Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, a Professor at Columbia’s School of International and Public Affairs, and a Research Associate of the National Bureau of Economic Research. He is a member of the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, the Financial Economists Roundtable, and the Task Force on Property Rights at the Hoover Institution. He has held other positions at the Council on Foreign Relations, the American Enterprise Institute, and the Pew Trusts. He also served on the International Financial Institution Advisory Commission, a US Congressional commission that advised the U.S. government on the reform of multilateral institutions in 1999-2000. In 2011, he was the Houblon-Norman Senior Fellow at the Bank of England. Professor Calomiris received a B.A. in economics from Yale in 1979 and a Ph.D. in economics from Stanford in 1985. His research and teaching span the areas of banking, corporate finance, financial history, and monetary economics. He is the member of numerous editorial boards, has authored many books and scholarly articles, and is the recipient of research grants from the National Science Foundation and others.

Mark Carey, Senior Adviser, Board of Governors of the Federal Reserve

Mark Carey is Senior Adviser in the Division of International Finance at the Federal Reserve Board in Washington, DC.  He is also co-director of the National Bureau of Economic Research’s Risks of Financial Institutions Working Group, which is a mixed group of academics and financial professionals that focuses on risk management at financial firms.  Much of his recent work has been on risk-taking incentives associated with employee compensation practices in the financial services industry and on issues related to systemic risk.  Earlier, he was a founding-father of Basel 2.  Though Dr. Carey is a research economist, he has frequently worked closely with bank examiners.  He has written a lot of technical papers about credit risk and also about corporate debt and corporate finance.  His Ph.D in economics is from Berkeley and his undergraduate degree in economics is from Oberlin College. 

Stijn Claessens, Assistant Director, International Monetary Fund

Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund where he heads the Macro-Financial Unit. Dr. Claessens, a Dutch national, holds a Ph.D. in business economics from the Wharton School of the University of Pennsylvania (1986) and M.A. from Erasmus University, Rotterdam (1984). He started his career teaching at New York University business school (1987) and then worked for fourteen years at the World Bank in various positions (1987-2001). He taught for three years at the University of Amsterdam (2001-2004), where he remains a Professor of International Finance Policy. Prior to his current position, he was Senior Adviser in the Financial and Private Sector Vice-Presidency of the World Bank (2004-2006). Dr. Claessens' policy and research interests are firm finance and corporate governance; risk management; globalization; and business and financial cycles. Over his career, Dr. Claessens has provided policy advice to many countries. His research has been published, among others, in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001), Resolution of Financial Distress (World Bank Institute 2001), A Reader in International Corporate Finance (World Bank 2006) and Macro-Prudential Regulatory Policies: The New Road to Financial Stability (World Scientific Studies in International Economics). He is an Editor of the Journal of Financial Services Research, and an associate editor at the World Bank Economic Review, the IMF Economic Review, and at other journals. He is also a fellow of the London-based CEPR, ECGI (Brussels), AICG (Seoul), Wharton Financial Institutions Center, and a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at Yale University.

H. Rodgin Cohen, Senior Chairman and Partner, Sullivan & Cromwell LLP

H. Rodgin Cohen is a partner and senior chairman at Sullivan & Cromwell LLP. He was chairman of the Firm from July 1, 2000 through December 31, 2009 and has served as its senior chairman since January 1, 2010.

Mr. Cohen has acted in most of the major U.S. bank acquisitions and government-sponsored and capital-raising efforts during the financial crisis and provides corporate governance advice to a large number of financial and non-financial institutions. He played a singular role in the market events that changed the face of the financial services industry and economy, and was recognized by The National Law Journal in March 2010 as one of the “Decade’s Most Influential Lawyers.”

Mr. Cohen is or has been a member of the FDIC Systemic Resolution Advisory Committee, The Pew Financial Reform Project, the IIF Special Committee for a Strategic Dialogue for Effective Regulation, the Treasury Advisory Committee on the Auditing Profession, The New York State Commission to Modernize the Regulation of Financial Services and The Financial Services Roundtable’s Blue Ribbon Commission on Enhancing Competitiveness.

He is a trustee of New York Presbyterian Hospital, Rockefeller University, the Hackley School, Deerfield Academy, Hampton University, Lincoln Center Theater, New York City Partnership and, formerly, the Economic Club of New York. He is also a member of Harvard Law School’s Visiting Committee and the advisory boards of United Way of Westchester-Putnam, the University of Charleston and Wall Street Rising. In May 2010, Mr. Cohen and his wife Barbara received the Servant of Justice Award from the Legal Aid Society.

Asli Demirgüç-Kunt, Director of Development Policy, The World Bank

Asli Demirgüç-Kunt is the Director of Development Policy in the World Bank's Development Economics Vice Presidency (DEC), and Chief Economist of the Financial and Private Sector Network (FPD). After joining the Bank in 1989 as a Young Economist, she has been in different divisions of the Research Group, working on financial sector issues and advising on financial sector policy. She is the lead author of the World Bank Policy Research Report 2007, Finance for All? Policies and Pitfalls in Expanding Access.

The author of over 100 publications, she has published widely in academic journals. Her research has focused on the links between financial development and firm performance and economic development. Banking crises, financial regulation, access to financial services, including SME finance, are among her areas of research. Prior to coming to the Bank, she was an Economist at the Federal Reserve Bank of Cleveland. She holds a Ph.D. and M.A. in economics from the Ohio State University.

Harvey J. Goldschmid, Dwight Professor of Law, Columbia Law School

Harvey J. Goldschmid is Dwight Professor of Law at Columbia Law School. He 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. From 2002-05, Professor Goldschmid served as a Commissioner of the United States Securities and Exchange Commission, and in 1998-99, he 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 Chair of the Board of Directors of the Greenwall Foundation, 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 of the Center for Audit Quality. He is also on the Advisory Board of the Yale’s Millstein Center for Corporate Governance and Performance and on the PCAOB Advisory Council. Until recently he served 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 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.

Lawrence R. Glosten, S. Sloan Colt Professor of Banking and International Finance, Columbia Business School

Lawrence R. Glosten is the S. Sloan Colt Professor of Banking and International Finance at the Columbia Business School. He is also co-director (with Merritt Fox and Ed Greene) of the Program in the Law and Economics of Capital Markets at Columbia Law School and is an adjunct faculty member there. He has been at Columbia since 1989, before which he taught at the Kellogg Graduate School of Management at Northwestern University, and has held visiting appointments at the University of Chicago and the University of Minnesota. He has published articles on the microstructure and industrial organization of securities markets; the relationship between venture capitalists and entrepreneurs; evaluating the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won a Smith Breeden Distinguished Paper Prize. He has served as an editor of the Review of Financial Studies, associate editor of the Journal of Finance and serves on several other editorial boards. He has been a consultant for the New York Stock Exchange, Justice Department, and SEC and has served on the NASDAQ Economic Advisory Board. He received his AB from Occidental College (1973) and his Ph.D. in managerial economics from Northwestern University (1980).

Richard J. Herring, Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania

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 Co-Director of The Wharton Financial Institutions Center. From 2000 to 2006 he served as Director of The Lauder Institute of Management and International Studies, a dual degree program that combines a Wharton MBA with a Masters in International Studies. From 1995 to 2000, he served as Vice Dean and Director of Wharton’s Undergraduate Division.  Outside the University he serves as Co-Chair of the US Shadow Financial Regulatory Committee.  He was a member of the Group Thirty Study Groups on the Reinsurance Industry and on Global Institutions, National Supervision and Systemic Risk. He is currently the 2006 Professorial Fellow in Banking and Monetary Studies sponsored by the Reserve Bank of New Zealand and Victoria University of Wellington.  At various times he has served as a consultant to the IMF and World Bank, as well as the various US regulatory agencies.  Since 1990 he has been a Director of the New York Complex of DWS Scudder Mutual Funds and some of their predecessor organizations.  He is the author of more than 90 articles, monographs and books on various topics in financial regulation and international finance.

R. Glenn Hubbard, Dean and Russell L. Carson Professor of Finance, Columbia Business School

R. Glenn Hubbard is dean of Columbia Business School, where he is also the Russell L. Carson Professor of Finance and Economics.  Dr. Hubbard received his BA and BS degrees summa cum laude from the University of Central Florida, where he received the National Society of Professional Engineers Award.  He also holds AM and PhD degrees in economics from Harvard University.

In addition to writing more than 100 scholarly articles in economics and finance, Dr. Hubbard is the author of three popular textbooks, as well as co-author of Seeds of Destruction; The Mutual Fund Industry; The Aid Trap: Hard Truths About Ending Poverty, and Healthy, Wealthy, and Wise:  Five Steps to a Better Health Care System.  His commentaries appear frequently in Business Week, theWall Street Journal, the New York Times, the Financial Times, the Washington Post, Nikkei, and the Daily Yomiuri, as well as on television and radio.

In government, Dr. Hubbard served as deputy assistant secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993.  From 2001 until 2003, he was chairman of the U.S. Council of Economic Advisers and chair of the OECD Economic Policy Committee.  In the corporate sector, he is on the boards of directors of ADP, BlackRock Closed-End Funds, KKR Financial Corporation, and Met Life.

Dr. Hubbard is co-chair of the Committee on Capital Markets Regulation and the Study Group on Corporate Boards; he is a past Chair of the Economic Club of New York.