Former Obama Lawyer, Fed Official Become FINRA Governors

Deborah Bailey was a deputy director at the Fed during the financial crisis before becoming a KPMG consultant.

Kathryn Ruemmler, global head of regulatory affairs at Goldman Sachs, and Deborah Bailey, former managing director with KPMG’s Financial Services Regulatory Practice, have been appointed to serve as governors on the Financial Industry Regulatory Authority’s board.

Ruemmler, former White House counsel for President Barack Obama, will serve as an industry member, and Bailey, former deputy director of Bank Supervision and Regulation at the Federal Reserve, will serve as public member.

“Deborah and Kathy are wonderful additions to the FINRA Board of Governors,” FINRA CEO Robert Cook said in a statement. “They bring a broad array of experience and knowledge to the Board, and we look forward to their contributions in support of our mission of investor protection and market integrity.”

Prior to joining KPMG, Bailey spent five years at Deloitte, where she launched and led a new practice that melded banking and securities into a single focus area. Prior to her consulting career, Bailey was deputy director of bank supervision and regulation at the Federal Reserve and reported directly to Federal Reserve Chairman Ben Bernanke during and after the financial crisis.