WASHINGTON, D.C. (Sept. 23, 2010) — The organizations representing the nation’s state financial regulators today announced their representatives to serve on the Financial Stability Oversight Council (FSOC). The FSOC is charged with coordinating financial regulators in order to identify systemic risks to the nation’s financial stability.
William S. Haraf, Commissioner of the California Department of Financial Institutions will serve as the representative for the Conference of State Bank Supervisors (CSBS). The National Association of Insurance Commissioners (NAIC) selected John M. Huff, Director of the Missouri Department of Insurance, Financial Institutions and Professional Registration. The North American Securities Administrators Association (NASAA) has chosen David S. Massey, Deputy Securities Administrator for the North Carolina Securities Division.
The recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes a state insurance commissioner, a state banking supervisor and a state securities administrator to serve as non-voting members of the FSOC, a recognition of the important role that state regulators serve in the financial system. The first meeting of the FSOC will be held on October 1, 2010.
About David S. Massey
David S. Massey, Deputy Securities Administrator of the North Carolina Securities Division, has been selected by NASAA to represent state securities regulators on the FSOC. He has served as Director of the North Carolina Securities Division since June 1997. Previously, he served as General Counsel for the Department of the Secretary of State of North Carolina and as General Counsel for the North Carolina Securities Division, a division within the Department of the Secretary of State. Later this month, Massey will begin a one-year term as NASAA’s president. He also has served on NASAA’s Board of Directors and as Chair of the NASAA Enforcement Section. Massey earned a Master’s in Business Administration from East Carolina University in Greenville, NC; a Juris Doctor at Wake Forest University School of Law and a Master’s in Law & Taxation from the Marshall-Wythe School of Law at the College of William & Mary.
“As a state securities regulator, Dave will bring to the FSOC the insights of a ‘first responder’ who sees trends developing at the state level that have the potential to impact the larger financial system,” said NASAA President and Texas Securities Commissioner Denise Voigt Crawford. “NASAA has been a long and ardent supporter of including state regulators as members of the Council and I am glad that we will have such a well-qualified representative.”
About William S. Haraf
William S. Haraf, Commissioner of the California Department of Financial Institutions, has been selected to serve as the state bank supervisor on the FSOC. Prior to his swearing in as Commissioner in April 2008, Haraf was an independent consultant with the Promontory Financial Group and a Visiting Professor in the Graduate School of Management at the University of California at Davis. Haraf has also worked for Bank of America and Citicorp and was the J. Edward Lundy Scholar and Director of the Financial Markets Project at the American Enterprise Institute for Public Policy Research. Haraf also served as special assistant to the Chairman and senior staff economist to the President’s Council of Economic Advisors during the Reagan Administration from 1983-1985. After receiving his Ph.D. in economics from the University of Washington in Seattle in 1979, Haraf was assistant professor of economics at Brown University from 1979-1983.
“Bill’s tremendous career in academia, the private sector, with a respected think tank, and both federal and state government have given him vast knowledge and understanding of our financial system,” said Neil Milner, President and CEO of CSBS. “His perspective and input will be critical as the FSOC seeks to identify and mitigate potential risks to the stability of the United States financial system.”
About John M. Huff
John M. Huff has served as Director of the Missouri Department of Insurance, Financial Institutions and Professional Registration since February 2009. In this role, he leads state-wide initiatives to protect consumers, including insurance policyholders and financial institution customers. The department regulates more than 500,000 professionals and 7,000 companies, including insurance companies, banks, credit unions and other professional corporations. Huff has extensive expertise with national and international insurance issues. From 2006-2009, he worked for Swiss Re, one of the world’s leading reinsurance companies, as a managing director and strategic claims officer. Prior to joining Swiss Re, Huff was a global claims leader for GE Insurance Solutions. Earlier in his career, he led GE Frankona’s property claims teams throughout the European and Asian markets. Huff earned his bachelor’s degree in business administration at Southeast Missouri State University; he holds an MBA from St. Louis University; and graduated from the Washington University School of Law with a juris doctorate.
“I could not be more pleased with Director Huff’s selection,” said Jane L. Cline, NAIC President and West Virginia Insurance Commissioner. “He is known within the NAIC as a thoughtful and effective financial regulator with the understanding and experience to effectively represent state insurance regulators on the FSOC. He is exceptionally suited to assist the FSOC with regard to regulation of financial institution accounting practices and procedures, financial analysis, and solvency.”
The Conference of State Bank Supervisors (CSBS) is the nationwide organization for state bank regulation, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. State authorities supervise approximately 6,000 state‐chartered financial institutions. Further, the majority of state banking departments also oversees mortgage providers and other financial service providers. CSBS is also responsible for improving the quality of state bank supervision by providing performance evaluation and accreditation programs for the banking departments, as well as supervisory education and training programs for state personnel.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.
NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico. For more information, visit www.nasaa.org.
For more information:
NASAA: Bob Webster, Director of Communications
CSBS: Catherine Woody Director of Public Relations for Policy
NAIC: Scott Holeman Communications Director