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The Obama administration is proposing reforms that have potentially far-reaching implications for how financial services firms are supervised and regulated. The administration’s 17 June financial regulatory reform“white paper” proposes the creation of a Financial Services Oversight Council, a National Bank Supervisor, a Consumer Financial Protection Agency, and other new bodies, along with a host of new powers for existing regulatory agencies, including authorizing the Federal Reserve Board to supervise all firms whose failure could pose a threat to financial stability. Complying with these regulations will require significant changes in the way financial services firms do business.

NERA Economic Consulting has assembled an unparalleled team of expert economists with experience in government (including the Federal Reserve Board, the Commodity Futures Trading Commission, the SEC, the FTC, and the President’s Council of Economic Advisers) and the financial services industry (including Barclays, Banque Paribas, Morgan Stanley, and CS First Boston). Each member of our team brings an outstanding set of skills, experience, and expertise to bear on the challenges raised by the administration’s proposed regulatory overhaul and the other critical issues facing the financial services sector today.


Robert Mackay

Senior Vice President

A leader in the field of financial risk management, including derivatives and derivative securities, and the regulation of financial markets. Has held
positions at the Commodity Futures Trading Commission, the FTC, the SEC, the Federal Reserve Board, and the President’s Working Group on Financial Markets.

Andrew Carron

NERA’s President

One of the nation’s leading experts in securities and financial economics, focusing on fixed income instruments, derivatives, and risk management. Former Director-Global Risk Management at CS First Boston.