Deputy General Counsel, Financial Regulation and Policy - Legal Division

Position Description

The Board of Governors of the Federal Reserve System (the Board), an independent agency of the federal government, serves as the nation's central bank and conducts monetary policy; maintains the stability of the U.S. financial system; supervises and regulates a wide range of banking organizations, including systemically important financial institutions; and provides key financial services to depository institutions.

Key Responsibilities

The Deputy General Counsel, who is one of three Deputy General Counsels, leads and directs the work of the attorneys and paralegals in the Financial Regulation and Policy Function. The Financial Regulation and Policy Function consists of two groups - the Banking Regulation and Policy Group (BRPG) and the Monetary Affairs and Payment Systems Group (MAPS). BRPG provides legal counsel and support on the broad range of the Board's regulatory, supervisory, and financial stability responsibilities. BRPG drafts and interprets financial statutes, regulations, standards, and guidance; analyzes financial legislation and engages with Congressional staff on financial legislation matters; advises on bank supervisory issues, including international banking issues; and provides legal analysis and advice on a variety of applications and related matters involving domestic and foreign banking organizations, such as banking applications and expansionary activity proposals, petitions, and requests for legal interpretations. MAPS provides legal counsel and support on the development and implementation of policies in the areas of monetary policy, financial markets, payment systems, central counterparties, consumer matters, securities credit, Federal Reserve Bank accounts and services, Federal Reserve lending, and other Reserve Bank matters.

The Deputy General Counsel receives general supervision from the General Counsel and supports the General Counsel and other members of the Legal Division's officer team in achieving Division-wide objectives. The Deputy General Counsel works closely with colleagues in the Divisions of Supervision and Regulation and Reserve Bank Operations and Payment Systems, throughout the Board and the Federal Reserve System, and on an inter-agency basis on a wide variety of financial regulatory issues. The Deputy General Counsel has responsibility for:

o Advising on bank regulatory and other financial regulatory matters, including oversight of the development and drafting of regulations and guidance to implement the Federal Reserve Act, the Bank Holding Company Act, the International Banking Act, the Dodd-Frank Act, other statutes, and international agreements. Relevant regulatory frameworks include, among others, banking firm capital and liquidity requirements, stress testing requirements, resolution planning requirements, single-counterparty credit limits, the Volcker Rule, and the Board's Regulations YY, Y, K, W, O, H, and L.

o Advising on banking and other financial services legislation, including oversight of drafting and analysis of proposed legislation, and participation in drafting of Congressional testimony and responses to Congressional correspondence.

o Advising on matters relating to the supervision of financial institutions subject to the Board's oversight, including stress testing and resolution plan assessments for large banking firms.

o Overseeing the Legal Division's review of applications related to mergers and acquisitions by U.S. and foreign banking firms, change in bank control notices, and expansionary activity proposals by banking firms.

o Advising on interpretive issues and exemption requests arising under the Board's existing statutory framework and regulations.

o Overseeing the work of the Monetary Affairs and Payment Systems Group, including in relation to matters involving Federal Reserve accounts and services, Federal Reserve lending, and financial market infrastructures.

o Overseeing the Legal Division's participation in the Financial Stability Oversight Council and other interagency processes and international organizations focused on bank regulation or financial stability.

o Making presentations to Board members on legal and policy issues arising from the work of the Financial Regulation and Policy Function of the Legal Division.

o Working and advising on specific assignments from the General Counsel, Board members, and other senior Board staff.

Must be present onsite a minimum of 4 days per month (Wednesdays). Additional onsite work as needed to meet business needs.

Qualifications, Skills and Experience

• Juris Doctor (J.D.) and active member of a State Bar.

• 15+ years of legal, regulatory, or legislative experience.

• Possession of or the ability to obtain necessary security clearances.

• U.S. citizenship.

• Substantial expertise in banking and financial services law, regulation, and policy.

• Broad knowledge of financial institutions and markets.

• Excellent legal skills, including the ability to identify, analyze, and explain legal issues and positions.

• Excellent analytical and problem-solving skills.

• High levels of intellectual curiosity and creativity.

• Excellent written and oral communication skills.

• Proven strong people leadership, management, and mentoring skills developed through leading teams and managing staff.

• Highly collaborative working style and strong interpersonal capabilities.

• Ability to balance competing interests among a variety of clients and projects, and to readily readjust priorities to respond to pressing and changing client demands.

The Board is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or military service.