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Washington D.C

Summit Recap from September 26, 2023

The Financial Services Forum Summit, held on September 26, 2023, featured insightful conversations from policymakers, industry leaders and others on the most important topics in banking and today’s global economy.

12:40 PM

Panel 1: A Conversation with Ron O’Hanley & Secretary Gina Raimondo

Forum Chair and State Street Chairman and CEO Ron O’Hanley and Commerce Secretary Gina Raimondo discuss U.S. competitiveness, focusing on the challenges and opportunities facing leaders of industry and government.

Speakers

ron ohanley

Ron O'Hanley
gina raimondo square

Gina Raimondo
1:20 PM

Panel 2: Innovation Inside Large Banks

As the banking industry is in the midst of a rapid transformation, this panel brought together bank executives and policy makers to discuss the innovations that are reshaping the banking landscape and how these advances interact within the current regulatory framework. From Artificial Intelligence to blockchain applications and beyond, experts shared their views on the intersection of innovation and regulation.

Speakers

David Portilla Square

David Portilla

Moderator
Justin McCormack Headshot 2

Justin McCormack
Aaron Iovine Headshot

Aaron Iovine
Lee Brenner

Lee Brenner
2:30 PM

Panel 3: Migration of Risk within the Financial Sector

For over 50 years, the share of financial assets held or intermediated by non-bank financial institutions has risen steadily. Monitoring and assessment of risks associated with non-bank financial institutions (NBFI) has become a regular part of the official sector’s monitoring of financial stability. In this panel we discussed recent trends in the NBFI sector and what the COVID experience revealed about the nature and stability of non-banks in the U.S. and abroad. Finally, we discussed the current outlook for regulation of NBFIs and how NBFI regulation is connected to the regulation of the banking sector.

Speakers

sean campbell

Sean Campbell

Moderator
Hilary J Allen

Hilary Allen
Richard Berner

Richard Berner
Karen Petrou Square

Karen Petrou

3:30 PM

Panel 4: Capital and the State of the Economy

Capital in the banking system, and especially at our nation’s largest banks, has grown dramatically over the past fifteen years. At the same time, banking regulators are proposing new rules that could raise capital by as much as 20 percent for large banks. In this panel, we discussed the current state of large bank capital, the broad framework for assessing “how much is enough,” as well as perspectives on what changes may mean for the industry and its customers. The panel also discussed the likely economic costs of further increases in bank capital – both in terms of direct economic costs as well as indirect costs that may arise from growth in non-bank sectors or an erosion of international competitive equity.

Speakers

fromer

Kevin Fromer

Moderator
sheara fredman square

Sheara Fredman
doug holtz eakin

Doug Holtz-Eakin
randy quarles

Randy Quarles

4:30 PM

Reception

Please join us following the summit for conversation and networking with others in the financial services industry over drinks and passed hors d’oeuvres.

Videos

A Conversation with Ron O’Hanley & Secretary Gina RaimondoForum Chair and State Street Chairman and CEO Ron O’Hanley and Commerce Secretary Gina Raimondo discuss U.S. competitiveness, focusing on the challenges and opportunities facing leaders of industry and government.
Innovation Inside Large BanksAs the banking industry is in the midst of a rapid transformation, this panel brought together bank executives and policy makers to discuss the innovations that are reshaping the banking landscape and how these advances interact within the current regulatory framework. From Artificial Intelligence to blockchain applications and beyond, experts shared their views on the intersection of innovation and regulation.
Migration of Risk within the Financial SectorFor over 50 years, the share of financial assets held or intermediated by non-bank financial institutions has risen steadily. Monitoring and assessment of risks associated with non-bank financial institutions (NBFI) has become a regular part of the official sector’s monitoring of financial stability. In this panel we discussed recent trends in the NBFI sector and what the COVID experience revealed about the nature and stability of non-banks in the U.S. and abroad. Finally, we discussed the current outlook for regulation of NBFIs and how NBFI regulation is connected to the regulation of the banking sector.
Capital and the State of the EconomyCapital in the banking system, and especially at our nation’s largest banks, has grown dramatically over the past fifteen years. At the same time, banking regulators are proposing new rules that could raise capital by as much as 20 percent for large banks. In this panel, we discussed the current state of large bank capital, the broad framework for assessing “how much is enough,” as well as perspectives on what changes may mean for the industry and its customers. The panel also discussed the likely economic costs of further increases in bank capital – both in terms of direct economic costs as well as indirect costs that may arise from growth in non-bank sectors or an erosion of international competitive equity.
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ron ohanley

Ron O'Hanley

Ron is chairman and chief executive officer of State Street.

Ron was previously president and chief operating officer of State Street, and before that, president and chief executive officer of State Street Global Advisors, the investment management arm of State Street. He joined State Street in 2015.

Prior to State Street, Ron was president of Asset Management & Corporate Services for Fidelity Investments, responsible for Fidelity’s asset management organizations, corporate functions, and enterprise technology. He served at Fidelity from 2010 to 2014.

Before joining Fidelity, Ron served as president and chief executive officer of BNY Mellon Asset Management in Boston. During this time, he also served as vice chairman of Bank of New York Mellon Corporation. Additionally, Ron oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. He served at Mellon and Bank of New York Mellon from 1997 to 2010.

Prior to Mellon, Ron was with McKinsey & Company from 1986 to 1997, and was elected a partner in 1992. He founded the Investment Management practice and was co-founder of the firm’s North American Personal Financial Services practice. Additionally, he was a member of the Property & Casualty Insurance practice. During his tenure with McKinsey, Ron served in the firm’s Boston, New York, and Stockholm offices.

Ron serves on the boards of Unum Corp., Beth Israel Lahey Health, ABL Space Systems, The Boston Foundation, The Ireland Funds, IYRS School of Technology and Trades, Syracuse University, WBUR, and the Federal Reserve Bank of Boston. He is Chair of the Greater Boston Chamber of Commerce and the Financial Services Forum.

Ron is involved in investment industry efforts around climate, corporate governance, and diversity and inclusion. He leads the Sustainable Markets Initiative Task Force for Asset Managers and Asset Owners. He also has leadership roles at the International Business Council, Institute for International Finance, Focusing Capital on the Long Term, the Council for Inclusive Capitalism, and the Vatican Summit on the Just Transition with Notre Dame University.

Ron received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986.

Ron is a frequent speaker and writer, and an avid offshore sailboat racer.

gina raimondo square

Gina Raimondo

Gina M. Raimondo serves as the 40th U.S. Secretary of Commerce and was sworn in by Vice President Kamala Harris on March 3, 2021. As Secretary of Commerce, she is focused on a simple but vital mission — to spur good-paying jobs, empower entrepreneurs to innovate and grow, and help American workers and businesses compete.

Secretary Raimondo was formerly the 75th Governor of Rhode Island and its first woman governor. She grew up in Smithfield in a tight-knit Italian-American family, the youngest of Joseph and Josephine Raimondo’s three children. Her family history and her childhood experiences shaped her core beliefs in hard work, opportunity for all, and the importance of financial security.

After arriving from Italy at age 14, Secretary Raimondo’s grandfather learned English studying in the Providence Public Library and later lived with her family. Her mother was a homemaker, who dedicated her life to teaching her children about the importance of hard work and determination. Her father was a World War II Navy veteran from a family of butchers and became the first in his family to attend college thanks to the GI Bill. After working for 26 years in manufacturing, Joseph lost his job along with hundreds of others when the factory moved overseas, and the Raimondo family lost their sense of financial security.

As a teenager, Secretary Raimondo rode a public bus to LaSalle Academy in Providence, where she was valedictorian of her graduating class. She went on to graduate with honors from Harvard, where she was recognized as the top economics student in her class. She won a Rhodes Scholarship to Oxford University where she earned a doctorate and met her future husband Andy Moffit. She later graduated from Yale Law School. Secretary Raimondo clerked for US District Judge Kimba Wood and served as founding employee and senior vice president at Village Ventures.

Wanting to start her own business and be close to family, she returned home to Rhode Island and founded Point Judith Capital, a venture capital firm. In November 2010, Secretary Raimondo was elected to serve as General Treasurer of Rhode Island, receiving the largest number of votes of any statewide candidate. When she took office as General Treasurer, she tackled the state’s $7 billion unfunded pension liability. Secretary Raimondo was sworn into office as Governor in January 2015 and won a second term in 2018. She also served as chair of the Democratic Governors’ Association in 2019.

During her time as Governor, Secretary Raimondo kick-started the state’s economy and made record investments in infrastructure, education, and job training. She focused tirelessly on creating economic opportunities and good-paying jobs for all Rhode Islanders. Early in her administration, she launched an innovative workforce development program that develops business-led partnerships to address unique workforce challenges.

Secretary Raimondo is married to Andy Moffit and they have two children, Ceci and Tommy, and a rescue dog, Sparky.

David Portilla Square

David Portilla

Moderator

David Portilla, Partner, Cravath, Swaine & Moore LLP

Justin McCormack Headshot 2

Justin McCormack

Justin McCormack is a senior vice president with responsibility for managing the legal affairs of State Street Digital and the GlobalLink business line.  In this role, Justin oversees a global team of attorneys supporting State Street’s digital businesses and initiatives, including fund accounting and administration for digital assets, tokenization, electronic trading platforms and digital asset custody, as well as monitoring, evaluating and engaging in advocacy with respect to the rapidly developing regulatory framework for digital assets.  Justin is an active participant in numerous digital asset working groups sponsored by the Securities Industry Financial Markets Association (SIFMA), the Association for Financial Markets in Europe (AFME) and the Chamber of Digital Commerce, among others. Prior to his current role, Justin led a global team of attorneys supporting the foreign exchange, brokerage, research and data and analytics businesses within State Street Global Markets and State Street Global Exchange.

Prior to joining State Street, Justin was a senior associate with Ropes & Gray, LLP, a global law firm headquartered in Boston, MA, where he represented private equity funds and institutional investors in connection with mergers and acquisition transactions and private equity fund formation as well as public companies in connection with securities law and governance matters.

Justin earned a Bachelor of Arts degree in Economics from Hamilton College and a JD/MBA from the Duke University School of Law and the Fuqua School of Business at Duke University.

Aaron Iovine Headshot

Aaron Iovine

Aaron is the Global Head of Digital Assets Regulatory Policy at JPMorgan Chase. In his current role, Aaron focuses on the evolving regulatory and legal frameworks for blockchain based solutions including, but not limited to, banks adoption of DLT, deposit tokens, tokenization of real world assets, CBDCs, and stablecoins. Throughout his career, Aaron’s policy work has revolved around responsible innovation within financial services.

Lee Brenner

Lee Brenner

Lee Brenner, Head of Public Policy, Digital Assets, Goldman Sachs.
sean campbell

Sean Campbell

Moderator

Sean Campbell, Chief Economist and Head of Policy Research, Financial Services Forum
Hilary J Allen

Hilary Allen

Professor Hilary J. Allen is a Professor of Law and the Associate Dean for Scholarship at the American University Washington College of Law. She teaches courses in Banking Law, Securities Regulation, and Business Associations.

Professor Allen is an internationally recognized expert on financial stability regulation and new financial technologies, and has been invited to share her research and expertise with organizations including the Federal Reserve Board, SEC, CFTC, FSOC, IMF, Bank of England, Australian Securities and Investments Commission, and Financial Stability Board. She has testified before the House Financial Services Committee and the Senate Banking Committee, and is the author of the book Driverless Finance: Fintech’s Impact on Financial Stability (2022, Oxford University Press). Professor Allen has authored more than 15 law review articles addressing issues ranging from financial agency structure to agencies’ scientific/technological capacity to financial stability threats stemming from climate change and fintech. She is regularly quoted in the popular press, and is actively involved in presenting scholarly publications at roundtables and conferences. 

Professor Allen received her Bachelor of Laws from the University of Sydney, Australia, and her Master of Laws in Securities and Financial Regulation Law from Georgetown University Law Center (for which she received the Thomas Bradbury Chetwood, S.J. Plaque for graduating first in her class). Prior to entering the academy, Professor Allen spent seven years working in the financial services groups of prominent law firms in London, Sydney, and New York. In 2010, she worked with the Financial Crisis Inquiry Commission, which was appointed by Congress to study the causes of the financial crisis of 2007-2008.

Richard Berner

Richard Berner

Richard Berner, Clinical Professor of Finance and Professor of Management Practice and Co-Director, The Volatility and Risk Institute, New York University Leonard N. Stern School of Business   

Karen Petrou Square

Karen Petrou

She is the co-founder and Managing Partner of Federal Financial Analytics, Inc., a privately-held company that since 1985 has provided analytical and advisory services on legislative, regulatory, and public-policy issues affecting financial services companies doing business in the U.S. and abroad.  Petrou is a frequent speaker on topics affecting the financial services industry.  In addition to testifying before the U.S. Congress, she has spoken before the Federal Reserve Banks of New York, St. Louis, San Francisco, and Chicago, the European Central Bank, the Office of the Comptroller of the Currency, the International Monetary Fund, the Clearing House, the Bank Policy Institute, the Institute of International Bankers, the Securities Industry and Financial Markets Association, the Japanese Diet, and many other governmental, industry and academic groups. Petrou is the author of the book Engine of Inequality, the Fed and the future of wealth in America. She has also authored numerous articles in publications such as the American Banker and the Financial Times, and is frequently quoted as a bank policy expert in the Wall Street Journal, Bloomberg, Politico, the Hill, and other media outlets.

Prior to founding her own firm in 1985, Petrou worked in Washington as an officer at Bank of America, where she began her career in 1977. She is an honors graduate in Political Science from Wellesley College and also was a special student in an honors program at the Massachusetts Institute of Technology. She earned an M.A. in that subject from the University of California at Berkeley, and was a doctoral candidate there. She has served on the boards of banking organizations and now sits as a director on the board of the Fidelco Guide Dog Foundation, and is the incoming chair of the board of directors of the Foundation Fighting Blindness. In 2019, she and her late husband Basil were named “visionaries” by the Foundation Fighting Blindness and received the Berman award in 2022.  These reflect the Petrou’s work not only for vision research, but also development of a new financial instrument that would provide billions for biomedical research in all diseases, disabilities, and disorders.

fromer

Kevin Fromer

Moderator

Kevin Fromer, President and CEO, Financial Services Forum
sheara fredman square

Sheara Fredman

Sheara Fredman is Chief Accounting Officer and the firm’s Controller, responsible for the oversight of external and internal reporting, product control and regulatory capital. She is Co-Chair of the Firmwide New Activity Committee and the Firmwide Stress Test Committee, and a member of the Management Committee, Partnership Committee, Firmwide Capital Committee, Firmwide Asset Liability Committee and Allowance for Loan and Lease Losses Committee. Ms. Fredman is also a firmwide champion for Launch With GS, Goldman Sachs’ $1 billion commitment to invest in companies and investment managers with diverse leadership.

Previously, Ms. Fredman was Head of Regulatory Controllers, with responsibility for the teams that prepare internal and external regulatory information. She also was responsible for the Funding Controllers team, which supports Corporate Treasury. Before that, Ms. Fredman served as Global Product Controller, managing the controllers responsible for supporting the Securities Division. She joined Goldman Sachs in 2002 as an associate and was named Managing Director in 2008 and Partner in 2012.

Prior to joining the firm, Ms. Fredman worked as an auditor at PricewaterhouseCoopers in New York, specializing in capital markets clients.

doug holtz eakin

Doug Holtz-Eakin

Before founding AAF in 2009, Dr. Holtz-Eakin served in a variety of influential policy positions. During 2001-2002, he was the Chief Economist of the President’s Council of Economic Advisers (CEA), where he had also served during 1989-1990 as a Senior Staff Economist. At CEA he helped to formulate policies addressing the 2000-2001 recession and the aftermath of the terrorist attacks of September 11, 2001. From 2003-2005 he was the 6th Director of the non-partisan Congressional Budget Office (CBO), which provides budgetary and policy analysis to the U.S. Congress. During his tenure, CBO assisted Congress as they addressed numerous policies — notably the 2003 tax cuts (the Jobs and Growth Tax Relief Reconciliation Act), the 2003 Medicare prescription drug bill (the Medicare Modernization Act), and the 2005 push for Social Security reform.
During 2007 and 2008, he was Director of Domestic and Economic Policy for the John McCain presidential campaign. After that, he was a Commissioner on the congressionally chartered Financial Crisis Inquiry Commission.
Dr. Holtz-Eakin built an international reputation as a scholar. He began his career at Columbia University in 1985 and moved to Syracuse University from 1990 to 2001. At Syracuse, he became Trustee Professor of Economics at the Maxwell School, Chairman of the Department of Economics and Associate Director of the Center for Policy Research.
Dr. Holtz-Eakin writes a daily column in AAF’s morning newsletter, the Daily Dish, and regularly comments on current policy and political debates for a variety of news outlets.
randy quarles

Randy Quarles

Randal Quarles has spent his career in an unusually broad range of senior roles, in which success has required combining a deep analytical understanding of complex systems with the practical judgment involved in managing risk. He believes this approach is one of the key ways in which The Cynosure Group is creating value. 

Before bringing together the group that founded Cynosure in 2014, Randy’s prominent career included heading the leading financial services legal practice in the United States, at Davis Polk & Wardwell, where he was involved in a number of the largest financial mergers ever completed; many years as a partner at the Carlyle Group, one of the world’s leading private equity firms, where he helped lead a number of firmwide initiatives, including the development of the firm’s Financial Services Fund complex; and holding senior financial policy positions in four different presidential administrations over the last 35 years, including six confirmations by the U.S. Senate, most recently as Vice Chairman of the Federal Reserve. In 2020, he was one of the key participants in the Fed’s crisis response credited with preventing the collapse of the U.S. and global economy (as detailed in the books Limitless and Trillion Dollar Triage).

Randy maintains that studying philosophy at Columbia University (from which he received an A.B. summa cum laude in 1981) first led him to one of his guiding principles in investment and in life: many things that might seem simple on the surface are, in fact, expressions of complex, sometimes hidden, structures, and those structures—whether they underlie the profitability of a company or the stability of the entire financial system—can be improved once they are understood.