FOR IMMEDIATE RELEASE
Monday, April 19, 2021
Contact: Pamela Russell at 202-618-6433 or firstname.lastname@example.org
Washington, D.C. – Dennis Kelleher, Co-Founder, President and CEO of Better Markets, announced today that Phillip Basil, most recently an Executive Director with JP Morgan Chase and formerly Supervisory Financial Analyst for the Federal Reserve Board of Governors, will join Better Markets as Director of Banking Policy.
“Fighting for a financial system that supports economic growth, jobs and broad-based prosperity, as well as being a counterweight to Wall Street’s lobbying might, requires specialized knowledge and experience, which is what Phillip Basil brings to the team. Phillip’s years of public and private sector work are an ideal fit for Better Markets, which impacts policy throughout Washington due to its expertise in economic and financial matters. Not only does Phillip have extensive experience working with large, complex banks, giving him unique industry and regulatory perspectives, but he also brings valuable insights from the regulatory process itself. He will be invaluable as we represent the public interest in the financial markets,” said Kelleher.
“I am a long-time admirer of Better Markets and its work as a leader on economic and financial matters that are crucial to Main Street families, workers, investors, consumers and community banks. I am excited to be part of the team and to support Better Markets in the fight for capital formation to support the productive economy, greater financial stability and resilience, investor and consumer protections, and financial and banking reforms to prevent crashes and bailouts,” said Basil.
Basil has more than 15 years of experience in both the public and private financial sectors, primarily focused on the trading and investment portfolios of large and complex banks. Most recently, he served as Executive Director for Model Risk for JP Morgan Chase where he managed a team that reviewed and identified risks within estimation methodologies related to income statement items, balance sheet items and risk metrics.
Prior to JP Morgan, he spent most of his career with the Federal Reserve Board of Governors, 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, where he was a Supervisory Financial Analyst, 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. His time in R&S primarily involved working to develop a framework to assess the systemic impact and risks of mergers and acquisitions within the banking industry. He was also a Senior Analyst in financial planning and operations at a private company.
In his role at Better Markets, Basil will work closely with Tim P. Clark, Distinguished Senior Banking Adviser for Better Markets, on a comprehensive banking policy agenda, including identifying, monitoring and addressing key regulatory issues across all the financial regulatory agencies.
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis 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.com.