SEC Creates New 21-Member Committee Of Financial Services, Academic Veterans

Harriet Davies

10 April 2012

The Securities and Exchange Commission has created a new investor advisory committee to advise on regulatory issues, comprised of senior figures from the financial services industry and top academic institutions.

The creation of the committee was required by the Dodd-Frank Wall Street Reform and Consumer Protection Act to replace another committee that was disbanded when the Act came into law.

The responsibilities of the new, 21-member committee - established under Section 911 of Dodd-Frank - is to advise the Commission on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and initiatives to protect investor interest. The Act authorizes the committee to submit findings and recommendations for review to the SEC.

The members of the committee, due to begin work shortly, are:

Darcy Bradbury, managing director and director of external affairs, D.E. Shaw & Co;

J Robert Brown, law professor, University of Denver;

Joseph Dear, chief investment officer, California Public Employees’ Retirement System;

Eugene Duffy, senior executive vice president, Paradigm Asset Management Co;

Roger Ganser, chairman of the board of directors of BetterInvesting;

James Glassman, executive director, George W Bush Institute;

Craig Goettsch, director of investor education and consumer outreach, Iowa Insurance Division;

Joseph Grundfest, William A Franke professor of law and business, Stanford Law School;

Mellody Hobson, president and director of Ariel Investments;

Stephen Holmes, general partner and chief operating officer, InterWest Partners;

Adam Kanzer, managing director and general counsel, Domini Social Investments, and chief legal officer of Domini Funds;

Roy Katzovicz, partner, investment team member and chief legal officer, Pershing Square Capital Management;

Barbara Roper, director of investor protection, Consumer Federation of America;

Kurt Schacht, managing director, CFA Institute;

Alan Schnitzer, vice chairman and chief legal officer, The Travelers Companies;

Jean Setzfand, director of financial security for the AARP;

Anne Sheehan, director of corporate governance, California State Teachers’ Retirement System;

Damon Silvers, associate general counsel for the AFL-CIO;

Mark Tresnowski, managing director and general counsel, Madison Dearborn Partners;

Steven Wallman, founder and chief executive, Foliofn;

Ann Yerger, executive director, Council of Institutional Investors.