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Speaker Biographies

Ana Arsov is a private credit thought leader and former head of financial institutions and private credit at Moody's. In that role, she fostered analytical and issuer coverage for the growing private markets between financial institutions, leveraged finance, and securitization markets. Arsov joined Moody's in 2013, bringing experience in analyzing financial institutions and managing credit professionals. She served as the global co-head of banking from 2021 to 2023, previously holding the position of managing director overseeing global investment banks, securities firms, and specialty finance ratings. She coauthored Moody's rating methodologies for finance companies and securities firms and led the development of Moody's counterparty risk rating. Before Moody's, Arsov held executive roles in credit risk management at several prominent banks. At UBS Investment Bank, she was responsible for North American financial institutions. She served as head of global portfolio management-credit risk management at Morgan Stanley, where she managed risks across trading and lending businesses and led key initiatives for Morgan Stanley Bank N.A. Starting her career at Lehman Brothers, she eventually led the North American Financial Institutions and Structured Finance team and later contributed to Lehman's bankruptcy resolution. Arsov holds a master's degree in management from Boston University and a bachelor's degree in business from Pace University, New York. She also holds a certificate in board governance from Harvard Business School.

David Beckworth is a senior research fellow at the Mercatus Center at George Mason University and director of the Mercatus Center's monetary policy program. He is also the host of Macro Musings, a weekly podcast on macroeconomics, where, since 2016, he has interviewed hundreds of experts, including presidents of regional Federal Reserve Banks, Nobel laureates, and leading academics from around the world. Formerly an international economist at the US Department of the Treasury, he earned his PhD in economics from the University of Georgia.

Claudio Borio is the former head of the Monetary and Economic Department at the Bank for International Settlements. Borio held various positions in the Monetary and Economic Department, including deputy head of the department and director of research and statistics and head of secretariat for the Committee on the Global Financial System and the Gold and Foreign Exchange Committee (now the Markets Committee). From 1985 to 1987, Borio worked as an economist at the Organisation for Economic Co-operation and Development in the country studies branch of the Economics and Statistics Department. Prior to that, he was a lecturer and research fellow at Brasenose College, Oxford University. Borio is author of numerous publications in the fields of monetary policy, banking, finance, and issues related to financial stability. He holds a DPhil and MPhil in economics and a bachelor's degree in politics, philosophy, and economics, also from Oxford University.

Raphael W. Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta. He serves on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System. From 2012 to 2017, Bostic was the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California. From 2009 to 2012, Bostic was the assistant secretary for policy development and research at the U.S. Department of Housing and Urban Development (HUD). Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, first as an economist and then as a senior economist in the monetary and financial studies section. He serves on many boards and advisory committees, including Georgia's Partnership for Inclusive Innovation. He is also a member of Harvard University's Board of Overseers. He previously served as the chair of the board of directors of the United Way of Greater Atlanta and chair for the Metro Atlanta Chamber of Commerce, and a member of the Advisory Committee on Economic Inclusion at the Federal Deposit Insurance Corporation. Bostic graduated from Harvard University in 1987 with a combined major in economics and psychology. He earned his doctorate in economics from Stanford University in 1995.

Nicola Cetorelli is the head of financial intermediation in the Research and Statistics Group at the Federal Reserve Bank of New York. His research has focused on financial intermediation activities, both banks and nonbanks. He has published extensively in scholarly journals, including the Journal of Finance, Journal of Economic Theory, American Economic Review, and Journal of International Economics.

Lou Crandall is chief economist of Wrightson ICAP and author of the firm's newsletter, The Money Market Observer. Crandall began his career on the reserve forecasting team at the New York Fed in 1980 before joining Wrightson in 1982. The firm specializes in the analysis of the US money markets, Federal Reserve operations and policy, and Treasury financing activity.

Mary C. Daly is president and chief executive officer of the Federal Reserve Bank of San Francisco. In that capacity, she serves the Twelfth Federal Reserve District in setting monetary policy. Prior to that, she was the executive vice president and director of research at the San Francisco Fed, which she joined in 1996. Daly has served as an advisor to the Congressional Budget Office, the Social Security Administration, the Institute of Medicine, and the Library of Congress. She has also been a visiting professor at Cornell University and the University of California, Davis. She completed a National Institute of Aging postdoctoral fellowship at Northwestern University and is a research affiliate at the IZA Institute of Labor Economics. Daly's research focuses on employment and wage trends, economic growth, and economic shocks, and her research has advanced understanding of the Federal Reserve's maximum employment and inflation mandate. She hosts an award-winning podcast, Zip Code Economies. Daly grew up in Missouri. When she was 15, she dropped out of high school and started working several jobs to help support her family. She went on to earn a GED and begin her career in economics. She brings her life experience to her work, remembering how critical economic opportunity is for all Americans. Daly holds a PhD in economics from Syracuse University, an MS degree from the University of Illinois at Urbana-Champaign, and a BA from the University of Missouri-Kansas City.

Elisabeth de Fontenay is the Karl W. Leo Distinguished Professor at the Duke University School of Law. Her primary research interests are in the fields of corporate law and corporate finance. Her broad research agenda focuses on how market actors behave in the less-regulated spaces of the financial markets. Her work has examined questions such as the ongoing decline in US public companies and the rise of private capital, private equity firms' role in the debt markets and in corporate governance, public versus private financial markets, complexity in financial contracting, and value creation by transactional lawyers and elite law firms. She has testified before Congress and presented to the US Securities and Exchange Commission on current topics in corporate finance. Professor de Fontenay is a member of the American Law Institute (ALI) and is the associate reporter for the ALI's Restatement of the Law of Corporate Governance. She also serves on the board of directors of the American Law and Economics Association. She received her BA in economics from Princeton University and her JD from Harvard Law School. After graduating from law school, she practiced as a corporate associate at Ropes & Gray, where she specialized in mergers and acquisitions, debt financing, and private investment funds.

Deirdre K. Dunn is managing director and head of rates at Citi, overseeing the sales, trading, and origination businesses of Citi's rates franchise. Prior to this appointment, Dunn was running North American G10 Rates Markets, responsible for the trading, structuring and North American distribution of G10 interest rate products. Dunn joined Citi in July 2011 to run the mortgage pass-through trading desk. Prior to joining Citi, she ran the US interest rate swaps trading desk for Barclays Capital. She also spent two years with Barclays Capital in London, managing the long end of European government bond business and then building out a cross-currency sovereign supranational and agency trading business. Dunn began her career in 1999 at Goldman Sachs. In 10 years there and at Lehman Brothers, she traded a variety of different residential and commercial mortgage products, ultimately running the pass-through trading business. Dunn chairs the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association, which is an advisory committee governed by federal statute that meets quarterly with the Treasury Department. The Borrowing Committee presents its observations to the Treasury Department on the overall strength of the US economy as well as providing recommendations on a variety of technical debt-management issues. She is a member of the executive council of the Susan F. Smith Center for Women's Cancers at Dana Farber. She is also a member of the Foundation of Paul Taylor's American Modern Dance. Dunn holds a BS in chemical engineering from the Massachusetts Institute of Technology.

W. Scott Frame is senior vice president and deputy head of research at BPI, where he focuses on issues related to securitization and household finance. He was previously chief economist and head of policy at the Structured Finance Association (SFA). Prior to joining SFA, Frame spent almost 25 years at the Federal Reserve Banks of Atlanta and Dallas in various roles.  While at the Fed, he published numerous articles in leading academic journals and was involved in an array of projects related to financial stability, bank supervision, payments, and monetary policy. Frame has also worked for the Treasury Department and as a professor at the University of North Carolina at Charlotte. Frame received his PhD and MA in economics from the University of Georgia and his BS in economics from Arizona State University.

Beth M. Hammack serves as president and chief executive officer of the Cleveland Fed, responsible for all the Bank's activities, including those related to monetary policy, bank supervision, and payments services. Hammack has more than 30 years of experience in finance, capital markets, and risk management, as well as service on several advisory groups to the US Department of the Treasury and the financial industry. Most recently, she was cohead of global financing at the Goldman Sachs Group Inc., where she was a member of its management committee. Hammack has worked closely with US policymakers as chair of the Treasury Borrowing Advisory Committee and as a member of the Financial Research Advisory Committee and the Treasury Market Practices Group, the latter of which aims to advance financial industry best practices. She is the chair of the board of the nonprofit Math for America and is also a member of the City Harvest board of trustees.

Philip N. Jefferson took office as the vice chair of the Board of Governors of the Federal Reserve System on September 13, 2023, for a four-year term. Jefferson has served as a member of the Board of Governors of the Federal Reserve System since taking office on May 23, 2022, to fill an unexpired term ending January 31, 2036. Most recently, Jefferson was vice president for academic affairs and dean of faculty and the Paul B. Freeland Professor of Economics at Davidson College. Before that position, he served as chair of the Department of Economics at Swarthmore College, where he was the Centennial Professor of Economics. Before his role at Swarthmore, Jefferson was an economist at the Board of Governors of the Federal Reserve System. He has also been president of the National Economic Association and served on the Vassar College Board of Trustees and the board of advisors of the Minneapolis Fed's Opportunity and Inclusive Growth Institute. Jefferson received a BA in economics from Vassar College and an MA and PhD in economics from the University of Virginia.

Stasie Kostova is executive vice president and treasurer at Comerica Bank. She spent 10 years at KeyBank, where she held various treasury roles including in the areas of capital management, asset/liability management, funds transfer pricing, securitization and new product support. She joined Comerica in 2007 as senior vice president, director of market risk. In 2009, she was appointed director of capital management and liquidity risk management, and in 2014, she was promoted to manage Comerica's investment securities portfolio, funding strategy execution, and liquidity risk management. In 2017, Kostova also assumed responsibility for asset/liability management and was named assistant treasurer in 2018 and executive vice president and treasurer in 2020. Kostova earned a bachelor's degree in international business from the University of National and World Economy in Sofia, Bulgaria, and an MBA from the University of Akron. She is a chartered financial analyst. She served as the vice president and later as president of the North American Asset Liability Management Association.

Andreas Lehnert is the director of the Division of Financial Stability at the Federal Reserve Board in Washington, DC. Lehnert joined the Fed after earning his PhD in economics from the University of Chicago. He started in the household finance research group, where he worked on a variety of topics in consumer and mortgage credit, including consumer bankruptcy and foreclosure. During the 2007–09 financial crisis, he contributed to several projects including various mortgage modification initiatives, TARP, the 2009 bank stress tests, and the TALF. In November 2010, Lehnert moved to the Board's newly created financial stability group and in December 2016 he was appointed director. The division oversees the Fed's periodic assessment of financial stability, including publishing the Financial Stability Report twice per year; supports policymaking to enhance financial stability; and leads the staff response to stress events. The division also supports the Federal Reserve's role on the Financial Stability Oversight Council and the Financial Stability Board. Lehnert's research focuses on financial stability, macroprudential policy, banking, and finance.

Nellie Liang is a senior fellow in the Hutchins Center on Fiscal and Monetary Policy at Brookings. From July 2021 to January 2025, she served as under secretary for domestic finance at the US Treasury Department. Prior to serving at Treasury, Liang was a visiting scholar at the International Monetary Fund’s Monetary and Capital Markets Department, a lecturer at the Yale School of Management, and a member of the Congressional Budget Office's Panel of Economic Advisors. During three decades at the Board of Governors of the Federal Reserve System, Liang held a range of positions, including as the first director of the Division of Financial Stability from 2010 to 2017. In that position, she oversaw the development of financial stability policies related to risks in financial firms and financial markets and interactions of financial policies with monetary policy. Her recent research has focused on the financial system and macroeconomic growth. Liang received a PhD in economics from the University of Maryland and a BA in economics from the University of Notre Dame.

Lorie K. Logan began serving as the 14th president and CEO of the Federal Reserve Bank of Dallas on August 22, 2022. She represents the Eleventh Federal Reserve District on the Federal Open Market Committee (FOMC) in the formulation of US monetary policy and oversees the 1,200 employees of the Dallas Fed. Logan previously was manager of the System Open Market Account for the FOMC and an executive vice president of the Federal Reserve Bank of New York. In that role, she managed the Federal Reserve's securities portfolio as it grew to more than $8 trillion and led the implementation of monetary policy as directed by the FOMC. She also oversaw provision of fiscal agent services to the US Treasury Department, analysis of global financial market developments, and production of reference rates, including the new Secured Overnight Financing Rate. She represented the Federal Reserve on the Markets Committee at the Bank for International Settlements and oversaw several public-private sector committees sponsored by the New York Fed to engage with market participants on key issues and advance financial industry best practices. Logan played a crucial role in the development and implementation of the Federal Reserve's actions in response to the COVID-19 pandemic, including designing and managing several facilities to support market functioning and the flow of credit to households and businesses. She drew on her experience during the global financial crisis, when she was a prominent leader in the expansion of the Federal Reserve's balance sheet and the creation of liquidity facilities to mitigate systemic risks to the financial system. She is a native of Versailles, Kentucky, and holds a bachelor's degree in political science from Davidson College and a master's degree in public administration from Columbia University.

Liz Oakes is an external member of the Bank of England's Financial Policy Committee. Oakes also serves as an independent nonexecutive director on the boards of Mangopay S.A. and Advent International Stargate in Luxembourg. Previously, Oakes was executive vice president at Mastercard from 2018 to 2023, where she served in a number of global roles in board governance and risk management, operations, strategy, and market and product development. She was a senior payments expert at KPMG (2012–16) and McKinsey (2016–18), providing strategic advice and advisory services to central bank and financial service infrastructure institutions, focusing in particular on cross-border payments, real-time payments, the development of open banking, and embedded payments. Prior to consulting, she worked at VocaLink (2006–12) in a variety of roles on the development of national payment systems and faster/real-time payments. Oakes has a BA degree in business studies from the University of Hertfordshire.

Imène Rahmouni-Rousseau is the director general of market operations at the European Central Bank (ECB), in charge of implementing the single monetary policy for the euro area, together with the national central banks of the euro system. Her responsibilities include lending operations and collateral, asset purchase programs, foreign exchange reserve management, and market monitoring and intelligence. Rahmouni-Rousseau sits on the Markets Committee of the Bank for International Settlement (BIS) and chairs the ECB's Market Operations Committee and the Bond Market Contact Group. She was previously the director of markets at Banque de France, the French central bank, and worked for five years at the BIS in Basel, where she led the vulnerability analysis team of the Financial Stability Board Secretariat.

David Scharfstein is the Edmund Cogswell Converse Professor of Finance and Banking at Harvard Business School, where he has taught since 2003. He currently teaches a course on financial intermediation in the MBA program. Scharfstein has written on a wide range of topics in finance, including risk management, financial distress, corporate investment, capital structure, and venture capital. His current research focuses on financial intermediation and financial regulation, including work on risks in banks and nonbank financial institutions, the structure of the financial system, and private credit. He is a research associate of the National Bureau of Economic Research and a Fellow of the American Finance Association. In 2009–10, he was a senior adviser to the US Treasury Secretary. He was a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York (2012–16), president of the American Finance Association (2017), and a director of the M&T Bank Corporation (2017–22). From 1987 to 2003, Scharfstein was a finance professor at the MIT Sloan School of Management. He received a PhD in economics from MIT and an AB degree summa cum laude from Princeton University.

Michael Schwarz leads economics at Microsoft as corporate vice president and chief economist. His Office of the Chief Economist has a team of economists and data scientists, and the office engages primarily in demand forecasting, product pricing, and market design. The team engages in a variety of other topics such as antitrust issues and zero-carbon energy as well as helping the Microsoft sales organization engage with governments and other largest customers. Schwarz drives key topics and themes that need cross-company economics representation. Before joining Microsoft, Schwarz worked at Google for six years in various roles. Most recently, he was the chief economist for Google Cloud. Prior to that, he led the team that built the carpooling marketplace Waze Carpool. Subsequently, Schwarz became the chief scientist for Waze. Before his tenure at Google, he was the head of the economics research unit at Yahoo!, where he played a critical role in designing Yahoo! ad marketplaces. His most externally visible project at Yahoo! was developing algorithms for setting optimal reserve prices for search advertising auctions. Schwarz started his professional life as a faculty member in Harvard University's Economics Department. Schwarz holds a PhD from the Stanford Graduate School of Business and an MS in physics from the University of California at Davis.

Margaret Tahyar is partner and head of the financial institutions practice and a member of the fintech team at Davis Polk. She provides strategic bank and financial regulatory advice to many of the largest US and non-US financial institutions, regional banks, fintechs, cryptocurrency exchanges and other digital assets companies. In 2023, she led teams representing the Signature and Silicon Valley bridge banks and advised JPMorgan on its acquisition of First Republic, work that built on years of representing more than two dozen clients on living wills. Tahyar has been involved in several regional bank combinations. She also advises on corporate governance, consent order remediation, bank chartering, payment systems, fintech partnerships, bank powers and activities, cryptocurrencies, digital assets, securities disclosure, capital and liquidity and the Federal Reserve's liquidity programs. Tahyar is a member of the FDIC's Systemic Resolution Advisory Committee. She coauthored Financial Regulation: Law and Policy, a leading textbook, and FinTech Law: The Case Studies. In 2023, she was named a Law360 "Banking MVP" and an NYLJ "Dealmaker of the Year."

Lawrence White has been with New York University's Leonard N. Stern School of Business for more than 45 years. His primary research areas of interest include financial regulation, antitrust, network industries, international banking, and applied microeconomics. White has published numerous articles in the Journal of Business, Journal of Economic Perspectives, Journal of Economic Literature, Journal of Political Economy, American Economic Review, Review of Economics and Statistics, Quarterly Journal of Economics, and other leading journals in economics, finance, and law. He is the author of The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, among other books, and he is the coeditor of Antitrust Economics at a Time of Upheaval. He contributed chapters to the NYU Stern books on the financial crisis: Restoring Financial Stability and Regulating Wall Street. He is the coauthor of Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance. He coedited and contributed to Stern's book Regulating Wall Street: CHOICE Act vs. Dodd-Frank, and he coauthored chapters in Stern's recent book SVB and Beyond: The Banking Stress of 2023.

Nate Wuerffel is the head of market structure and US triparty at BNY. In this role, he is responsible for BNY's continued leadership in all aspects of market structure, including public-private efforts to improve financial market resiliency, navigating market structure changes and building collateral solutions for the US triparty repo market. Wuerffel was previously the head of domestic markets at the Federal Reserve Bank of New York, where he was responsible for carrying out monetary policy trading operations in the Treasury, agency MBS, and money markets, including the design and implementation of a range of facilities and trading operations such as quantitative easing and tightening programs, the Standing Repo Facility, and other balance sheet actions aimed at fostering US economic growth and financial market functioning. Wuerffel has led a variety of efforts across the public and private sectors to strengthen the US Treasury market. He was responsible for developing the annual interagency conference on the Treasury market hosted by the New York Fed and oversaw its Treasury Market Practices Group. Wuerffel led the New York Fed's efforts to support the transition away from USD LIBOR and was responsible for the Alternative Reference Rate Committee. His public remarks cover topics such as government securities market liquidity and structure, Treasury market resiliency, central clearing and the LIBOR transition. Wuerffel holds a bachelor's degree from Valparaiso University and a master's degree from the University of Chicago.

Patricia Zobel is a senior managing director and head of the macroeconomic research and market strategy team at Guggenheim Partners Investment Management. Zobel joined Guggenheim in 2024, reporting to Guggenheim's chief investment officer. In this capacity, she leads a team of economists and investment strategists who inform the firm's macroeconomic and asset allocation views. Prior to joining Guggenheim, Zobel was an executive at the Federal Reserve Bank of New York, serving as deputy manager and manager pro tem for the Federal Reserve's System Open Market Account bond portfolio and as a senior adviser on financial markets. In this capacity, she led the implementation of monetary policy as directed by the Federal Open Market Committee, including securities purchases and money market operations. Zobel also worked at the Andrew Mellon Foundation, investing its core fixed income and distressed strategies. She received an MBA from Columbia University and a BS with the highest honors from the University of California at Berkeley.