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Friday, December 1, 2017George Washington University Law School | Washington, DC 20052

Forum on Financial Responsibility in Communities of Color

The George Washington University Law School’s Corporate Law and Governance Initiative presents a

Agenda

The financial crisis highlighted significant concerns surrounding the financial health of all Americans, including people of color. In particular, the financial crisis revealed concerns around a range of financially-related issues including financial literacy, financial decision-making, investment choices and opportunities, access to appropriate financial products, as well as an understanding about the financial and securities market more generally. The financial crisis also revealed that an individual’s ability to effectively navigate these issues not only impacts the personal finances and financial stability of the individual decision-maker, but also impacts the stability of communities and the broader economy. The financial crisis further highlighted what many studies had long revealed: that concerns surrounding financial literacy, access, and responsibility are often more acute for people of color. The crisis shed light on the fact that insufficient attention has been given to ensuring that all Americans, including people of color, are better financial stewards. This forum devotes attention to this important issue by bringing together academics, practitioners, and regulators to discuss these issues and advance practical solutions that reach their targeted audience.

AGENDA12–1 p.m. Registration and Lunch

George Washington University Law School | Faculty Conference Center, 5th Floor

1–1:15 p.m. Welcome and IntroductionsRoger A. Fairfax, Jr., Jeffrey and Martha Kohn Senior Associate Dean for Academic Affairs and Research Professor of Law, George Washington University Law School

Professor Lisa M. Fairfax, Leroy Sorenson Merrifield Research Professor of Law; Director, Corporate Law and Governance Initiative; George Washington University Law School

1:15–2:45 p.m. Roundtable 1: Financial LiteracyFacilitator: Professor José Gabilondo, Florida International University College of Law Studies show that a large number of Americans are financially illiterate. In other words, a large number of Americans not only do not understand basic financial concepts, but also do not understand how those concepts get applied in financial decision-making. Financial illiteracy is particularly acute in communities of color. Financial illiteracy has an impact on people’s ability to make informed financial decisions, to withstand financial difficulties (both short-term and long-term), and to effectively plan for their financial future. Financial illiteracy not only reflects, but also contributes to, the income and wealth gap. This roundtable discusses the causes, consequences and implications of financial illiteracy in communities of color, and then explores the extent to which we can employ more effective strategies for improving financial literacy while grappling with the negative repercussions of financial illiteracy.

2:45–3 p.m. Coffee & Networking Break

3–4:30 p.m. Roundtable 2: Market ParticipationFacilitator: Professor Chris Brummer, Agnes N. Williams Research Professor; Faculty Director, Institute of International Economic Law, Professor of Law, Georgetown University Law CenterThe first roundtable revealed that many people of color engage with the financial market in sub-optimal ways, such as through an over-reliance on credit and non-banking products. However, even when people of color do not rely on such products, studies reveal that people of color fail to take full advantage of investment opportunities. This failure has particular implications for the wealth gap and our ability to close that gap. This roundtable will discuss the investment patterns associated with people of color, the causes and implications of those patterns, and strategies for addressing investment patterns that may have negative repercussions. This roundtable also will explore recent innovations with respect to investment opportunities and the benefits and drawbacks of those opportunities for people of color.

4:30–4:45 p.m. Coffee & Networking Break

4:45–6 p.m. Roundtable 3: Securities and Investment FraudFacilitator: Professor Lisa M. FairfaxObviously, all investors are susceptible to fraud. However, studies reveal that communities of color are particularly vulnerable to certain types of fraud, particularly fraud emphasizing group solidarity. One example of this phenomenon is affinity fraud. Affinity fraud refers to investment scams that target identifiable groups, usually religious or ethnic groups, perpetrated by mem-bers of the targeted group or someone claiming to be a group ally. Affinity fraud exploits the trust and shared identity of targeted groups, and thus its victims come from every realm of the economic ladder. Affinity fraud can be more difficult to detect because of the close-knit structure of some groups, and harder to prosecute because of the unwillingness of victims to notify authorities about group members’ actions. This roundtable discusses affinity fraud and other forms of financial and investment fraud with the aim of better understanding such fraud, and of exploring strategies related to raising awareness as well as pinpointing more effective prevention and detection techniques.

GW Law’s Corporate Law and Governance Initiative

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ROUNDTABLE DISCUSSION QUESTIONSRoundtable 1: Financial LiteracyStudies conducted over the last few decades consistently find that a large number of Americans are financially illit-erate. In other words, a large number of Americans not only do not understand basic financial concepts, but also do not understand how those concepts get applied in financial decision-making. Financial illiteracy is particularly acute in communities of color. Financial illiteracy has an impact on people’s ability to make informed financial decisions, to withstand financial difficulties (both short-term and long-term), and to effectively plan for their financial future. Financial illiteracy not only reflects, but also contributes to, the income and wealth gap. This roundtable discusses the causes, consequences, and implications of financial illiteracy in communities of color, and then explores the extent to which we can employ more effective strategies for improving financial literacy while grappling with the negative repercussions of financial illiteracy.

1. Financial literacy includes two concepts: (1) the ability to understand basic financial concepts and (2) the ability to use those concepts effectively when making financial decisions. With respect to basic concepts, studies focus on “core” issues such as an understanding of interest rates, inflation, risk and risk diversification, mortgages, and bond pricing. Every study conducted over the last few decades reveals that most Americans get a failing grade when seek-ing to answer questions around these issues, and that African Americans and Hispanics are more likely than whites to answer such questions incorrectly. For example, a 2017 study revealed that the average American adult could only answer 49% of such questions correctly while nonwhites answered an average of 39–40% of the questions correctly. What accounts for financial illiteracy and why is it more acute in communicates of color?a. The educational system? Most schools either do not have courses in personal finance and economics or make

them optional. A 2012 study revealed that less than 20% of teachers feel prepared to teach financial literacy. Some research suggests that the impact of K–12 financial education may be limited because financial education is most effective when students learn financial concepts near or during the time they must engage in financial decision-making.

b. The wealth and income gap? On the one hand, studies suggest that wealth and income are positively cor-related with financial literacy. On the other hand, this correlation is not very strong in communities of color, revealing that the literacy rates of people of color with higher levels of wealth and income are not significantly different from the rates of the general population of people of color.

c. Lack of parental understanding? A 2016 study revealed that less than half of students indicated that they learned about finances from their parents, and this learning disconnect increases when income, wealth, and race are taken into account. Moreover, even when students learn good financial lessons at school, if they do not see the behaviors at home they often abandon their lessons in order to mimic their parent’s behavior.

d. The complexities of the market? There are some who believe that seeking to teach financial literacy is an uphill battle because the market is constantly changing and becoming more complex, ensuring that educational efforts will always be a game of catch-up.

e. Many financial literacy definitions include the notion of appropriate financial decision-making. Are people making “inappropriate” financial decisions because they do not understand the impact of such deci-sions, they do not have access to appropriate financial products, or both?

2. Studies reveal that while literacy rates at the college level are higher than the average levels, students of color con-tinue to lag behind. Thus, 63% of white college students were found to be financially literate, as compared to 59% of Hispanic students, 57% of Asian students and 56.3% of African-American students. While the increase in finan-cial literacy among college students is a positive trend, the study nevertheless underscores the fact that a significant percentage of college students are not financially literate. How should we interpret and consider this data?

3. People of color are more likely to be unbanked or under-banked. A 2015 FDIC study revealed that while 7% of American households were unbanked, 18.2% of African American households were unbanked, 16.2% of Hispanic households were unbanked, and 4% of Asian households were unbanked. Also, while 19% of Americans were under-banked, 33.2% of African Americans are under-banked, 28.6% of Hispanics are under-banked, and 17.7% of Asians are under-banked. a. What accounts for the fact that a relatively larger percentage of people of color are unbanked and

under-banked? Research indicates that many people simply do not having sufficient money to comply with the minimum balance requirement. Other reasons focus on high or unpredictable fees or inconvenient hours and locations.

b. Should we advocate for reforms that focus on more suitable bank products and services?

c. Many of the reforms focus on regulating the banking industries. Do these reforms miss the mark with respect to people of color?

Forum on Financial Responsibility in

Communities of Color

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4. Communities of color are also more likely to use non-bank borrowing methods such as taking out an auto title loan or a payday loan, or using a pawn shop or rent-to-own store. These methods are likely to come with high interest rates and often attract individuals with poor credit histories, lack of access to more traditional sources of credit, or both.a. Where should we stand on non-bank borrowing methods? Should we be for, against, or indifferent?b. What, if any, reforms should we focus on in relation to these methods of borrowing?

5. People of color are more likely to use credit in a way that leads to less successful financial outcomes such as only paying the minimum balance on the credit card, using the credit card for cash advances, and using reloadable prepaid credit cards. These credit choices are more likely to generate sizable interest and fees and have a negative impact on credit scores. Do these decisions reflect an inability to make good decisions about which prod-ucts to use or how to use them, a lack of access to more appropriate credit and financial products, or a combination of both?

6. People of color are also more likely to show signs of financial stress. For example, studies reveal that they are more likely to have (a) taken a loan from their retirement account (21% African American, 18% Hispanic, 15% Asian, 11% white), (b) taken a hardship withdrawal from their retirement account (20% African American, 15% Hispanic, 13% Asian and 8% white), (c) been late with mortgage payments (29% African American, 20% Hispanic, 20% Asian, 13% white), and (d) overdrawn on the checking account (29% African American, 23% Hispanic, 19% Asian, 16% white). How should we interpret these signs of financial stress? Are there measures we can employ that would alleviate the stress?

7. College is obviously a significant financial expense that impacts both parents and students. Historically, communi-ties of color have emphasized the importance of college and higher education. However, studies suggest that most Americans do not effectively save for college. How should we think about the financial burden of college in the context of financial responsibility?

8. Despite significant efforts and resources aimed at improving financial education regime, literacy rates remain prob-lematic. How can we do a better job of not only getting information to communities of color, but also ensuring that such information is being used appropriately?

9. Most of our federal securities laws assume a certain level of financial literacy. Should we continue to expect that individuals have the capacity to make sound financial decisions? If not, does there need to be changes to our laws?

Roundtable 2: Market ParticipationThe first roundtable revealed that many people of color engage with the financial market in sub-optimal ways, such as through an over- reliance on credit and non-banking products. However, even when people of color do not rely on such products, studies reveal that people of color fail to take full advantage of investment opportunities. This failure has particular implications for the wealth gap and our ability to close that gap. This roundtable will discuss the investment patterns associated with people of color, the causes and implications of those patterns, and strategies for addressing investment patterns that may have negative repercussions. This roundtable also will explore recent inno-vations with respect to investment opportunities and the benefits and drawbacks of those opportunities for people of color.

1. Studies reveal that people of color do not take advantage of investment opportunities. First, they are less likely to invest in high-return assets, preferring insurance companies, banks, and banking products over the stock market, brokerage funds, or mutual funds. Second, when given the opportunity, they are less likely to invest in 401(k) plans, they wait longer to invest in such plans, and they invest in such plans at a lower rate. Commentators insist these investment patterns are one of the primary reasons for the wealth gap.a. Do these patterns reflect a lack of access to investment choices, a lack of education about appropri-

ate investment choices, or both?

b. Do these patterns reflect social and cultural differences (i.e., people of color are simply more cautious or otherwise have less experience with investing)?

c. Do these patterns reflect different priorities? Studies reveal that African-Americans and Hispanics borrow more to earn their degrees than their white counterparts, and thus leave college with a higher debt-load. Does this suggest that we cannot resolve the investment issue without also focusing on the college-debt issue?

d. Should we encourage increased participation in the stock market and increased investments in bro-kerage and mutual funds if we are not comfortable with financial literacy rates?


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2. The retirement practices of people of color also reflect a troubling financial pattern. Several recent articles have highlighted a looming “retirement crisis,” particularly with respect to African Americans. Studies suggest that the average white family has almost ten times more in liquid retirement savings than the average Hispanic and African American family. Even when African Americans and Hispanics are earning the same salaries as whites, they are not accumulating wealth at the same rate, and not participating in retirement plans in the same way, and thus are likely to end up with far less when they retire.a. Do these retirement practices reflect a lack of access to appropriate retirement plans? b. Do these practices reflect differences in priorities? As previously mentioned, studies suggest that people of

color are more likely to invest in their children’s education than their own retirement.c. Do these practices reflect financial fragility? As previously mentioned, people of color invest at a later stage

in their lives and that they are more likely to borrow against, or withdraw from, their retirement account sug-gest about their ability to invest for retirement.

3. Access to capital is critical to the growth of any business. Studies reveal that small businesses owned by people of color experience particular difficulties accessing capital.a. Does the lack of access reflect discrimination? If so, what role can we play in focusing attention on, and

helping to combat, this issue?b. Does it reflect a lack of awareness or understanding of the methods for gaining access to, and build-

ing, capital? If so, how best do with grapple with such an issue?

4. One response to the lack of access to capital is to encourage a focus on innovation. One such innovation is crowd-funding.a. What are the benefits and drawbacks of crowd-funding as a potential source of capital?

b. Are there other innovations that should be considered and highlighted?

c. Is it appropriate to encourage a focus on innovation in lieu of more traditional sources of capital?

Roundtable 3: FraudObviously, all investors are susceptible to fraud. However, studies reveal that communities of color are particularly vulnerable to certain types of fraud, especially fraud emphasizing group solidarity. One example of this phenomenon is affinity fraud. Affinity fraud refers to investment scams that target identifiable groups, usually religious or ethnic groups, perpetrated by members of the targeted group or someone claiming to be a group ally. Affinity fraud exploits the trust and shared identity of targeted groups, and thus its victims come from every realm of the economic lad-der. Affinity fraud can be more difficult to detect because of the close-knit structure of some groups, and harder to prosecute because of the unwillingness of victims to notify authorities about group members’ actions. This roundtable discusses affinity fraud and other forms of financial and investment fraud with the aim of better understanding such fraud, and of exploring strategies related to raising awareness as well as pinpointing more effective prevention and detection techniques.

1. Studies suggest that people of color not only do not understand how best to investigate investment professionals and opportunities, but also do not appreciate that they should investigate. How do we raise awareness of this issue?

2. Studies also suggest that people of color do not appreciate critical “red flags” with respect to investment opportu-nities such as opportunities promising “no risk,” or “guaranteed returns,” or emphasizing immediacy. This is true despite the existence of websites and other sources aimed at pinpointing these signals. How do we better ensure that information related to key warning signals reaches targeted communities?

3. Studies show that people of color are too often slow to report, reluctant to report, or do not know how to report investment fraud.a. Is the reporting problem a reflection of an uneasy relationship between communities of color and

law enforcement?

b. How do we best connect regulators with impacted communities to ensure greater instances of reporting?

Final Question: What can we do to use our respective platforms to raise awareness on all of these issues?

FINRA Investor Education Foundation, Financial Capability in the United States: Report or Findings from the 2012 National Financial Capability Study (May 2013), https://www.usfinancialcapability.org/downloads/NFCS_2012_Report_Natl_Findings.pdf.



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REPORTS AND FURTHER INFORMATION � 2015 FDIC National Survey of Unbanked and Underbanked Households, October 20, 2016, available at https://www.

fdic.gov/householdsurvey/2015/2015report.pdf

� Marco Angrisani, Arie Kapteyn, and Annamaria Lusardi, The National Financial Capability Study: Empirical Findings from the American Life Panel Survey, November 2016, available at http://gflec.org/wp-content/uploads/2016/11/NFCS_ALP_Report_Final_UPDATED.pdf?x87657

� Lewis Mandell, The Financial Literacy of Young American Adults, Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students, available at http://www.jumpstart.org/assets/files/2008SurveyBook.pdf

� Affinity Fraud: How to Avoid Investment Scams that Target Groups, October 9, 2013, available at https://www.sec.gov/investor/pubs/affinity.htm

� Stopping Affinity Fraud in Your Community: How to Avoid Investment Scams that Target Groups, SEC Office of Investor, available at https://www.investor.gov/sites/default/files/Affinity-Fraud.pdf

Key Findings Jump$tart for Personal Financial LiteracyLewis Mandell, 2008THE FINANCIAL LITERACY OF YOUNG AMERICAN ADULTS: RESULTS OF THE 2008 NATIONAL JUMP$TART SURVEY

Below are some key findings from the 2008 National Jump$tart Coalition survey of high school seniors and college students:

� The average financial literacy score of white high school students was 53%, compared to 47% for Asian students, 45% for Hispanic students, and 41% for African American students.

� The average score on questions related to money managements was particularly low for all high schools students. Thus, white high school students scored an average of 43% on such questions while African Americans had an average score of 36%, Hispanics had an average score of 37% and Asians had an average score of 39%.

� African American, Hispanic and Asian high school students had a failure rate of 89%, 83%, and 77% respectively; white students had a 64% failure rate.

� The financial literacy gap persists through college. Approximately 31% of white college students failed the financial literacy test compared to approximately 52% of African American college students, 43% of Hispanics and 49% of Asian Americans.

� Students with a checking or savings accounts do better on financial questions than do students without such accounts.


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Key Findings Insight Center for Community Economic DevelopmentSpring 2009THE RACIAL GAP IN SAVINGS AND INVESTMENTS

� 42% of whites own an IRA or Keogh compared to 7% of African Americans and 8% of Latinos.

� In 2004, the median value of retirement account holdings for white families was $41,000 and only $16,000 for nonwhites or Hispanic families.

� African Americans are 23.3 and Hispanics 28.3 percentage points less likely than all families to have direct or indi-rect holdings of publicly traded stock.

� People of color are disproportionately “unbanked” (not in possession of a checking or savings account). Only 5.3% of white households are unbanked compared to 24.2% of African American and 25% of Hispanic households.

� People of color are also less likely to receive inherited wealth than whites; studies suggest that racial differences in inheritances explain about 10–12% of the average racial difference in household wealth.

� Whites are more likely to hold jobs that allow them to contribute to retirement accounts then people of color.

� Because pre-tax deductions do not benefit those with low incomes and low tax liabilities, the federal and state provisions that allow tax-free savings for college tuition do not benefit most students of color.

Key Findings FINRA Investor Education FoundationMay 2013FINANCIAL CAPABILITY IN THE UNITED STATES 2012 REPORT OF NATIONAL FINDINSS

� Financial literacy is strongly correlated with behavior that is indicative of financial capability. A financial literacy quiz revealed poor financial capability results. The majority of whites answered 3 out of 5 questions correctly while Asians answered 3.2 questions correctly, Hispanics answered 2.6 questions correctly, and African Americans answered 2.4 questions correctly.

� The ability to make ends meet is a central component of financial capability, and overdrawing checking accounts is a symptom of difficulty making ends meet. Only 19% of whites report overdrawing compared to 27% of Hispanics, 18% of Asians, and 31% of African Americans.

� People of color report setting aside money for their children’s college at the same rate as others. Thus, 32% of whites, 34% of African Americans, 37% of Hispanics, and 51% of Asians report setting money aside for college.

� Home ownership rates are lower for people of color. 64% of whites own homes compared to 42% of African Americans, 44% of Hispanics, and 56% of Asians.

� Homeowners who report that they currently owe more on their homes than they think they could sell it for today (i.e. are “underwater”) varies by race. Only 12% of whites reported being “underwater” as compared to 18% of Asians, 20% of African Americans, and 24% of Hispanics.

� People of color are more likely to engage in costly non-bank borrowing methods (i.e. payday loans, rent-to-own stores, auto title loans, tax refund advances and pawn shops). While 25% of whites used such methods, 44% of African Americans, 40% of Hispanics, and 20% of Asians used such methods.

� People of color are more likely to engage in costly credit-card behaviors (i.e., paying the minimum payment, paying late, exceeding the credit card limit, using the card for cash advances). 60% of African Americans, 53% of Hispanics, and 31% of Asians reported such behavior compared to 36% of whites.



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PARTICIPANTSTamara Belinfanti is a Professor of Law and Co-Director of the Center for Business and Financial Law at New York Law School. Her scholarship focuses on corporate governance system design and the relationship between corpora-tions and communities. In 2013, Professor Belinfanti was named an Aspen Ideas Scholar for her work on the roles and rights of corporations in the broader societal sphere. She has written on corporate governance in the context of the proxy advisory industry, corporate purpose, executive compensation, and most recently shareholder rights and stew-ardship. Professor Belinfanti teaches Corporations; Contracts; and Corporate Practice, which is a transactional skills course that she developed. Prior to joining the New York Law School faculty, she was a corporate attorney at Cleary Gottlieb Steen and Hamilton, where she counseled domestic and international clients on general corporate and U.S. securities regulation matters and was co-editor of the securities law treatise, U.S. Regulation of the International Securities and Derivatives Market (Aspen, 2003). She received a JD cum laude from Harvard Law School in 2000.

Marla Bilonick was named Latino Economic Development Center’s (LEDC) Executive Director in 2014. She rejoined LEDC in 2012 as Director of Small Business Development after first working at the organization in 1999 as a microloan officer. As Executive Director, she leads LEDC’s regional efforts to drive the economic and social advancement of low- to moderate-income Latinos and other Washington, D.C., and Baltimore area residents by equipping them with the skills and tools to achieve financial independence. Prior, she worked for Seedco with businesses in lower Manhattan that were affected by 9/11. As Director of the Upper Manhattan Business Solutions Center, her team worked with entrepreneurs in Harlem to launch and expand businesses. Her work in microfinance for Development Alternatives Incorporated in settings such as Bolivia, El Salvador, Mexico, Nicaragua, and her native Panama provides her with cultural sensitivity that is useful for working with LEDC’s core constituents. She is a graduate of the University of Wisconsin at Madison and received a MA from the Johns Hopkins University School of Advanced International Studies.

Karen B. Brown is the Theodore Reinhart Professor of Business Law at the George Washington University Law School, where she teaches courses in federal income taxation, corporate taxation, and international taxation. Before joining GW Law, Professor Brown was Professor of Law and Associate Dean for Academic Affairs at the University of Minnesota Law School and Professor of Law at Brooklyn Law School. She was appointed the Julius E. Davis Professor of Law for 1995–96 at University of Minnesota. Professor Brown is co-author of an international tax transactions treatise, co-editor of books on taxation reform, economic efficiency in tax law, and comparative law, and she is editor of books on regulating corporate tax avoidance and taxation and development. She also has published treatises, book chapters, and numerous articles on various federal income taxation topics. Professor Brown is a member of the American Law Institute, the International Fiscal Association, and the International Academy for Comparative Law. She received a BA from Princeton University and a JD and LLM from New York University School of Law.

Chris Brummer is the Agnes N. Williams Research Professor and Faculty Director of the Institute of International Economic Law at Georgetown University Law Center. Prior to joining Georgetown’s faculty with tenure in 2009, Professor Brummer was an Assistant Professor of Law at the Vanderbilt University Law School. He also has taught at several leading universities as a visiting professor, including the University of Basel, Heidelberg University, and the London School of Economics.

Camille Busette is Director of the Brookings Race, Prosperity, and Inclusion Initiative and a Senior Fellow in Governance Studies, with affiliated appointments in Economic Studies and Metropolitan Policy. Ms. Busette has dedicated her career to expanding financial opportunities for low-income populations. She came to Brookings from the Consultative Group to Assist the Poor, where she served as the organization’s lead financial sector specialist. Previously, she worked with the Consumer Financial Protection Bureau (CFPB), a U.S. government financial services regulator, where she served as the agency’s inaugural head of the Office of Financial Education. Prior to her tenure at the CFPB, Ms. Busette held executive positions in the private and nongovernmental organization sectors. She previ-ously served as a Senior Economics Policy Fellow at the Center for American Progress, where she focused on financial opportunities for low-income populations. Prior to that, Ms. Busette was the Vice President of EARN, a leading pro-vider of microsavings services to low-income families in the United States. She also has advised the Bank of Jamaica on inclusive mobile banking regulation.

Donna M. Chambers is a Senior Special Counsel in the Office of the General Counsel at the Securities and Exchange Commission (SEC). In this role, she provides legal and policy analysis and advice to commission executives and senior staff on the federal securities laws, with a focus on the laws applicable to secondary market transactions, equity market structure, and derivatives. Prior to joining the Office of the General Counsel, Ms. Chambers served in several capac-ities in the Division of Trading and Markets, including as counsel to the Division Director. Ms. Chambers received a law degree from Harvard Law School and an undergraduate degree in accounting from Baruch College (The City University of New York). Before joining the SEC, Ms. Chambers was an attorney in private practice, where she worked on corporate finance transactions, mergers and acquisitions, and general corporate matters.


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Mechele Dickerson teaches remedies, civil procedure, and a course on the American middle class at the University of Texas School of Law. Her current research focuses on income and wealth inequality and the financially stressed American middle class. She is the author of Homeownership and America’s Financial Underclass: Flawed Premises, Broken Promises, New Prescriptions and is working on her second book about America’s neglected middle class. Professor Dickerson has participated in congressional briefings and has testified before a congressional subcommittee on hous-ing unaffordability. She has taught at the University of Texas for the last 12 years, and she currently holds the Arthur L. Moller Chair in Bankruptcy Law and Practice and is a University Distinguished Teaching Professor.

Lisa M. Fairfax is the Leroy Sorenson Merrifield Research Professor of Law and the Director of the Corporate Law and Governance Initiative at the George Washington University Law School. Professor Fairfax’s scholarly interests include corporate governance matters, fiduciary obligations, board diversity, shareholder activism, affinity fraud, and securities fraud. In addition to her many law review articles and book chapters, Professor Fairfax is the author of the book Shareholder Democracy: A Primer on Shareholder Activism and Participation. Professor Fairfax is a member of the Investor Advisory Committee of the Securities and Exchange Commission (SEC), the SEC Historical Society Board of Advisors, and the Brigham Young University J. Reuben Clark Law School Board of Advisors. Professor Fairfax is a former member of the National Adjudicatory Council of the Financial Industry Regulation Authority (FINRA), where she served as Chair of its subcommittee on waivers, and a former member of the NASDAQ Market Regulation Committee of FINRA. Professor Fairfax graduated from Harvard Law School and Harvard College with honors.

Gina-Gail S. Fletcher is an Associate Professor of Law at the Indiana University Maurer School of Law. She teaches corporations, business planning, and financial regulation. She was awarded the IU Trustees’ Teaching Award in 2016. Professor Fletcher writes on topics related to corporations, corporate governance, commodities markets, and financial market regulation. Professor Fletcher’s current research focuses on the interplay of public regulation and private ordering in enhancing market stability and integrity. Her most recent scholarship, Benchmark Regulation, is forth-coming in the Iowa Law Review and examines potential regulatory responses to threats to market integrity, namely through benchmark manipulation. Professor Fletcher has presented her work at several law schools and has been an invited speaker at GW Law on the role of the Commodity Futures Trading Commission in the financial markets. She practiced as an associate attorney in the Washington, D.C., office of Gibson Dunn and Crutcher, where she specialized in securities regulation, mergers and acquisitions, banking, and corporate governance.

José Gabilondo teaches banking law, corporate finance, and tax at the Florida International University College of Law, where he also served as Associate Dean. He has worked in financial market regulation at the U.S. Securities and Exchange Commission, the Office of the Comptroller of the Currency, U.S. Department of the Treasury, and the World Bank. He is the author of Bank Funding, Liquidity and Regulatory Capital and is the first co-author of Corporate Finance: Debt, Equity, and Derivative Markets and their Intermediaries. His recent articles have defended the federal government’s post-crisis transformation into a market maker of last resort, examined stress-testing requirements for banking organizations, and analyzed the leverage and liquidity dynamics of the new credit market. He has appeared on CNN and MSNBC and is a nationally recognized commentator in the Spanish-language media on Cuba and financial matters. His current research focuses on business models used for financial intermediation.

Keir Gumbs is a partner in the Corporate and Securities Practice Group at Covington and Burling. He started his career at the Securities and Exchange Commission (SEC), where he served for six years, first as a staff attorney, later as a special counsel in the Office of Chief Counsel in the SEC’s Division of Corporation Finance, and finally as counsel to SEC Commissioner Roel Campos. Mr. Gumbs is recognized as a leading authority on securities regulation and corporate governance who represents a cross-section of constituencies in securities and governance matters, including companies ranging in size from Fortune 50 companies, to venture-backed firms, as well as public pension funds, hedge funds, faith-based investors, and trade associations. He received a JD from the University of Pennsylvania Law School and a BA from The Ohio State University.

Cassandra Jones Havard is a Professor of Law at the University of Baltimore School of Law, where she teaches courses in banking, corporate, and commercial law. As an expert in financial services regulation, her academic work focuses on the nexus between financial products, consumer welfare, systemic risk, and race. As a practicing attorney, Professor Jones Havard worked as a counsel for the Federal Deposit Insurance Corporation and a trial attorney in the Criminal Section of the Tax Division at the U.S. Department of Justice. After law school, she served as a law clerk for the Honorable A. Leon Higginbotham on the U.S. Court of Appeals for the Third Circuit. Professor Jones Havard earned a BA with highest honors from Bennett College and a JD from the University of Pennsylvania Law School, where she was Editor-in-Chief of the Black Law Journal. At the University of Baltimore, Professor Jones Havard serves on the Faculty Senate and is the Director of the Charles Hamilton Houston Scholars Program, a pipeline program for underrepresented minority and economically disadvantaged undergraduates interested in a legal career. She also hosts a website that provides information about financial inclusion.



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Danielle Holley-Walker is the Dean of the Howard University School of Law. She was previously the Associate Dean for Academic Affairs and Distinguished Professor of Law at the University of South Carolina School of Law. She earned a BA from Yale University and a JD from Harvard University. Following law school, Dean Holley-Walker clerked for Chief Judge Carl E. Stewart of the U.S. Court of Appeals for the Fifth Circuit. She then practiced civil litigation at Fulbright and Jaworski (now Norton Rose Fulbright) in Houston, Texas. She teaches Civil Procedure, Administrative Law, and Federal Courts. Dean Holley-Walker’s ongoing research agenda focuses on issues of educa-tional opportunity and inclusion, with an emphasis on the governance of public schools. She has published scholarly articles on various issues of civil rights and education, including articles on No Child Left Behind, charter school policy, desegregation cases, and affirmative action in higher education. Dean Holley-Walker has won numerous awards and has been active in her community.

Regina T. Jefferson is a nationally recognized authority on pension law, employee benefits, and tax law. In addition to teaching and producing a rich body of scholarship in these areas, she has been actively involved in the policy develop-ment of these fields. She has testified before Congress, briefed congressional staff on employee benefits and tax topics, and served as a delegate to the first White House Summit on Retirement Income Savings. In 2015, Professor Jefferson was appointed by President Barack Obama to the Pension Benefit Guaranty Corporation’s Advisory Committee. Professor Jefferson joined the Catholic University Columbus School of Law in 1992. Prior to entering the legal acad-emy, she was an attorney and tax law specialist at the national office of the Internal Revenue Service in the Employee Plans Division. Her scholarship focuses primarily on employee benefits and tax law. She has written extensively on the re-distributional impact of the private retirement system, the confluence of pension and tax law, the tax and actuarial aspects of the funding limitations of defined benefit plans, and the risks of defined contribution plans.

Kristen Johnson joined the NAACP Legal Defense and Education Fund, Inc. (LDF) as a Fried Frank/LDF Fellow in September 2017. Ms. Johnson spent the first two years of her fellowship as a litigation associate at Fried, Frank, Harris, Shriver & Jacobson, where she handled complex commercial and pro bono matters. Ms. Johnson previously served as a law clerk to the Honorable Harry Pregerson on the U.S. Court of Appeals for the Ninth Circuit. She also previously was an Administrative Fellow at Kaiser Permanente Southern California. Ms. Johnson graduated from UCLA School of Law with specializations in critical race studies and public interest law and policy. While at UCLA Law, she served as Editor-in-Chief of the UCLA Law Review. She graduated from the Harvard School of Public Health with an SM in health policy and management and graduated from Eastern Nazarene College with a BS in biology.

Kristin N. Johnson is a Professor of Law at Seton Hall University School of Law, where she specializes in the area of financial markets regulation. She has presented her research on systemic risk, risk management, cyber risk regulation, and financial markets regulation throughout the United States and abroad. Her scholarship appears in numerous nationally recognized law journals. She teaches business law courses, including business associations, securities regulation, the law of governance, compliance and risk management, corporations, accounting for lawyers, financial concepts for lawyers, and a seminar examining the intersection of corporate governance and the regulation of financial markets. In 2016, Professor Johnson was elected to the American Law Institute. Professor Johnson received a BA cum laude from Georgetown University and a JD from the University of Michigan Law School, where she served as Notes Editor of the Michigan Law Review and received the Clara Belfield and Henry Bates International Research Fellowship.

Susan R. Jones is a Professor of Clinical Law at the George Washington University Law School. She serves as the Director and Supervising Attorney of the Small Business and Community Economic Development Clinic (SBCED Clinic). She is an active member of the District of Columbia Bar, having served as Vice-Chair to the D.C. Bar Community and Economic Development Pro Bono Project Advisory Committee. She was a Distinguished Visiting Professor at the University of Maryland School of Law in 2006 and the Haywood Burns Visiting Chair in Civil Rights at the City University of New York School of Law at Queens College (2003–04). Professor Jones has held leadership positions at the Association of American Law Schools (AALS), including as former Chair of the Section on Clinical Legal Education in 2006. In addition to her work with the AALS, Professor Jones has also been a leader in the American Bar Association.

Kenyan R. McDuffie is a Councilmember for Ward 5 on the Council of the District of Columbia. In his five years on the council, Mr. McDuffie has established himself as a skilled legislator and coalition builder, including having been elected by his colleagues to serve as Chairman Pro Tempore since 2013. As of January 2017, Mr. McDuffie serves as the Chairperson of the Committee on Business and Economic Development, which has oversight over 20 agencies and commissions. Previously, Mr. McDuffie served as Chair of the Committee on the Judiciary. As Chair, he oversaw sweeping updates to the District’s criminal justice law. Mr. McDuffie began his career in public service working for a member of the U.S. House of Representatives shortly after graduating summa cum laude from Howard University. He received a JD from the University of Maryland School of Law, where he served as an Editor of the University of Maryland Law Journal of Race, Religion, Gender and Class. Prior to joining the council, he worked extensively in the legal and public safety fields.


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Tracey L. McNeil was appointed as the first Ombudsman for the U.S. Securities and Exchange Commission (SEC) in September 2014. As Ombudsman, she acts as a liaison in resolving problems that retail investors may have with the commission or with self-regulatory organizations and makes recommendations to the SEC Investor Advocate regarding compliance with the securities laws. Prior to this role, Ms. McNeil served as Senior Counsel in the SEC’s Office of Minority and Women Inclusion. She came to the SEC in 2008 as an attorney in the Division of Corporation Finance, where she worked on securities transactions and disclosure matters. Before joining the SEC staff, Ms. McNeil was a senior associate on the structured finance team at Hunton and Williams, and counsel in the U.S. Businesses group at MetLife. Ms. McNeil began her legal career as a capital markets associate in the New York office of Shearman and Sterling. She received a BS from Cornell University, a MS from Columbia University, and a JD from Fordham University School of Law, where she was a notes and articles editor of the Fordham Urban Law Journal and a recipient of the Dean’s Award.

Lona Nallengara is a partner in Shearman and Sterling’s Capital Markets and Corporate Governance practices. He has extensive experience representing companies, financial institutions, and their boards on corporate governance, disclosure, securities law compliance matters, and on the financial regulatory process. He also advises companies and financial institutions on all aspects of public and private offerings of equity, equity-linked, high-yield debt, and invest-ment grade debt securities. Mr. Nallengara also served in senior positions at the Securities and Exchange Commission (SEC). From 2013 to 2015, he served as Chief of Staff to SEC Chair Mary Jo White, where he was the top advisor on all issues including policy development, rule-making, strategy, and management. During this time, he led the rule-making and implementation efforts related to all mandates under the Dodd-Frank and JOBS Acts and directed the SEC’s asset management, market structure, public company disclosure effectiveness, and private offering reform programs.

Andre Owens is a partner at WilmerHale where he focuses on securities trading and markets activities. He counsels broker-dealers, securities exchanges, investment advisers, and other clients on a variety of regulatory issues under the rules of the Securities and Exchange Commission (SEC), the Financial Industry Regulation Authority, and various securities exchanges, including Regulation National Market System, Regulation Alternative Trading System, short sale regulation, sales practice rules, automated trading and risk controls, and order handling matters. Mr. Owens also provides advice with respect to acquisitions of securities broker-dealers and investment advisers. Mr. Owens served as a member of the Counseling and Regulatory Policy Group of the SEC’s Office of General Counsel (1992–94), where he provided advice and recommendations on various proposals presented for commission action.

Daniel Palacios is a Policy Associate at the National Association for Latino Community Asset Builders (NALCAB), where he helps advance NALCAB’s policy priorities in the organization’s Washington, D.C., office. In his role, he supports national policy partnerships and coordinates member engagement in the public policymaking process. Mr. Palacios previously worked as a Capitol Hill staffer in the office of U.S. Senator Richard J. Durbin, where he focused on economic policy issues. He holds a BA in economics and history from Northwestern University.

Alicia E. Plerhoples is a Professor of Law at the Georgetown University Law Center, where she directs the Social Enterprise and Nonprofit Law Clinic. Professor Plerhoples joined the Georgetown faculty in 2012, having previ-ously taught as a Clinical Teaching Fellow at Stanford Law School and a Visiting Assistant Professor at the University of California Hastings College of the Law. Her most recent article, Nonprofit Displacement and the Pursuit of Charity Through Public Benefit Corporations, discusses the ways in which benefit corporations that claim to have a charitable mission may displace nonprofit organizations. Her article Social Enterprise as Commitment: A Roadmap posits that absent legal reform, a for-profit social enterprise must develop internal mechanisms to prioritize its social mission, mitigate tensions between pursuing dual missions, and avoid engaging in deceptive greenwashing. Delaware Public Benefit Corporations 90 Days Out: Who’s Opting In? presents empirical research on the public benefit corporations that initially incorporated or converted to the new corporate form in Delaware.

Tonya Robinson is General Counsel at KPMG. Previously, Ms. Robinson served as the Acting General Counsel at the U.S. Department of Housing and Urban Development (HUD), serving as legal advisor to the Secretary and principal-in-charge of a legal office of nearly 600 employees. Prior to assuming the post of Acting General Counsel, Ms. Robinson served as Principal Deputy General Counsel at HUD and earlier, as Special Assistant to the President for Justice and Regulatory Policy at the White House. As Special Assistant to the President, she focused on a broad range of civil and criminal justice policy matters, including fair housing issues, sentencing reform, voting and election reform, and workplace equality. She also managed several interagency processes, including convening the President’s National Equal Pay Task Force, co-chairing an interagency working group charged with addressing employment opportunities for individuals previously involved with the criminal justice system, and co-convening the White House Interagency Policy Committee on Human Trafficking.



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Dariely Rodriguez is Director of the Economic Justice Project at the Lawyers’ Committee for Civil Rights Under Law, where she leads the committee’s efforts to combat employment discrimination and to address ongoing eco-nomic and racial inequality through litigation, public education, and policy advocacy. She also serves as the Lawyers’ Committee’s internal Equal Employment Opportunity Officer. Ms. Rodriguez is Co-Chair of the Employment Task Force of the Leadership Conference on Civil Rights, the national umbrella organization of American civil rights groups. Before joining the Lawyers’ Committee, she worked as an Assistant Attorney General in the Civil Rights Bureau of the New York State Attorney General’s Office. There, she prosecuted affirmative civil rights cases in the areas of disability access, immigration services fraud, consumer racial profiling, language access, employment discrimi-nation, and reproductive rights.

Patience Singleton is a Senior Policy Analyst in the Division of Depositor and Consumer Protection at the Federal Deposit Insurance Corporation (FDIC). Ms. Singleton has 18 years of experience and expertise in consumer finan-cial services policy development. Prior to joining the FDIC in 2013, Ms. Singleton served as an advisor to the Office of U.S. Housing and Urban Development Secretary Shaun Donovan, where she worked on Obama administration initiatives to preserve homeownership and stabilize housing markets. From 2007 to 2009, she was a counsel on the U.S. House of Representatives’ Committee on Financial Services, where she advised Chairman Barney Frank on con-sumer banking, economic inclusion, and community reinvestment issues. From 1998 to 2007, she served as counsel to Senator Paul Sarbanes on the Senate Banking, Housing and Urban Affairs Committee. She was responsible for a host of financial services issues, including credit cards, the unbanked, the Community Reinvestment Act, and regu-latory reform measures. She began her career as an associate attorney in the financial institutions practice of a major Washington, D.C., law firm.

Jante C. Turner is an Associate General Counsel in the Financial Industry Regulation Authority’s (FINRA) Office of General Counsel and serves as an attorney-advisor to FINRA’s National Adjudicatory Council (NAC). The NAC is the FINRA committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings. As an attorney-advisor to the NAC, Ms. Turner conducts hearings and drafts legal opinions related to FINRA rule violations and represents FINRA before the U.S. Securities and Exchange Commission. Prior to joining FINRA in 2007, Ms. Turner was an attorney in private practice at Hunton & Williams, and at Shaw Pittman. Ms. Turner holds an AB in Afro-American studies and sociology with a focus in economics from Harvard-Radcliffe Colleges. Ms. Turner also holds a JD and MBA from Georgetown University.

Petal Walker is a Special Counsel at WilmerHale, where she counsels Financial Market Infrastructures (FMIs), banks and intermediaries, and innovators in the digital space in meeting compliance obligations in a complex web of regu-latory requirements. She advises companies on futures and swaps compliance and regulation, and works closely with attorneys in banking, corporate, and energy to deliver comprehensive, multi-faceted legal advice to clients. Ms. Walker rejoined WilmerHale in 2017 after serving as Chief Counsel for Commissioner Sharon Bowen at the U.S. Commodity Futures Trading Commission, where she advised on policy and enforcement issues and served on the Market Risk Advisory Committee. Ms. Walker also assists market participants by alerting them to the issues raised by, and helping them demonstrate compliance with, the requirements of the Dodd-Frank regulatory framework. She also has enforce-ment and litigation experience and has successfully assisted entities in responding to complex Securities and Exchange Commission and Financial Industry Regulation Authority investigations.

Erica Williams is a partner in the Government, Regulatory and Investigations Group of Kirkland & Ellis. Ms. Williams was previously a Special Assistant and Associate Counsel to President Barack Obama, where she advised the President and his senior advisors on legal and constitutional issues involving economic policy, financial regulation and reform, financial technology, trade, intellectual property, and data protection and privacy. Before that, Ms. Williams spent 11 years at the U.S. Securities and Exchange Commission (SEC), serving as Deputy Chief of Staff under Chairs Mary Jo White, Elisse Walter, and Mary Schapiro and as Enforcement Counsel to Chair Schapiro. Earlier in her career, Ms. Williams served as Assistant Chief Litigation Counsel in the SEC’s Division of Enforcement Trial Unit, where she led a number of successful prosecutions, including cases involving insider trading, accounting fraud, violations of the Foreign Corrupt Practices Act, and financial reporting.

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