Next year, Professor Chris Brummer will become the first Academic Fellow for the Securities & Exchange Commission’s Office of International Affairs.

Chris Brummer, whose scholarship focuses on securities regulation, will spend part of the 2008-09 academic year as an Academic Fellow with the Securities & Exchange Commission’s Office of International Affairs.

Professor Brummer will be the first SEC Fellow to work with the SEC’s Office of International Affairs (OIA), the arm of the SEC that addresses cross-border securities transactions. At the SEC, the OIA facilitates international regulatory and enforcement cooperation, the adoption of high regulatory standards worldwide and the development of technical assistance programs to strengthen the regulatory infrastructure in global securities markets.

“My research involves assessing how securities regulators coordinate with one another to formulate policy with regards to cross-border securities transactions,” he explains. “In the U.S., the OIA is the focal point of such activity. This is quite an exciting time to be a research fellow in this office, because no other issue is quite as important right now as the issue of globalization.”

Professor Brummer’s research will address issues such as the regulation of new financial products, many of which are created in the U.S. and then sold overseas, as well as how to allow foreign companies to sell securities to investors. “I’ll be analyzing the impact of SEC rules and actions on foreign market participants active in the United States, and advising the SEC regarding the effect of U.S. regulations on cross-border activities,” he says. “There are concerns and questions about how to regulate new markets. There’s obviously a need for cooperation on that front. In addition, as more companies choose to raise capital outside of the United States, there’s a big push to ensure the competitiveness of American financial institutions. My role will involve researching those kinds of issues and providing analytical support and advice to senior staff on issues of regulatory policy.”

Professor Brummer looks forward to the opportunity to gain a “deep, institutional understanding” of the inner workings of the Securities & Exchange Commission. “It’s a somewhat unique opportunity,” he says. “No scholar has had the opportunity to be embedded in the Office of International Affairs.”

Professor Brummer joined Vanderbilt’s law faculty in 2006, after practicing in the New York and London offices of Cravath Swaine & Moore. He teaches courses in Securities Regulation and International Business Transactions and is affiliated with both Vanderbilt’s Law & Business and International Legal Studies programs.

(LOS ANGELES) — Chris Brummer, professor of law at Georgetown University Law Center, has joined the Milken Institute as a senior fellow. He will bring his expertise in international financial regulation, market microstructure, securities regulation, and international trade to the work of the Institute and its recently established Center for Financial Market Understanding in Washington, D.C.

The Center is charged with increasing policymakers' understanding of the operations of financial markets in the U.S. and worldwide, with a focus on the myriad impacts of policy decisions, both intended and not. Brummer's grasp of the connectedness of markets around the world will help the Milken Institute offer legislators, regulators, executives and journalists a greater insight into how markets function.

"Chris brings an entrepreneurial approach to his work — a trait that's perhaps unusual in law professors," said Bradley Belt, senior managing director and head of the Center for Financial Market Understanding. "His depth of knowledge about regulation in overseas markets and the increasingly connected global economy will enrich the resources we can offer to leaders in policy and business."

Brummer has taught at the University of Basel, and will serve as a visiting professor next year at the University of Heidelberg and the London School of Economics. Before coming to Georgetown, he was an assistant professor of law at Vanderbilt University Law School. He also practiced law in the New York and London offices of Cravath, Swaine & Moore, where his practice focused on high-yield debt offerings. In 2008, he was the Securities and Exchange Commission's first academic fellow, and worked in the Office of International Affairs.

"I'm delighted to have the opportunity to join the Milken Institute, particularly at this point in time, when one sees the need for a more focused, less ideological policy discussion on financial markets and their role in society," Brummer said. "No other institution brings to the table the energy and creative thinking required for tackling the emerging challenges of the modern financial marketplace."

Brummer's research has appeared in many of the country's most prestigious journals, including the California Law Review, the University of Chicago Law Review, the Georgetown Law Journal, the Southern California Law Review and the Vanderbilt Law Review. He periodically serves as an expert on NASDAQ hearings panels on de-listings.

Brummer lectures widely on finance and global governance at universities. His book, "Soft Law and the Global Financial System," will be published later this year by Cambridge University Press. He earned his J.D. from Columbia Law School, where he graduated with honors, and holds a Ph.D. in Germanic studies from the University of Chicago.

The interactive, informal session, "The Future of Wall Street After Dodd-Frank," covered market responses to the legislation and looked at how the markets have changed since Dodd-Frank was enacted. This is the first in a monthly series of Milken Institute-Georgetown University briefings for congressional staff on topical financial markets issues.

"The Milken Institute is pleased to partner with Georgetown in launching this briefing series," said Bradley Belt, senior managing director of the Milken Institute. "We believe it is critically important to bring a market-based perspective to the discussion of how the laws and regulations affect markets and whether the results intended by the sponsors will be achieved."

Opening today′s discussion were leading financial experts from Georgetown University and the Milken Institute, including Rohan Williamson, associate professor of finance and Stallkamp Faculty Research Fellow at the McDonough School of Business, along with Phillip Swagel, professor of international economic policy at the University of Maryland.

"We found this a terrific opportunity to engage with congressional staff members who want to gain a deeper understanding of the intended and unintended effects of financial legislation," said Chris Brummer, professor of law at Georgetown and a Milken Institute senior fellow. "Our discussion focused on market responses to the law and to other forces and events."

The new acting chair of the Securities and Exchange Commission (SEC) will be Commissioner Allison Herren Lee as designated by President Joe Biden, according to a press release.

“During my time as commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” she said, according to the release.

Lee was sworn in as commissioner in 2019, and she has written, lectured and taught courses on the financial regulation and corporate law, the release stated. She has also been with the SEC for years in various roles, including counsel to Commissioner Kara Stein and as senior counsel in the Division of Enforcement’s Complex Financial Instruments Unit.

In addition, Federal Trade Commission (FTC) Commissioner Rebecca Kelly Slaughter will be acting chair of the agency as designated by Biden, according to a press release.

Slaughter, in her position as commissioner thus far, has advocated for greater FTC resources, promoting equity and inclusion efforts, the release stated. In addition, Slaughter has been “outspoken” about fighting systemic racism, growing threats to competition and the “broad abuse” of consumers’ data.

Also, Heath Tarbert, a former President Donald Trump nominee, has stepped down as Commodity Futures Trading Commission (CFTC) chair as of Thursday (Jan. 21), Reuters reported.

The leading candidate emerging to replace him is Georgetown University academic Chris Brummer, the report stated, with the White House expected to make a decision soon.

Democratic CFTC commissioner Rostin Behnam is set to serve as acting commissioner for the time being, Reuters reported. Tarbert is going to remain on the commission as he transitions to private life.

Biden took office Wednesday (Jan. 20) and set about signing executive orders, PYMNTS reported. Many of them focused on fighting the pandemic, including orders for mask mandates in federal buildings, establishing a coordinator of the COVID-19 response to lead vaccine rollouts, and establishing ways to safely reopen schools.