Appendix B


Biographical Sketches of
Committee Members

Roger W. Ferguson, Jr. (Co-chair) is president and CEO of TIAA-CREF. Prior to holding this position, he was head of financial services for Swiss Re, chairman of Swiss Re America Holding Corporation, and a member of the company’s executive committee. Before that, Dr. Ferguson served as vice chairman of the board of governors of the U.S. Federal Reserve System. He joined the Federal Reserve in 1997 and became vice chairman in 1999. He was a voting member of the Federal Open Market Committee, served as chairman of the Financial Stability Forum, and chaired Fed committees on banking supervision and regulation, payment system policy, and reserve bank oversight. In 2001, he led the Federal Reserve’s immediate response to the terrorist attacks on September 11. Prior to joining the Federal Reserve Board, Dr. Ferguson was an associate and partner at McKinsey & Company from 1984 to 1997. From 1981 to 1984, he was an attorney at the New York City office of Davis Polk & Wardwell, where he worked on syndicated loans, public offerings, mergers and acquisitions, and new product development. Dr. Ferguson is a fellow of the American Academy of Arts and Sciences and a member of the Academy’s Commission on the Humanities and Social Sciences. He is a member of President Obama’s Council on Jobs and Competitiveness and served on its predecessor, the Economic Recovery Advisory Board. He is co-chair of the Committee on Economic Development, and he serves on the boards of International Flavors & Fragrances Inc. and Audax Health. He is also a board member of the American Council of Life Insurers, the Institute for Advanced Study, and Memorial Sloan-Kettering Cancer Center. He is a member of the Advisory Board of Brevan Howard Asset Management LLP, chairman of the Economic Club of New York,



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Appendix B Biographical Sketches of Committee Members Roger W. Ferguson, Jr. (Co-chair) is president and CEO of TIAA-CREF. Prior to holding this position, he was head of financial services for Swiss Re, chairman of Swiss Re America Holding Corporation, and a member of the company's executive committee. Before that, Dr. Ferguson served as vice chairman of the board of governors of the U.S. Federal Reserve System. He joined the Federal Reserve in 1997 and became vice chairman in 1999. He was a voting member of the Federal Open Market Committee, served as chairman of the Financial Stability Forum, and chaired Fed committees on banking supervision and regulation, payment system policy, and reserve bank oversight. In 2001, he led the Federal Reserve's immediate response to the terrorist attacks on September 11. Prior to joining the Federal Reserve Board, Dr. Ferguson was an associate and partner at McKinsey & Company from 1984 to 1997. From 1981 to 1984, he was an attorney at the New York City office of Davis Polk & Wardwell, where he worked on syndicated loans, public offerings, mergers and acquisitions, and new product develop- ment. Dr. Ferguson is a fellow of the American Academy of Arts and Sci- ences and a member of the Academy's Commission on the Humanities and Social Sciences. He is a member of President Obama's Council on Jobs and Competitiveness and served on its predecessor, the Economic Recovery Ad- visory Board. He is co-chair of the Committee on Economic Development, and he serves on the boards of International Flavors & Fragrances Inc. and Audax Health. He is also a board member of the American Council of Life Insurers, the Institute for Advanced Study, and Memorial Sloan-Kettering Cancer Center. He is a member of the Advisory Board of Brevan Howard Asset Management LLP, chairman of the Economic Club of New York, 232

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APPENDIX B 233 and a member of the Council on Foreign Relations, the Harvard University Visiting Committee for the Memorial Church, and the Group of Thirty. Dr. Ferguson has authored or coauthored numerous speeches, lectures, articles, and monographs, including "Lessons from Past Productivity Booms" (Jour- nal of Economic Perspectives, 2004) and "International Financial Stability" (Geneva Report, 2007). He has also lectured on macroeconomics, monetary policy, and retirement policy at several major universities. He proposed the creation of the International Journal of Central Banking, which commenced publication in 2005 and now has more than 50 sponsoring institutions. Dr. Ferguson holds a B.A., a J.D., and a Ph.D. in economics, all from Harvard University. Ronald Lee (Co-chair) is a professor of demography and the Jordan Fam- ily Professor of Economics at the University of California, Berkeley. He is the director of the Center on the Economics and Demography of Aging at the University of California, Berkeley, funded by the National Institute on Aging (NIA). He has taught courses in economic demography, population theory, population and economic development, demographic forecasting, population aging, indirect estimation, and research design, as well as a number of proseminars. His current research focuses on intergenerational transfers and population aging. He codirects with Andrew Mason the Na- tional Transfer Accounts project, which estimates intergenerational flows of resources through the public and private sectors in 37 collaborating countries. He also continues to work on modeling and forecasting demo- graphic time series, and the solvency of social security systems. In addition, he works on the biological evolution of intergenerational transfers and sociality and the way these interact with the evolution of other aspects of life history. Dr. Lee's notable honors include the presidency of the Popula- tion Association of America (PAA), the PAA Mindel C. Sheps Award for research in mathematical demography, the PAA Irene B. Taeuber Award for outstanding contributions in the field of demography, and an honorary doctorate from Lund University, Sweden. He is an elected member of the National Academy of Sciences, the American Association for the Advance- ment of Science, the American Academy of Arts and Sciences, the American Philosophical Society, and a corresponding member of the British Academy. Dr. Lee has held NIA merit awards continuously since 1994. He holds an M.A. in demography from the University of California, Berkeley, and a Ph.D. in economics from Harvard University. Alan J. Auerbach is Robert D. Burch Professor of Economics and Law at the University of California, Berkeley. He is also director of the Burch Center for Tax Policy and Public Finance. He served as an assistant, then associate, professor of economics at Harvard University, and as a profes-

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234 APPENDIX B sor of law and economics at the University of Pennsylvania. He has served as a research associate at the National Bureau of Economic Research and as the deputy chief of staff on the U.S. Joint Committee on Taxation. Dr. Auerbach was elected to the American Academy of Arts and Sciences in 1999. He has authored numerous articles, books, and reviews, was for- merly editor of the Journal of Economic Perspectives, and is the founding editor of American Economic Journal: Economic Policy. He holds a B.A. in economics and mathematics from Yale University and a Ph.D. in economics from Harvard University. Axel Boersch-Supan is a professor of macroeconomics and public policy and founding and executive director of the Mannheim Research Institute for the Economics of Aging at Mannheim University, Germany. He is a full-time member of the Max Planck Society and a codirector of the Max Planck Institute for Social Law and Social Policy in Munich. He is also a re- search associate at the National Bureau of Economic Research and adjunct researcher at the RAND Corporation. He is a member of the German Na- tional Academy of Sciences, the Berlin-Brandenburg Academy of Sciences, and the MacArthur Foundation Aging Societies Network. He was chair- man of the Council of Advisors to the German Economics Ministry, has cochaired the German Pension Reform Commission, and was member of the German President's Commission on Demographic Change. Dr. Boersch- Supan has served as a consultant to many governments, the Organisation for Economic Co-operation and Development, and the World Bank. His current research focuses on household retirement and savings behavior, age and productivity, and the macroeconomic implications of global aging. He also directs the Survey of Health, Ageing and Retirement in Europe (SHARE), a longitudinal data collection effort to study the interaction of health, aging, and retirement processes in 20 countries, financed by the European Commission. He holds a Ph.D. from the Massachusetts Institute of Technology. John Bongaarts is a vice president and Distinguished Scholar at The Popula- tion Council, where he has worked since 1973. His research focuses on a variety of population issues, including the determinants of fertility, popula- tionenvironment relationships, the demographic impact of the AIDS epi- demic, population aging, and population policy options in the developing world. Dr. Bongaarts is a member of the National Academy of Sciences, the Royal Dutch Academy of Sciences, and the Johns Hopkins Society of Scholars. He has received the Robert J. Lapham Award and the Mindel Sheps Award from the Population Association of America, and the Research Career Development Award from the National Institutes of Health. He holds an M.S. from the Eindhoven Institute of Technology, Netherlands,

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APPENDIX B 235 and a Ph.D. in physiology and biomedical engineering from the University of Illinois. Susan M. Collins is the Joan and Sanford Weill Dean of Public Policy at the Ford School and a professor of public policy and economics at the Univer- sity of Michigan. Before coming to Michigan, she was a professor of eco- nomics at Georgetown University and a senior fellow with the Brookings Institution, where she retains a nonresident affiliation. Her area of expertise is international economics, including issues in both macroeconomics and trade. Her recent work explores implications of increasing international economic integration as well as determinants of economic growth in in- dustrial and developing countries. She has coauthored studies comparing growth experiences in China and India and examining challenges to growth in Puerto Rico. She is a research associate at the National Bureau of Eco- nomic Research, secretary/treasurer of the Executive Committee of the As- sociation of Professional Schools of International Affairs (APSIA), and in 2006-2008 was an elected member of the American Economic Association (AEA) Executive Committee. Dr. Collins served as a senior staff economist on the President's Council of Economic Advisers during 1989-1990 and chaired the AEA Committee on the Status of Minority Groups during 1994- 1998. She holds a B.A. in economics from Harvard University and a Ph.D. in economics from the Massachusetts Institute of Technology. Charles M. Lucas heads his own firm, Osprey Point Consulting. He retired as corporate vice president and director of Market Risk Management at American International Group (AIG). Prior to joining AIG in 1996, he was the senior vice president and director of risk assessment and control at Re- public National Bank of New York, where he headed the Risk Assessment and Control Department, reporting to the Risk Assessment Committee of the board of directors. Prior to joining Republic in late 1993, Dr. Lucas was senior vice president of the Federal Reserve Bank of New York (FRBNY), in charge of the international capital markets staff. He joined the Federal Reserve in 1968 as an economist in the Domestic Research Division, mov- ing through a variety of posts until being appointed in 1974 as an officer of the FRBNY. He was granted a leave of absence in August 1978 to work with the International Monetary Fund on a technical assistance mission to the Central Bank of Ceylon (now Sri Lanka). Dr. Lucas has also consulted in monetary policy planning and implementation with Bank Indonesia, Bangladesh Bank, and the Bank of Morocco. He returned to the FRBNY in 1979, serving in a variety of positions culminating in senior vice president. Dr. Lucas is a member of the Advisory Group on the Financial Engineering Program at the Haas School of Business, University of California, Berkeley, a member of the Corporation, Woods Hole Oceanographic Institution, and

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236 APPENDIX B a director of Algorithmics, Incorporated. He holds a B.A. and a Ph.D. in economics from the University of California, Berkeley. Deborah J. Lucas is a professor of finance in the Sloan School of Man- agement at the Massachusetts Institute of Technology. Dr. Lucas's recent research has focused on the problem of measuring and accounting for risk in the evaluation of federal financial obligations and defined benefit pension liabilities. She has published papers on a wide range of topics including the effect of idiosyncratic risk on asset prices and portfolio choice, dynamic models of corporate finance, monetary economics, and valuing federal financial guarantees. Dr. Lucas recently edited the National Bureau of Eco- nomic Research (NBER) book Measuring and Managing Federal Financial Risk. She is a research associate of the NBER and a member of the National Academy of Social Insurance. Past appointments include chief economist for the Congressional Budget Office; senior staff economist for the Council of Economic Advisers; member of the Social Security Technical Advisory Panel; and professor of finance at Northwestern University's Kellogg School of Management. She holds a B.A. in economics and applied mathematics, an M.A. in economics, and a Ph.D. in economics, all from the University of Chicago. Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, professor of insurance/risk management and business economics/ policy, and the executive director of the Pension Research Council, all at the Wharton School of the University of Pennsylvania. She also directs the Boettner Center on Pensions and Retirement Research, is a fellow of the Wharton Financial Institutions Center and the Leonard Davis Institute, and sits on the board of the Population Aging Research Center at the University. Concurrently Dr. Mitchell is a research associate at the National Bureau of Economic Research and a coinvestigator for the Health and Retirement Study at the University of Michigan. Dr. Mitchell's research and teaching focus on international private and public insurance, risk management, public finance, and compensation and pensions. Her extensive publications (24 books and more than 170 articles) analyze pensions and health care systems, wealth, health, work, well-being, and retirement. Her coauthored study on Social Security reform won the Paul Samuelson Award for Out- standing Writing on Lifelong Financial Security from TIAA-CREF and she also received the Premio Internazionale dell'Istituto Nazionale delle As- sicurazioni (INA) from the Accademia Nazionale dei Lincei, Rome, Italy, ex aequo. Dr. Mitchell previously taught at Cornell University, and she has been a visiting scholar at Harvard University, the Goethe University of Frankfurt, Singapore Management University, and the University of New South Wales. She served on President Bush's Commission to Strengthen

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APPENDIX B 237 Social Security and the U.S. Department of Labor's ERISA Advisory Coun- cil. She was a member of the board of Alexander and Alexander Services, Inc.; the National Academy of Social Insurance board; and the executive committee for the American Economic Association. She also cochaired the Technical Panel on Trends in Retirement Income and Saving for the Social Security Advisory Council and was a board member of the Committee on the Status of Women in the Economics Profession as well as the Gov- ernment Accountability Office Advisory Board. Dr. Mitchell has spoken for many groups including the World Economic Forum, the International Monetary Fund, the Investment Company Institute, the International Foun- dation of Employee Benefit Plans, the White House Conference on Social Security, and the President's Economic Forum, and she has provided testi- mony to committees of the U.S. Congress, the U.K. Parliament, the Aus- tralian Parliament, and the Brazilian Senate. She holds a B.A. in economics from Harvard University and an M.A. and a Ph.D. in economics from the University of Wisconsin, Madison. William D. Nordhaus is Sterling Professor of Economics at Yale University. He has been on the faculty of Yale University since 1967 and has been full professor of economics since 1973. He is on the research staff of the National Bureau of Economic Research and the Cowles Foundation for Research and has been a member and senior advisor of the Brookings Panel on Economic Activity, Washington, D.C., since 1972. Dr. Nordhaus is current or past editor of several scientific journals and has served on the executive committees of the American Economic Association and the Eastern Economic Association. He serves on the Congressional Budget Of- fice Panel of Economic Experts and was the first chairman of the Advisory Committee for the Bureau of Economic Analysis. He has studied wage and price behavior, health economics, augmented national accounting, the political business cycle, and productivity. Dr. Nordhaus is a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences. His 1996 study of the economic history of lighting back to Babylonian times found that the measurement of long-term economic growth has been significantly underestimated. In 2004, he was awarded the Distinguished Fellow prize by the American Economic Association. From 1977 to 1979, he was a member of the President's Council of Economic Ad- visers. From 1986 to 1988, he served as the provost of Yale University. He is the author of many books, among them Invention, Growth and Welfare, Is Growth Obsolete?, The Efficient Use of Energy Resources, Reforming Federal Regulation, Managing the Global Commons, Warming the World, and (jointly with Paul Samuelson) the classic textbook Economics, whose nineteenth edition was published in 2009. He holds a B.A. and an M.A.

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238 APPENDIX B from Yale University and a Ph.D. in economics from the Massachusetts Institute of Technology. James M. Poterba is the Mitsui Professor of Economics at the Massachu- setts Institute of Technology. He is also president of the National Bureau of Economic Research and a fellow of both the American Academy of Arts and Sciences and the Econometric Society. He is the president-elect of the Eastern Economic Association, the past president of the National Tax Association, a former vice president of the American Economic As- sociation, and a former director of the American Finance Association. Dr. Poterba's research focuses on how taxation affects the economic decisions of households and firms. His recent work has emphasized the effect of taxation on the financial behavior of households, particularly their saving and portfolio decisions. He has been especially interested in the analysis of tax-deferred retirement saving programs such as 401(k) plans and in the role of annuities in financing retirement consumption. Dr. Poterba served as a member of the President's Advisory Panel on Federal Tax Reform in 2005. He is a trustee of the College Retirement Equity Fund (CREF) and the Alfred P. Sloan Foundation. He edited the Journal of Public Economics, the leading international journal for research on taxation and government spending, between 1997 and 2006. He is a member of the advisory board of the Journal of Wealth Management. Dr. Poterba is a co-author of The Role of Annuity Markets in Financing Retirement (2001), and an editor or coeditor of Global Warming: Economic Policy Responses (1991), Interna- tional Comparisons of Household Saving (1994), Empirical Foundations of Household Taxation (1996), Fiscal Institutions and Fiscal Performance (1999), and Fiscal Reform in Colombia (2005). He has been an Alfred P. Sloan Foundation fellow, a Batterymarch fellow, a fellow at the Center for Advanced Study in Behavioral Sciences, and a distinguished visiting fellow at the Hoover Institution at Stanford University. He holds a B.A. in eco- nomics from Harvard and a D.Phil. in economics from Oxford University. John W. Rowe is a professor in the Department of Health Policy and Man- agement at the Columbia University Mailman School of Public Health. From 2000 until late 2006, Dr. Rowe served as chairman and chief ex- ecutive officer of Aetna, Inc., a leading national health care and benefits organization. From 1998 to 2000, Dr. Rowe served as president and chief executive officer of Mount Sinai NYU Health, one of the nation's larg- est academic health care organizations. From 1988 to 1998, prior to the Mount Sinai-NYU Health merger, Dr. Rowe was president of the Mount Sinai Hospital and the Mount Sinai School of Medicine in New York City. Before joining Mount Sinai, Dr. Rowe was a professor of medicine and the founding director of the Division on Aging at the Harvard Medical School,

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APPENDIX B 239 as well as chief of gerontology at Boston's Beth Israel Hospital. He has re- ceived many honors and awards for his research and health policy efforts regarding care of the elderly. He was director of the MacArthur Foundation Research Network on Successful Aging and currently leads the MacArthur Foundation's Research Network on an Aging Society. Dr. Rowe was elected a member of the Institute of Medicine, a fellow of the American Academy of Arts and Sciences, and a trustee of the Rockefeller Foundation and Lin- coln Center Theater. He is currently serving as a member of the Roundtable on Value & Science-Driven Health Care. He holds a B.S. from Canisius College and an M.D. from the University of Rochester. Louise M. Sheiner is a senior economist at the board of governors of the Federal Reserve System. She has also held positions as the deputy assistant secretary for economic policy at the U.S. Department of the Treasury, senior staff economist for the Council of Economic Advisers, and economist for the Joint Committee on Taxation. Dr. Sheiner's expertise covers a range of disciplines, including health, fiscal policy, public economics, and welfare. Her recent publications include Should America Save for Its Old Age? Fis- cal Policy, Population Aging, and National Saving; Generational Aspects of Medicare; and Demographics and Medical Care Spending: Standard and Non-Standard Effects. She holds a B.A. in biology and a Ph.D. in econom- ics, both from Harvard University. David A. Wise is the John F. Stambaugh Professor of Political Economy at Harvard University's John F. Kennedy School of Government. His past re- search includes analysis of youth employment, the economics of education and schooling decisions, and methodological econometric work. His work now focuses on issues related to population aging, and he directs a large project on the economics of aging and health care at the National Bureau of Economic Research. His recent books and papers include Social Security and Retirement Around the World; Frontiers in the Economics of Aging; Facing the Age Wave; Inquiries in the Economics of Aging; Social Security and Retirement Around the World: Micro-Estimation; The Transition to Personal Accounts and Increasing Retirement Wealth: Macro and Micro Evidence; Aging and Housing Equity: Another Look; Implications of Ris- ing Personal Retirement Saving; The Taxation of Pensions: A Shelter Can Become a Trap; Utility Evaluation of Risk in Retirement Saving Accounts; and Analyses in the Economics of Aging. He holds a B.A. in French from the University of Washington and an M.A. in statistics and a Ph.D. in eco- nomics from the University of California, Berkeley.

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