THE SYSTEMIC RISK COUNCIL - Key Persons

Job Titles:

• Professor of Entrepreneurship

SIMON JOHNSON is the Ronald A. Kurtz (1954) Professor of Entrepreneurship the MIT Sloan School of Management, where he is head of the Global Economics and Management group. In 2007-08 he was chief economist at the International Monetary Fund, and he currently co-chairs the CFA Institute® Systemic Risk Council. In February 2021, Johnson joined the board of directors of Fannie Mae. Johnson's most recent book, with Jon Gruber, Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream, explains how to create millions of good new jobs around the U.S., through renewed public investment in research and development. This proposal has attracted bipartisan support. Johnson was previously a senior fellow at the Peterson Institute for International Economics in Washington, D.C., a cofounder of BaselineScenario.com, and a member of the Federal Deposit Insurance Corporation's Systemic Resolution Advisory Committee. From July 2014 to 2017, Johnson was a member of the Financial Research Advisory Committee of the U.S. Treasury's Office of Financial Research (OFR), within which he chaired the Global Vulnerabilities Working Group. "The Quiet Coup" received over a million views when it appeared in The Atlantic in early 2009. His book 13 Bankers: the Wall Street Takeover and the Next Financial Meltdown (with James Kwak), was an immediate bestseller and has become one of the mostly highly regarded books on the financial crisis. Their follow-up book on U.S. fiscal policy, White House Burning: The Founding Fathers, Our National Debt, and Why It Matters for You, won praise across the political spectrum. Johnson's academic research on economic development, corporate finance, political economy, and public health is widely cited. "For his articulate and outspoken support for public policies to end too-big-to-fail", Johnson was named a Main Street Hero by the Independent Community Bankers of America (ICBA) in 2013.

Job Titles:

• Banker

Former member of executive board Deutsche Bundesbank, founding member of the Supervisory Board of the European Central Bank;' board member Bank of International Settlements Andreas Raymond Dombret is German-American banker who served as member of the executive board of Deutsche Bundesbank from 2010 until 2018. In that capacity, he held responsibility for Banking and Financial Supervision, Financial Stability, Markets, Risk Controlling, Statistics, Economic Education and the Bundesbank's representatives abroad. From 2014 until 2018 Andreas served as a founding member of the Supervisory Board of the European Central Bank, and from 2012 until 2018 on the Board of the Bank for International Settlements. During his term, Andreas acted as the Bundesbank deputy at the IMF, the OECD, the G7 and the G20 and represented the German central bank on the Basel Committee. Earlier in his career, Andreas was Vice Chairman of Bank of America Global Investment Banking in Europe, the Middle East and Africa. Prior to this, he served as co-head of Rothschild Germany after having spent 10 years as Managing Director with JP Morgan in London and Frankfurt. Andreas started his career at Deutsche Bank headquarters. After retiring from public office, Andreas Dombret continued to serve on the board of Basel-based Bank for International Settlements until the end of 2018 and subsequently assumed a portfolio of advisory mandates at various firms including Oliver Wyman, Santander, Sumitomo Mitsui Bank and Houlihan Lokey, the US investment bank. Andreas teaches at Columbia University in New York City as well as at the European Business School in Wiesbaden while serving on the Board of the European School for Management and Technology in Berlin. He holds dual German and American citizenships.

Job Titles:

• Professor of the Graduate School at the University of California, Berkeley

Christina Romer is Professor of the Graduate School at the University of California, Berkeley, and a research associate of the National Bureau of Economic Research (NBER). She is a specialist in economic history and macroeconomics, and is best known for her work on the causes of the Great Depression, the conduct and effects of macroeconomic policy, and the impact of financial crises. Professor Romer served as chair of the Council of Economic Advisers from January 2009 to September 2010. She was co-director of the Program in Monetary Economics at the NBER from 2003 to 2008 and from 2010 to 2018, and is a member of the NBER Business Cycle Dating Committee. She recently completed terms as president of both the American Economic Association and the Western Economic Association International. Professor Romer graduated from the College of William & Mary and received her Ph.D. from the Massachusetts Institute of Technology. She is a fellow of the American Academy of Arts and Sciences, a distinguished fellow of the American Economic Association, and recipient of the Distinguished Teaching Award from the University of California, Berkeley.

Job Titles:

• Business and Former Auditor

Dr. Elke König is a German MBA in business and former auditor. In December 2014, she became the first Chair of the newly established Single Resolution Board (SRB) of the Single Resolution Mechanism headquartered in Brussels. She served as Chair of the SRB until January 2023, when her second term expired. Previously, Dr. König was President of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) from 2012 until 2015. After qualifying in business administration and obtaining a doctorate, she spent many years working for companies in the financial and insurance sector including KPMG Deutsche Treuhandgesellschaft in Cologne, Munich Re Group (Head of Accounting),and ; Hannover Rückversicherung AG as Chief Financial Officer. From 2010 to the end of 2011, Dr König was a member of the International Accounting Standards Board (IASB) in London.

Job Titles:

• Chairman

Job Titles:

• Chairman Emeritus
• Adjunct Professor and Chair of the Millstein Center for Global Markets
• Fellow of the American Academy of Arts & Sciences
• Life Trustee and Former Chairman of the Board of the Central Park Conservancy
• Senior Partner at the International Law Firm Weil
• Senior Partner, Weil Gotshal & Manges LLP

Ira M. Millstein is a senior partner at the international law firm Weil, Gotshal & Manges LLP, where in addition to practicing in the areas of government regulation and antitrust law representing General Electric, Matsushita and others, he has counseled numerous boards on issues of corporate governance, including the boards of General Motors, Westinghouse, Bethlehem Steel, WellChoice (fka, Empire Blue Cross), the California Public Employees' Retirement System (CalPERS), Tyco International, The Walt Disney Co., the New York State Metropolitan Transportation Authority, The Ford Foundation, The Nature Conservancy and Planned Parenthood Federation of America, among others. In addition to his active legal practice, Mr. Millstein is an adjunct professor and Chair of The Millstein Center for Global Markets and Corporate Ownership at Columbia Law School and an adjunct professor at Columbia Business School. He was formerly the Senior Associate Dean for Corporate Governance and the Theodore Nierenberg Adjunct Professor of Corporate Governance at the Yale School of Management; Adjunct Professor at New York University School of Law; and Fellow of the Faculty of Government at Harvard University's J.F.K. School of Government. Mr. Millstein was appointed by former Governor George Pataki as Chairman of a New York State Commission on Public Authority Reform, which led to the 2009 Public Authorities Reform Act and, 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 Chairman Emeritus, having served as Chairman from 1999-2005, of the Private Sector Advisory Group to the Global Corporate Governance Forum founded by The World Bank and the Organization for Economic Cooperation and Development (OECD). He served as Chairman of the OECD Business Sector Advisory Group on Corporate Governance in 1997-1998 and 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) in 1998-1999. In 1997, he was appointed by Vice-President Gore and Prime Minister Chernomyrdin to the U.S.-Russia Capital Markets Forum Working Group on Investor Protection. In 1996, Mr. Millstein chaired the National Association of Corporate Directors' Blue Ribbon Commission on Director Professionalism. He formerly has served as Chairman of the Board of Advisors of Columbia University's Center for Law & Economic Studies' Institutional Investor Project; Chairman of the New York State Pension Investment Task Force. Mr. Millstein formerly served as a member of the Advisory Council of Transparency International, the Yale School of Management Advisory Board, the Board of the National Association of Corporate Directors (NACD) and as former Chairman of the NACD's Center for Board Leadership. Mr. Millstein is a former Chairman of the Antitrust Law Sections of both the American Bar Association and the New York State Bar Association. In 2014, Mr. Millstein received Columbia Law School's most prestigious award, The Medal for Excellence. In 2007, the Columbia Engineering School Alumni Association awarded him the inaugural Samuel Johnson Medal for Distinguished Achievement. In June 2006, the National Law Journal named Mr. Millstein to its list of 100 Most Influential Lawyers in America. In 2001, he received the first Award for Excellence in Corporate Governance by the International Corporate Governance Network. In 1998, Columbia Business School awarded Mr. Millstein the Benjamin Botwinick Prize for Ethical Practice in the Professions for his pioneering work in the corporate governance movement. Mr. Millstein was awarded an Honorary Doctorate of Humane Letters by Yeshiva University in 1988 and, in 1980, awarded by the French Government the rank of "Chevalier" (Knight) of the National Order of Merit. Mr. Millstein is an elected Fellow of the American Academy of Arts & Sciences and a frequent lecturer and author on corporate governance, antitrust, and government regulation. Included among his many publications are: The Recurrent Crisis in Corporate Governance (co-author, Palgrave, 2003; paperback by Stanford University Press, August 2004); a trilogy of articles published in The Business Lawyer - "The Evolution of the Certifying Board" (1992), "The Professional Board" (1995), and "The Responsible Board" (1997); The Limits of Corporate Power (co-author, MacMillan, 1981); The Impact of the Modern Corporation (co-editor, Columbia University Press, 1984); The Battle for Corporate Control: Shareholder Rights, Stakeholder Interests, and Managerial Responsibility (contributing author, New York University, 1991); and "Can the Board of Directors Help the American Corporation Earn the Immortality It Holds So Dear?" in The U.S. Business Corporation: An Institution in Transition (contributing co-author, American Academy of Arts & Sciences, Ballinger Publishing Co., 1988). Mr. Millstein is a Life Trustee and former Chairman of the Board of the Central Park Conservancy (1991-1999) and is currently Chairman of the Central Park Conservancy Institute for Urban Parks. He is Chairman Emeritus and member of the Board of Overseers of the Albert Einstein College of Medicine (1977-present), Chairman Emeritus of the Board of Trustees of the American Red Cross of Greater New York (2008-present) and Emeritus Director for New Yorkers for Parks. Mr. Millstein currently serves as pro bono counsel to the Board of Directors of the Lower Manhattan Development Corporation, the agency overseeing the redevelopment of Lower Manhattan and is a dedicated member of the Board of Directors of the National September 11 Memorial & Museum at the World Trade Center. He serves as a member of the Board of Governors of the City Center of Music and Drama, Inc.; is an Honorary Founding Co-Chair of the American College of Governance Counsel and is a founding member of the Board of the Systemic Risk Council. Mr. Millstein is a graduate of Columbia Law School and holds a B.S. in Engineering from Columbia School of Engineering.

Job Titles:

• Professor of International Banking and Professor of Finance at the Wharton School

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.

Job Titles:

• Chairman of the Board
• Senior Advisor

Jean-Claude Trichet is the chairperson of the Board of Directors of Bruegel, Honorary chairman of the Group of Thirty (Washington), European Chairman of the Trilateral Commission and member of the Board of Directors of AIRBUS Group. He is a member of the "Institut de France" (Académie des Sciences Morales et Politiques). Jean-Claude Trichet was President of the European Central Bank, the European Systemic Risk Board and the "Global economy meeting" of Central Bank Governors in Basel until the end of 2011. Previously, he was in charge of the French Treasury for six years and was Governor of the Banque de France for ten years. Earlier in his career, he held positions within the French civil service, including in the Inspectorate Generale des Finances, the Treasury department and as an advisor to the President of France for microeconomics, energy, industry and research (1978-81). Mr. Trichet graduated from the École des Mines de Nancy, the Institut d'Études Politiques de Paris and the University of Paris in Economics. He is a Doctor Honoris Causa of several universities and an alumnus of the École Nationale d'Administration.

Job Titles:

• Co - Founder & Chief Investment Strategist, Grantham Mayo Van Otterloo ( GMO )

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.

Job Titles:

• Trustee of MDRC

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.

Job Titles:

• Member of the Executive Board
• Spanish Economist

José Manuel González Páramo Spanish economist who served as a member of the Executive Board of the European Central Bank (ECB), Executive Board member of Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and Executive Board member of Bank of Spain

Job Titles:

• Executive Director

Kurt Schacht is the Executive Director of the CFA Institute Systemic Risk Council. The Council is a private sector, non-partisan body of former government officials, financial experts, academics and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe (www.systemicriskcouncil.com). During his tenure he has overseen CFA Institute's global policy research, standards, and government relations in New York, London, Brussels, and Hong Kong. He managed the activities of the Global Investment Performance Standards (GIPS®), the CFA Institute Asset Manager Code and the Financial Analysts Journal. Kurt served as Chairman of the Investor Advisory Committee for the U.S. Securities and Exchange Commission (SEC) and a member of the Public Company Accounting Oversight Board (PCAOB) Standing Advisory Group. He served two terms as a Trustee on the IFRS Foundation which oversees the International Accounting Standards Board (IASB) and on the European Commission's Expert Group on Corporate Bond Market Liquidity based in Brussels. He served on the Expert Group for Principles for Responsible Investment of the United Nations Environment Programme

Job Titles:

• Italian Economist
• Professor of Banking and Capital Markets at Sapienza University of Rome

Ms Brogi is an Italian economist, Full Professor of Banking and Capital Markets at Sapienza University of Rome, where she also served as Deputy Dean of the Faculty of Economics (2011-2017). She teaches International Banking and Capital Markets as well as Corporate Governance in graduate, MBA, PhD and executive courses at Sapienza University and other universities in Italy and abroad. She is chairperson of the Scientific Committee of the Italian Financial Risk Managers Association (AIFIRM) and served on the MSCI ESG Thought Leadership Council on Corporate Governance Fundamentals and on the Scientific Committee of the Research Centre of Confindustria (the main association representing manufacturing and service companies in Italy). She is author of numerous publications on corporate governance, banking and capital markets. From January 2014 to June 2016, she was one of the 5 top-ranking independent academics appointed among the 30 members which make up the Securities and Markets Stakeholder Group of the European Securities and Markets Authority (ESMA). In addition, Ms Brogi has served: on various Bank of Italy governance bodies responsible for crisis procedures of banks; at Consob in the selection committee in numerous public competitions; as a consultant to the Ministry of the Interior; and presented her expert opinion to the Italian Senate Labor Committee, the Finance Committee of the Chamber of Deputies and the Italian Senate Finance Committee; and to the Joint Parliamentary Commission on Simplification of Financial Services Regulation. She was appointed by the Italian Labour Ministry for service as a member of the Working Group monitoring the application of the Italian Less represented gender quota law in listed and state-controlled companies. Marina Brogi Full Professor of Banking and Capital Markets at Sapienza University of Rome and a former member of the Securities and Markets Stakeholder Group at the European Securities and Markets Authority

Job Titles:

• Managing Director, Research, Advocacy, and Standards, CFA Institute. Former Secretary General of the International Organization of Securities Commissions ( IOSCO )

Paul P. Andrews oversees the strategic direction and leadership of the Research, Advocacy, and Standards function at CFA Institute, where he seeks to position the organization as an innovator and thought leader in investment management. Previously, he served as Secretary General of the International Organization of Securities Commissions (IOSCO) for two terms. While at IOSCO, Mr. Andrews revamped the strategic direction of IOSCO and oversaw the development of numerous global standards, recommendations, and principles. Mr. Andrews also served as vice president and managing director, international affairs, at the Financial Industry Regulatory Authority (FINRA), where he directed the organization's international engagements and worked closely with key regulators and regulatory bodies worldwide, including IOSCO. In addition, he worked at the US Securities and Exchange Commission, where he worked in the Division of Market Regulation and the Office of the General Counsel. Mr. Andrews has also worked in private legal practice.

Job Titles:

• Senior Advisor to the International Capital Market Association ( ICMA )

Job Titles:

• Managing Director of Allen & Company LLC

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.

Sharon Bowles was an MEP from 2005 to 2014 and chaired the European Parliament's powerful Economic and Monetary Affairs Committee for the entire 7 th legislature (2009 - 2014). This put her at the heart of negotiating the huge range of financial services legislation following on from the financial crisis as well as the highly political economic governance and banking union legislation stemming from the Eurozone sovereign debt crisis. Alongside her in depth, hands-on engagement in amendments and key-note speeches this regularly saw her listed as one of the most influential people in financial services legislation. Sharon also served on the legal affairs committee and was a significant influence on legislation for accounting and audit. She recently became a non-executive director of the London Stock Exchange Group. Sharon has an academic and professional background in engineering, physics, mathematics and intellectual property and was a partner in Bowles Horton, a firm of European Patent and Trade Mark Attorneys that she founded in 1981. In that role she acted for a range of leading technology companies in UK, US, Germany, Japan, Australia and Norway and has extensive experience of commercial negotiation and legal systems.

Job Titles:

• Senior Advisor

Job Titles:

• Chairman

Job Titles:

• Chairman of the Advisory Board

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).