The Securities Industry and Financial Markets Association (SIFMA) today announced the appointment of former U.S. Senator Judd A. Gregg as Chief Executive Officer, Wall Street Journal reports.
The lobbying group, SIFMA, brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA, with offices in New York and Washington, D.C. is the U.S. regional member of the Global Financial Markets Association (GFMA).
Tim Ryan Left SIFMA
Earlier this year, Tim Ryan left SIFMA to join JPMorgan Chase & Co. (NYSE:JPM). Senator Judd A. Gregg left the Senate in 2011.
The veteran former Senator Judd A. Gregg was also governor of New Hampshire and a member of the U.S. House of Representatives.
Senator Gregg succeeds interim CEO and former U.S. Rep. Kenneth Bentsen, who has been named president of SIFMA today.
Senator Gregg faces a difficult task of rebuilding Wall Street’s image and credibility in Washington, which got battered after banks were blamed for causing the biggest financial crisis since the 1930’s.
The Senator’s appointment marks the growing trend of financial regulators, legislators, bank executives and lobbyists switching their positions back and forth. For instance, former U.S. Securities Exchange Commission Chairman, Mary Schapiro, joined last month Promontory Financial Group, a Washington lobbying firm founded by former Comptroller of the Currency Eugene Ludwig.
In its today’s press release, SIFMA announced that Judd’s experience as both a governor and legislator will be of tremendous value to SIFMA in bridging the gap between the complexities of the financial markets and the positive impact financial markets have on every community across America.
Senator Gregg indicated that America’s success and prosperity depends on a vibrant financial system providing access to capital and credit that helps people on Main Streets across America build on their dreams of opening a small business, saving to be able to send their children to college, buying their first home or saving for retirement. Amid facing several challenges, the new CEO expressed confidence that he is keen to work together with legislators and regulators to improve U.S. economy and lives of U.S. citizens.
According to the trade group SIFMA’s recent tax filing, the previous CEO Ryan earned $3 million in compensation and benefits in 2011. This marks SIFMA’s CEO position as one of Washington’s highest-paid lobbying positions.