Hello to the CFP Community

It is with great pleasure that I transition to my new role as the inaugural executive director of MIT’s Center for Finance and Policy (CFP). As someone who has focused on government financial institutions for many years, I welcome this new beginning as a chance to direct sunlight towards a unique set of challenges facing governments as they regulate, participate in, and manage risk in a globally interconnected capital marketplace.

Having spent much of my career working at government finance agencies – including stints as CFO of two large federal lending agencies – I have witnessed firsthand how policymakers are simply not armed with the information needed to make informed decisions on complex matters impacting public sector financial institutions. For example, I’ve been on the wrong end of too many phone calls with Congressional staffers eager to increase lending to high-risk borrowers – like students, first-time homeowners and small businesses – so that forecast profits can be spent elsewhere. (I’ll spare you the details now but US budget procedures contribute to an illusion that certain federal credit programs generate large profits, notwithstanding lessons of the most recent financial crisis.)

As executive director, I want to push further down the path begun under the prescient leadership and vision of Deborah Lucas, Andrew Lo, Robert Merton and Andrew Kirilenko, whose boundless energy and enthusiasm for this area of study are unrivaled. From my previous vantage point in Washington DC, I have watched CFP begin its journey from a true start-up to an organization many are hoping will become an authoritative voice around the globe on matters involving government financial institutions, financial market regulation and systemic risk, as well as providing greater access to the tools of modern financial analysis to its public-sector stakeholders. There’s obviously much to be done to turn that hope to reality but momentum has already gathered that will help CFP advance beyond its nascent form.

In addition to working directly for financial institutions, I’ve had the good fortune to serve at two nonpartisan organizations – the New York City Independent Budget Office, as its inaugural executive director, and the Congressional Budget Office, as a budget analyst. Through those roles, I gained a deep respect and understanding of the importance of providing nonpartisan, objective research on public policy matters facing governments. Knowledge truly is power and arming policymakers and elected officials with the information they need to make informed decisions empowers us all. And, importantly, this can and will be done here at CFP without ever making policy recommendations. Being nonpartisan is distinct from being bipartisan; our job is to bring a just-the-facts perspective and a never-ending drive to convert complex issues, analysis and data into actionable information.

I take very seriously the responsibility of being the first executive director of the Center. My first order of business will be to work with CFP’s leadership team to operationalize our organizational vision and strategy into manageable projects and tasks aimed at achieving continuous results. We will also be working to get the word out on each of our work products through a comprehensive communications program. It is critically important that our work be used by our stakeholders to ensure we’re adding value and informing debates on the many issues in this realm of importance to the global economy.

I look forward to this exciting new role as executive director and encourage you to share your suggestions with me at dcris@mit.edu. There’s certainly a lot of work to be done and CFP already has a number of initiatives underway, so I’ll be working with our team to ensure those projects come to fruition as we develop and execute a robust agenda going forward. I’ve always held in the highest regard people and organizations that demonstrate an ability to turn great ideas into reality. Drawing on the formidable capabilities and talents of MIT, the Sloan School for Management, and CFP’s leadership team and its advisory board, I have every confidence that reality has already begun to blossom. Stay tuned.