WASHINGTON, D.C.—Better Markets is pleased to announce that Phillip Basil has joined the organization as Director of Economic Growth and Financial Stability, a newly created position. Basil was most recently a Financial Institution Policy Specialist at the Federal Reserve Board and previously served as Executive Director within Model Risk for JP Morgan Chase. He also served as Better Markets’ Director of Banking Policy from 2021 to 2023.
“As the economy and financial system face unprecedented turmoil, Phillip’s 20 years of experience in both the public and private sectors will be invaluable as our new Director of Economic Growth and Financial Stability,” said Dennis Kelleher, Co-Founder, President and CEO of Better Markets. “Moving finance from wealth extraction for the few to wealth creation for the many is the core mission of Better Markets. In this newly created position, Phillip will be operationalizing that mission by working on economic and financial matters that are crucial to Main Street families, workers, investors, consumers, community banks, and small businesses.”
“In this moment when there is so much uneven economic growth causing pain at the kitchen tables of hardworking Main Street families, I look forward to working on the structural issues in our economy so that more Americans have economic security, opportunity, and prosperity,” said Basil. “Better Markets’ mission is one that I’ve long supported and admired, and it is an important time in history to ensure that the financial system supports the real productive economy so that it works for all Americans.”
Phillip has spent most of his career with the Federal Reserve Board, starting in the Division of Research and Statistics (R&S) and moving to the Division of Supervision and Regulation (S&R). During his time in S&R, he was responsible for developing and executing aspects of the supervisory stress test as well as portfolio-specific risk analytics and reports for the largest, most complex banking institutions. Most recently, Basil was a Financial Institution Policy Specialist within S&R, conducting forward-looking analysis around financial, macroeconomic, technological, and other trends to assess their potential implications for the Federal Reserve’s S&R policy frameworks. And from 2017 to 2021, Basil served as Executive Director within Model Risk for JP Morgan Chase where he managed a team that reviewed and identified risks within models related to the income statement items, balance sheet items and risk metrics.
Basil holds a master’s degree in Financial Mathematics from the University of Chicago and a bachelor’s degree in Mathematical Economic Analysis from Rice University.
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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
