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Who Are the FINRA Board of Governors?

Posted by Larry Doyle on August 22, 2010 10:23 AM |

While the general financial media would seem not to understand nor care that Wall Street to a large extent is a self-regulated industry, many within the industry and around the country very much care. The Financial Industry Regulatory Authority (FINRA) is the financial industry’s self-regulatory organization.

At FINRA’s 2010 Annual Meeting held a week ago, FINRA’s member firms overwhelmingly voted for seven aggressive non-binding proxy proposals. These proposals were by and large targeted at bringing greater transparency and disclosure to FINRA’s operations. Will FINRA’s board of governors acquiesce and fully address these proposals?

An Investment News story the other day, embedded in my post Is FINRA’s Board Tone Deaf?, would seem to indicate that FINRA’s powers at be are in no rush to address these proposals. So much for transparency and disclosure. These virtues may be nice buzzwords for political meetings and industry forums, but obviously these standards require real courage and true character to put into practice.

On that note, let’s address a question left yesterday in a comment on my aforementioned post here at Sense on Cents,


August 21, 2010 at 1:40 PM

Well just who exactly is on this FINRA board? How about names and contact info so we can write to them?

FINRA itself provides the following,

FINRA Board of Governors

Richard G. Ketchum, Chairman
Chief Executive Officer
Washington, DC

Jed Bandes
Mutual Trust Company of America Securities
Clearwater, FL

Joel R. Blumenschein
Freedom Investors Corp.
Brookfield, WI

Charles A. Bowsher
Former Comptroller General of the U.S.
Bethesda, MD

John J. Brennan
The Vanguard Group, Inc.
Malvern, PA

Ellyn L. Brown
Brown & Associates
Lutherville, MD

Richard F. Brueckner
Pershing LLC
Jersey City, NJ

James E. Burton
California Strategies LLC
Sacramento, CA

Mark S. Casady
LPL Financial
Boston, MA

John F. X. Dolan
Kellogg Specialist Group, LLC
Stowe, VT

W. Dennis Ferguson
Sterne, Agee & Leach, Inc.
Boca Raton, FL

Harvey J. Goldschmid
Columbia University Law School
New York, NY

William H. Heyman
The Travelers Companies, Inc.
Saint Paul, MN

Dr. Shirley Ann Jackson
Rensselaer Polytechnic Institute
Troy, NY

Ken Norensberg
Four Points Capital Partners LLC
New York, NY

Richard S. Pechter
New York, NY

John W. Schmidlin
New York, NY

Joel Seligman
University of Rochester
Rochester, NY

Gary H. Stern
Federal Reserve Bank of Minneapolis (retired)
Minneapolis, MN

Kurt P. Stocker
Northwestern University
Westcliffe, CO

Seth H. Waugh
Deutsche Bank Americas
New York, NY

James D. Weddle
Edward Jones
St. Louis, MO

Texas, there you go!! Best of luck in reaching out to them. Please let us know what you learn. If others learn anything meaningful in reaching out to these individuals, please share that information as well. While knowledge is power, transparency and disclosure are great disinfectants.

The pursuit of real truth, transparency, and integrity is never easy but it is so worth it!!

Keep punchin’…!!

Larry Doyle

Related Sense on Cents Commentary
FINRA Gets New ‘Sheriffs’; Amerivet Proxy Proposals Approved!! Strongly Recommended; (August 14, 2010)

I have no current affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets, including our financial regulators, so that badly needed and real investor confidence and investor protection can be achieved.

Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

  • With 14 out of 22 members of the FINRA Board of Governors hailing from the East Coast (not counting the one from Florida) and 7 of them living in New York, I think “Texas” may need a translator to communicate with them.

    • LD


      Very interesting point. Think there might be a little bit of a disconnect in terms of cultural values aside from the differences defined by the deeply entrenched industry and political relationships?

      Things that make you go, “Hmmmmm….??”

  • Some of the small firm representative board members can be e-mailed at their firms (look up their firm’s websites) or contacted through their firms (look on the FINRA list of members). The Board members that hold academic positions can also be tracked down through the websites created by their academic employers. Good luck contacting the attorneys, retired persons, and larger firm members. Extremely cogent comment about the demographic of the Board. Pretty sweet deal for the larger firms — create a regulatory structure that will cost many of your competotors out of business. And that is the goal; if it were not the goal, we would have a tiered rulebook.

    Full disclosure — I have been trying to apply for the inspector general slot directly with the FINRA Board and I am a former FINRA examiner turned compliance consultant.

  • disenchanted

    I can’t tell you how many times I run into a Finra examiner that has either turned compliance consultant or attorney representing broker dealers. What do you guys know that we need to know. It strikes me as a bit disconcerting that you seem to go to work for the “other side” once you leave the regulator. Full disclosure would be a wonderful gift right now.

  • LD,
    You and I have had disagreements on certain things. Your badly veiled political statements and the link to red envelopes on the site. Frankly, some things about you annoy the hell out of me. But I want to say you are dead on accurate on this FINRA stuff, and I respect you a great deal on your FINRA articles and fighting the good fight there. I hope you will be like a pit bull with his jaws on something bad that he won’t stop. As someone who doesn’t easily give you your “Kudos” I give you your kudos on this. Be persistent and don’t give up. I think this is a great public service you are doing. I wish NYT and some other major hitters would go after FINRA. This effort speaks highly of you.

    Take care

    • Always Learning

      TedK –

      I remember you from a few months ago. I have been reading LD’s site for several months and he used to have an ad link to RedEnvelope, which is a beautiful gift company. I know because I purchased a few gifts from the site around the holidays. What’s your gripe about it?

      By the way, thank you, LD, for introducing me to that site. I use it regularly for clever gifts. Why did you remove the link to RedEnvelope and the online florists? I tried to use them whenever I could.

  • LD

    Always Learning,

    Thanks for the assist. I honestly was not aware of what Ted K was referring to in his comment, but the real brains behind this operation took down that link and the one used for florists because they were not getting much use and were merely taking up space. Glad you liked them but not many other people seemed to use them.

    Glad we got that cleared up.

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