In his client work, Pat draws on insights and experience gained during a three-decade Federal Reserve career culminating as the central bank’s top banking regulator. Pat has played a leadership role in financial regulation and supervision in the U.S. and internationally, and has a deep understanding of the interconnections in the financial system and the economy. He has been credited with helping bring a more analytical and multidisciplinary approach to regulation and supervision, as evident in the Federal Reserve’s annual capital planning and stress testing initiatives. As a member of the Basel Committee on Banking Supervision, he was integral to efforts to forge strong international capital agreements.
Through his role as a supervisor, Pat is intimately familiar with the activities of and regulatory framework for state member banks, bank and financial holding companies, and their non-bank subsidiaries, and U.S. branches and agencies of foreign banking organizations.
An economist by training, Pat began his Federal Reserve career in the division of International Finance and later held successively more senior roles in the division of Research and Statistics and the Division of Banking Supervision and Regulation. For 15 years, he was the principal staff adviser to Chairmen Alan Greenspan and Ben Bernanke on issues considered by the president’s Working Group on Financial Markets.