.A., and as CEO of Invesco's worldwide institutional division, with over $200 billion in assets under management and 2,500 employees. After leaving Invesco in 2007, he founded Jade River Capital Management.

Mr. Rogers is a director of numerous boards, endowment, and advisory committees in both the not-for-profit and in the corporate sectors. He earned a BA in history from Yale University and an MA in East Asian studies from Stanford University. Mr. Rogers earned his CFA charter in 1992.

Chester Spatt 

Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University, where he has taught since 1979. He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from July 2004 through July 2007. He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University. 

Professor Spatt is a well-known scholar studying financial economics with broad interests in financial markets.  He has analyzed extensively market structure, pricing and valuation, and the impact of information in the marketplace.  For example, he has been a leading expert on the design of security markets in various settings, mortgage valuation, and taxation and investment strategy. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as Executive Editor and one of the founding editors of the Review of Financial Studies, President and a member of the Founding Committee of the Society for Financial Studies, President of the Western Finance Association, and is currently an Associate Editor of several finance journals. He also is currently a member of the Federal Reserve’s Model Validation Council, a Research Associate of the National Bureau of Economic Research, Senior Economic Adviser to Kalorama Partners, a Member of the Shadow Financial Regulatory Committee as well as the Financial Economists Roundtable and a Fellow of the TIAA—CREF Institute.

Paul Adolph Volcker, Jr. 

In the course of his career, Mr. Volcker worked in the United States Federal Government for almost 30 years, culminating in two terms as Chairman of the Board of Governors of the Federal Reserve System from 1979-1987, a critical period in bringing a high level of inflation to an end.  In earlier stages of his career, Mr. Volcker served as Undersecretary of the Treasury for Monetary Affairs during the early 1970’s, a period of historic change in international monetary arrangements.  He was subsequently President of the Federal Reserve Bank of New York, and in earlier years was an official of The Chase Manhattan Bank.

Mr. Volcker retired as Chairman of Wolfensohn & Co. upon the merger of that firm with Bankers Trust.  From 1996-1999, Mr. Volcker headed  The Independent Committee of Eminent Persons, formed by Swiss and Jewish organizations to investigate deposit accounts and other assets in Swiss banks of victims of Nazi persecution and to arrange for their disposition.  From 2000 – 2005 Mr. Volcker served as Chairman of the Board of Trustees of the newly formed International Accounting Standards Committee overseeing a renewed effort to develop consistent, high-quality accounting standards acceptable in all countries.  Upon leaving public service in 1987, and again in 2003, he headed private, non-partisan Commissions on the Public Service, each recommending a sweeping overhaul of the organization and personnel practices of the United States Federal Government.

In 2004, Mr. Volcker was asked by UN Secretary General Kofi Annan to chair the Independent Inquiry into the United Nations Oil-for-Food Program, resulting in identification of substantial corruption and malfeasance.   In 2007, Mr. Volcker was asked by the President of the World Bank to chair a panel of experts to review the operations of the Department of Institutional Integrity. That effort has culminated in broad reform of the Bank’s anti-corruption effort. In November 2008, President Elect Obama chose Mr. Volcker to head the President’s Economic Recovery Advisory Board which ended in Feb. 2011.

Pursuing his many continuing interests in public policy, Mr. Volcker among his extensive non-profit activities has been former Chairman of the Trilateral Commission and former Chairman of the Trustees of the Group of 30.

Educated at Princeton, Harvard and the London School of Economics, Mr. Volcker is a recipient of honorary doctorates from each of his “alma maters”, as well as a number of other American and foreign universities.

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