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U.S. Securities and Exchange Commission

SEC Roundtable Money Market Funds and Systemic Risk

May 10, 2011

List of Participants (As of May 5, 2011)

Mr. Mario Ugoletti

Senior Advisor to the Office of the Director
Federal Housing Finance Agency

Mario Ugoletti joined the Federal Housing Finance Administration (FHFA) in September 2009. As a Special Advisor, he coordinates a number of projects at FHFA, and serves as FHFA’s Deputy to the Financial Stability Oversight Council. Prior to joining FHFA, Mario Ugoletti spent 14 years at the Treasury Department, and from 2004-2009 he was the Director of the Office of Financial Institutions Policy. He has a Ph.D. in Economics from Penn State University.

SEC Moderators

Eileen P. Rominger

Director, Division of Investment Management
Securities and Exchange Commission

Eileen Rominger is the Director of the Division of Investment Management (IM) at the U.S. Securities and Exchange Commission. Ms. Rominger was sworn in by Chairman Mary Schapiro on February 16, 2011. IM provides principal oversight for the $38 trillion investment management industry. As Director, Ms. Rominger is responsible for developing regulatory policy and administering the federal securities laws applicable to investment advisers, mutual funds, ETFs, closed-end funds, variable insurance products, and UITs.

Prior to becoming IM Director, Ms. Rominger was with Goldman Sachs Asset Management (GSAM). Initially hired by GSAM to run their Value Equity team and portfolios, Ms. Rominger became the Chief Investment Officer of GSAM’s equity team worldwide. In 2009, Ms. Rominger took on the newly-created role of CIO responsible for GSAM’s core portfolio teams, including Fixed Income, Equity and Quantitative Strategies. Ms. Rominger was also a member of GSAM’s Risk Committee as well as other internal managerial groups. Late in 2008, Ms. Rominger assumed the leadership of the Investment Committee of the Goldman Sachs Foundation.

Prior to joining GSAM, for almost 20 years Ms. Rominger was the portfolio manager for equity mutual funds and other client accounts at Oppenheimer Capital, where she also served on the Executive Committee.

Ms. Rominger is a Member of the Board of Trustees of Fairfield University and is a past Board member of the Brooklyn Bureau of Community Service, one of New York City’s largest public service organizations.

Ms. Rominger holds an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. in English from Fairfield University. Now residents of Washington, D.C., Ms. Rominger and her husband formerly lived in Brooklyn for 30 years and raised 4 children there.

Robert E. Plaze

Associate Director, Division of Investment Management
Securities and Exchange Commission

Robert Plaze is Associate Director for Regulation of the Division of Investment Management of the U.S. Securities and Exchange Commission. Mr. Plaze is responsible for the development of policy and rulemaking under the Investment Company and Investment Advisers Acts. These responsibilities include the development of regulatory policy with respect to money market funds.

Mr. Plaze has been a member of the Commission staff for the past 27 years during which he has held several positions of responsibility in the Division. He holds an AB (1978) and JD (1983) from Georgetown University and is a member of the District of Columbia Bar.

Additional Participants

Travis Barker

Institutional Money Market Funds Association
Global Business Manager, Front Office
HSBC Global Asset Management

Travis Barker is Chair of the Institutional Money Market Funds Association (IMMFA). IMMFA represents EU-based, triple-A rated money market funds. IMMFA maintains a Code of Practice which imposes high standards of credit and liqudity risk management on its members' funds. IMMFA's members' funds currently have over EUR450b in assets under management.

Travis works for HSBC Global Asset Management. He has previously worked for the Investment Management Association, and for PricewaterhouseCoopers where he trained as a chartered accountant. He studied at Oxford University, and Imperial College.

Seth P. Bernstein

Managing Director
Global Head of Fixed Income
J.P. Morgan Asset Management

Seth Bernstein, managing director, assumed the role of global head of Fixed Income for J.P. Morgan Asset Management in November 2002. In 2004, Bernstein's role was expanded to include oversight of the firm's Columbus-based fixed income activities (arising from the merger with Bank One) and of our London-based currency overlay products. An employee since 1984, Bernstein has two decades of markets and investment experience, and his high yield, corporates and emerging markets experience complement our expertise in these fields as well as our broad fixed income market capabilities.

Prior to his appointment in Fixed Income, Bernstein was the chief financial officer for JPMorgan Chase & Co.’s Investment Management and Private Banking divisions, where he was responsible for financial management and strategic planning. Before that, he held a variety of roles in the firm’s Investment Bank, including head of the coverage team that managed J.P. Morgan’s relationships with U.S. and Canadian telecom services companies.

Before the merger of J.P. Morgan and Chase in 2000, Bernstein led J.P. Morgan’s debt and loan capital markets team, responsible for debt underwriting and loan syndications for the firm’s investment grade, high yield and emerging market clients in the U.S. He was a member of the firm's commitments, equity and high yield underwriting committees. Bernstein oversaw growth of the firm’s high yield activities from 1993 to 2000. Previously, Bernstein held positions in J.P. Morgan’s equity capital markets and private placement groups. Bernstein earned a B.A. in political science and economics from Haverford College.

Robert P. Brown

Money Markets
Fidelity Management & Research Company

Bob Brown is president of the Fidelity Money Market Group for Fidelity Management & Research Company (FMRCo.) responsible for in excess of $500 billion dollars in assets, the investment advisor for Fidelity’s family of mutual funds. Fidelity Investments is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket, a leading online brokerage firm and one of the largest providers of custody and clearing services to financial professionals.

Mr. Brown joined Fidelity in 1995 as senior research analyst. From 1997 to 1998 he was a senior trader and served as research analyst and corporate bond portfolio manager until 2005. Prior to assuming his current position in January 2010, Mr. Brown was managing director of Research in the Fixed-Income Division of FMRCo.

Prior to joining Fidelity, Mr. Brown was director of Investment Grade Research at Massachusetts Financial Services. He previously worked at Putnam Investments and John Hancock Capital Corporation.

Born in 1963, Mr. Brown received a bachelor of science degree in business from Bryant College in 1986. Mr. Brown is a member of the Fixed-Income Analyst Society, Fixed -Income Management Society of Boston, Media and Entertainment Analysts of New York, Chemical Management and Research Association, Standard & Poor’s Corporate and Government Ratings Investor Council, Moody’s Investor Advisor Council, and the Association of Governing Boards of Universities and Colleges.

David Certner

Legislative Counsel & Legislative Policy Director

Carol A. DeNale

Senior Vice President and Treasurer
CVS Caremark

Carol DeNale currently serves as Senior Vice President and Treasurer of CVS Caremark. She joined the company in 1997 and has been at the financial forefront of the company’s phenomenal growth.

Ms. DeNale directs and oversees the company’s capital structure, risk management, business continuity, environmental and safety, cash management, capital expenditure, balance sheet forecast, and leasing functions. Ms. DeNale has played the primary role in arranging and securing the financing for the company’s growth from a $15 billion retail pharmacy to the $100 billion healthcare company it is today.

Ms. DeNale is a member of The Conference Board, the Association of Financial Professionals (AFP) and the Treasury Management Association of New England (TMANE) as well as the Past President of the TMANE. Additionally, she has spoken at U.S. Chamber of Commerce Capital Markets Summit, Suffolk University, the AFP’s annual conference, and TMANE’s annual conference.

Ms. DeNale joined CVS Caremark in June 1997. Prior to joining CVS Caremark, she had been with Waban Inc., the parent company for BJ’s Wholesale Club for over 8 years.

John D. Hawke, Jr.

Arnold & Porter LLP

Jerry Hawke rejoined Arnold & Porter LLP's financial services practice group in 2004 after nine and one-half years of government service, spanning two administrations, in the area of financial institutions policy and regulation. For six years he served as Comptroller of Currency, prior to which he served for three and one-half years as Under Secretary of the Treasury for Domestic Finance. As Comptroller, Mr. Hawke was a member of the Basel Committee on Banking Supervision, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Financial Institutions Examination Council. As Under Secretary of the Treasury, he chaired the Advanced Counterfeit Deterrence Steering Committee and served as a director of the Securities Investor Protection Corporation.

Before joining Treasury in 1995, Mr. Hawke served as chair of Arnold & Porter for eight years and established one of the nation's premier financial services practices. Mr. Hawke first joined Arnold & Porter as an associate in 1962 and became a partner in 1967. He left the firm in 1975 to serve as general counsel to the Board of Governors of the Federal Reserve System, returning in 1978.

Mr. Hawke has published extensively on matters relating to the regulation of financial institutions. He has taught federal regulation of banking at the Georgetown University Law Center and at the Morin Center for Banking Law Studies at Boston University School of Law. A graduate of Yale University, Mr. Hawke served in the US Air Force. He received his law degree from Columbia University School of Law, where he was editor-in-chief of the Columbia Law Review. Before joining Arnold & Porter, he was a law clerk for Judge E. Barrett Prettyman on the US Court of Appeals for the District of Columbia and counsel to the Select Committee on Education in the House of Representatives.

Kathryn L. Hewitt

Harford County, MD
Government Finance Officers Association

Mrs. Hewitt is currently the Treasurer of Harford County, MD. She was appointed to this position in January of this year. Prior to joining Harford County, Mrs. Hewitt served as the Deputy Chief of Treasury with the Office of Finance in Prince George’s County, and prior to that position she served as the Cash and Investment Manager with of the Office of Finance for Prince George’s County. Additionally, she has worked in Anne Arundel County Government, as well as the banking industry.

Hewitt received her Master’s in Business Administration (MBA) from Loyola College, and a Bachelor of Science degree from the University of Maryland at College Park. Additionally, Hewitt is a Certified Public Accountant, a Certified Public Finance Officer and a Certified Cash Manager.

Mrs. Hewitt is actively involved in various professional and civic organizations, including membership in and a past Executive Board member of the Government Finance Officers Association of the United States and Canada, and the Maryland Government Finance Officers Association, where she currently is a member of the Board of Directors. Also, for the past eight years, Mrs. Hewitt has served on the advisory board for the Maryland Local Government Investment Pool.

Lance Pan

Investment Research & Strategy
Capital Advisors Group, Inc.

Lance Pan is the Director of Investment Research and Strategy at Capital Advisors Group, a Boston-area investment manager of fixed income assets. Capital Advisors Group specializes in separate account management of cash and liquidity instruments for corporate treasury functions. As the firm’s principal credit officer evaluating eligible investments, Mr. Pan became aware of the systemic risk of prime money market funds, which led to an April 2006 credit commentary - “How Safe Are Money Market Funds?” From the firm’s internal credit procedures, he subsequently developed a money market fund credit scoring system based on five principal risk categories: portfolio, sponsor, advisor, shareholder, and systemic/macro.

Together with his work on the systemic risk of auction rate securities, Mr. Pan’s research on prime money market funds and cash-like instruments established him as a subject expert on short-duration credit investments and an advocate for conservative corporate investment practices. He writes and lectures extensively at liquidity management conferences and has been quoted in financial press such as the Associated Press, Bloomberg, and the Wall Street Journal. Some of his research was recognized in U.S. Congressional research, by the SEC and a number of state regulators and credit rating agencies. His interactions with the corporate treasury community also give him a practitioner’s perspective on money market funds.

Mr. Pan is a CFA charterholder and an editorial board member of the Journal of Corporate Treasury Management. He received his M.S. in Finance from Boston College, MBA from the University of Hawaii, and B.A. in English from Fudan University. Prior to joining Capital Advisors Group in 2003, Mr. Pan worked at Columbia Management Group as an investment officer and senior corporate research analyst for seven years.

Brian Reid

Chief Economist
Investment Company Institute

Brian Reid leads the Institute’s Research Department. The department serves as a source for statistical data on the investment company industry and conducts public policy research on fund industry trends, shareholder demographics, the industry’s role in U.S. and foreign financial markets, and the retirement market. Prior to joining ICI in 1996, Reid served as an economist at the Federal Reserve Board of Governors. He has a PhD in economics from the University of Michigan and a BS in economics from the University of Wisconsin–Madison.

Erik R. Sirri

Professor of Finance
Babson College

Erik R. Sirri is a Professor of Finance at Babson College. His research interests include the interaction of securities law and finance, securities market structure, investment management, and capital markets. From 2006-2009 he was the Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission, where he was responsible to the Commission for matters relating to the regulation of stock and option exchanges, national securities associations, brokers, dealers, clearing agencies, transfer agents, and credit rating agencies. He served as the Commission’s Chief Economist from 1996-1999, and was an Assistant Professor of Finance at the Harvard Business School from 1989 to 1995. Sirri received his B.S. in Astronomy from the California Institute of Technology in 1979, an M.B.A. from the University of California, Irvine, in 1984, and his Ph.D. in Finance from the University of California, Los Angeles, in 1990. His published writings appear in academic journals, practitioner journals, and books. He has served on the boards of securities exchanges, mutual funds, and industry associations, and has consulted for securities firms, stock exchanges, mutual fund companies, issuers, and information vendors on a variety of regulatory and business matters.

Bill Stouten

Senior Portfolio Manager
Thrivent Financial

Bill Stouten currently serves Thrivent Financial as the Senior Portfolio Manager for all short-term assets in the Thrivent mutual funds, general insurance company accounts, securities lending collateral, and money market funds totaling over $5.5 billion. Mr. Stouten joined Thrivent Financial for Lutherans in 2001 as a Research Analyst / Securities Trader, and was promoted to Portfolio Manager in 2003, and to Senior Portfolio Manager in 2005. Prior to joining Thrivent, Mr. Stouten worked as a Senior Credit Analyst for Voyageur Asset Management, Associate Investment Banker for J.G. Kinnard Co., Credit Analyst with U.S. Bank, Debt Management Analyst with First Trust, and as a Financial Analyst for Military Communication Center (MCC). Mr. Stouten also served as Board Member for CAPI from 2005-2007. Mr. Stouten received his Bachelor of Science degree from St. Cloud State University in 1990, and a Master of Business Administration degree from the University of Minnesota in 1993.

René M. Stulz

Everett D. Reese Chair of Banking and Monetary Economics
The Ohio State University

René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the Risk Manager Award of the Global Association of Risk Professionals. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. A recent study found that he was the sixth most often cited contributor to the top journals in financial economics from 2003 to 2008. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, of the Financial Management Association, and of the European Corporate Governance Institute.

René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs and the director of the Risk of Financial Institutions Group of the National Bureau of Economic Research. He is also a member of the Squam Lake Group.

He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. He is the author of a textbook titled Risk Management and Derivatives, a co-author of the Squam Lake Report: Fixing the Financial System, and has edited several books, including the Handbook of the Economics of Finance.

René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, law firms, the New York Stock Exchange, the IMF, and the World Bank. He is a director of Banque Bonhote, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals.

Paul Tucker

Deputy Governor, Financial Stability
Bank of England

Paul Tucker was appointed as Deputy Governor, Financial Stability in March 2009, as a member of the Bank of England's Monetary Policy Committee and sits on the Bank's Court of Directors and on the Governor's Executive Team. From June 2002 until Paul’s current appointment, Paul was Executive Director for Markets. Those responsibilities included managing the Bank's network of contacts in the City and Wall Street.

Paul A. Volcker

Former Chairman, Board of Governors of the Federal Reserve System

Economist Paul Volcker is perhaps best known for helping to end the country's stagflation crisis during his time as chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan. A vocal proponent of international solutions to economic problems and of stronger government regulation of banks, he chaired President Barack Obama's Economic Recovery Advisory Board from February 2009 until January 2011. Other highlights of his long career include several senior positions in the U.S. Treasury Department, presidency of the Federal Reserve Bank of New York, Chairman of the Trilateral Commission, and the Group of Thirty. Volcker has also negotiated an agreement between the Jewish community and Swiss banks about the disposition of funds of Holocaust victims placed with Swiss Banks. He more recently investigated corruption in the United Nations' Iraqi Oil-for-Food Program and proposed more effective anti-corruption policies for World Bank programs. He was educated at Princeton, Harvard and the London School of Economics.


Modified: 05/09/2011