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Politics & Money

FDIC adds five to its Systemic Resolution Advisory Committee

Former Fannie Mae CEO and former Fed chair named as new members

The Federal Deposit Insurance Corporation named five new members to its Systemic Resolution Advisory Committee on Thursday.

Former Federal Reserve Chairman Dr. Ben Bernanke; former Fannie Mae CEO and current President of Blend, Timothy Mayopoulos; former President at Goldman Sachs and White House National Economic Council, Gary Cohn; Hon. Robert Drain, United States Bankruptcy Judge, Southern District of New York; and Sandie O’Connor, former chief regulatory affairs officer for JPMorgan Chase were named to the committee.

Comprised of 16 members total, the Systemic Resolution Advisory Committee provides guidance to the FDIC on systemically important financial institutions. The committee was created as part of the Dodd-Frank Act.

“The FDIC is fortunate to have these distinguished individuals join this advisory committee,” said FDIC Chairman Jelena McWilliams in a statement. “Their collective knowledge will be a tremendously valuable resource for us to draw on.”

Bernanke was chairman of the President’s Council of Economic Advisers from June 2005 to January 2006 and was a member of the Board of Governors of the Federal Reserve from 2002 to 2005. Bernanke also has experience as an educator.

In addition to being the President of Blend, Mayopoulos served as the General Counsel of Bank of America for five years, and has held senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette. Mauopoulos also serves on the boards of directors of LendingClub and SAIC.

Prior to working at the White House, Cohn was the president and COO of The Goldman Sachs Group from 2006 to 2016. Cohn was a member of the firm’s Board of Directors and chairman of the Firmwide Client and Business Standards Committee, and currently serves on the boards of Abyrx, Hoyos Integrity, Indago, Spring Labs and Starling, as well as chairman of the Board of Pallas Advisors.

Drain is a United States Bankruptcy Judge for the Southern District of New York and also is the current chair of the Bankruptcy Judges Advisory Group established through the Administrative Office of the U.S. Courts.

O’Connor currently serves on advisory committees for the Office of Financial Research and FDIC Systemic Resolution. O’Connor is a director of Terex Corporation and is the current chair of the Board of Directors of the YMCA of Greater New York.

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