The FINRA Board of Governors has appointed Deborah Bailey and Kathryn Ruemmler as new Governors. Bailey will serve as a public member, and Ruemmler as an industry member.
Bailey is the former Managing Director with KPMG’s Financial Services Regulatory Practice, where she served as the U.S. and Global Leader for Regulatory Solutions Development. Prior to joining KPMG, she spent five years at Deloitte, where she launched and led a new practice that melded banking and securities into a single focus area. Prior to her consulting career, Bailey was Deputy Director of Bank Supervision and Regulation at the Federal Reserve and reported directly to Federal Reserve Chairman Ben Bernanke during and after the financial crisis, helping steer banking regulations and supervisory practices to restore confidence and maintain the health of the financial system. She had previously held various positions with the Federal Reserve, monitoring the health and risks of large U.S. and international financial institutions. Bailey began her career in the Office of the Comptroller of the Currency, managing five satellite offices and 230 examiners in the largest field office in the country (New York/New Jersey) that included most of the largest banks and international financial institutions. She is a graduate of the University of Georgia with a bachelor’s degree in Banking & Finance.
Ruemmler is the Global Head of Regulatory Affairs at Goldman Sachs, where she serves on the firmwide Management Committee, is Co-Vice Chair of the Firmwide Reputational Risk Committee and is Co-Chair of the Regulatory Reform Steering Group. Prior to joining Goldman Sachs as a Partner earlier this year, Ruemmler was a Litigation Partner at Latham & Watkins LLP, where she was Global Chair of the White Collar Defense and Investigations practice. Previously, she served as counsel to President Barack H. Obama and was his longest-serving White House counsel. She also served in the Department of Justice, including as Principal Associate Deputy Attorney General, Deputy Director of the Enron Task Force, and Assistant United States Attorney for the District of Columbia. Earlier in her career, Ruemmler served as Associate Counsel to President William J. Clinton. She received a bachelor’s degree in English from the University of Washington and a law degree from Georgetown University.
“I am delighted to welcome Deborah and Kathy to the FINRA Board of Governors. Deborah and Kathy will enhance the FINRA Board’s expertise and ability to foster an industry that serves the needs of all investors,” said FINRA Chairperson Eileen Murray.
“Deborah and Kathy are wonderful additions to the FINRA Board of Governors. They bring a broad array of experience and knowledge to the Board, and we look forward to their contributions in support of our mission of investor protection and market integrity,” said FINRA CEO Robert Cook.
FINRA is overseen by a 23-member Board of Governors, the majority of whom are public members. The industry Governors include three from large firms, one from medium-size firms, three from small firms, one floor member, one independent dealer/insurance affiliate and one investment company affiliate. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
More information regarding the Board’s operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.
This news item was originally published by the Financial Industry Regulatory Authority (FINRA US). For more information, see the Source Link.