NEW YORK, March 25, 2011 /PRNewswire/ -- The Clearing House today announced that it has hired Sujit "Bob" Chakravorti, Ph.D., as Chief Economist and Director of Research and Quantitative Analysis, effective this week. Dr. Chakravorti previously spent 15 years as a senior economist at the Federal Reserve Banks of Chicago and Dallas.
In his role, Dr. Chakravorti will be responsible for coordinating The Clearing House's quantitative and empirical research efforts and providing owner banks with insight and analysis on relevant economic, regulatory and payment systems issues. He will directly participate in the organization's public policy efforts and work closely with chief economists and research directors at owner banks, academic institutions, the Federal Reserve Board, the newly established Office of Financial Research and other regulatory agencies. In addition, Dr. Chakravorti will be the principal staff advisor to The Clearing House's newly-formed Academic Advisory Council.
"Bob is an internationally recognized financial market and payment systems expert," said Paul Saltzman, President of The Clearing House Association. "His deep knowledge of the regulatory landscape and the impact of government regulation will enable him to provide excellent insight and thought leadership to the industry."
At the Federal Reserve, Dr. Chakravorti frequently advised senior policymakers about financial market and payment system policy at the Federal Reserve and other central banks. He was also a project leader and will be a featured speaker at the Chicago Fed's 2011 Payments Conference. Prior to joining the Fed, Dr. Chakravorti was a senior associate at KPMG where he advised foreign governments on economic policy issues and interacted with central banks, finance ministries and international organizations to understand and monitor local economic and political conditions.
"I am excited to be joining The Clearing House at such a crucial point in the history of our banking system," Dr. Chakravorti said. "Commercial banks are facing an unprecedented amount of new regulation and oversight, and I look forward to working closely with market participants as they navigate these issues."
Dr. Chakravorti has written more than 30 articles for industry, academic and Federal Reserve publications on public policy issues and is a frequent speaker at industry conferences on financial markets. Most recently, he recorded a lecture on retail payment systems for Effective Oversight of Payment and Settlement Systems: Maintaining Financial Plumbing.
Dr. Chakravorti has been a visiting scholar at the International Monetary Fund, Nederlandsche Bank (the Dutch central bank), and several universities. He received his Ph.D. and M.A. in Economics from Brown University and his B.A. in Economics & Genetics from the University of California-Berkeley. His dissertation focused on the tradeoff between systemic risk and efficiency in large-value payment systems.
About The Clearing House
Established in 1853, The Clearing House is the nation's oldest banking association and payments company. It is owned by the world's largest commercial banks, which employ 1.4 million people in the United States and hold more than half of all U.S. deposits. The Clearing House Association is a nonpartisan advocacy organization representing through regulatory comment letters, amicus briefs and white papers the interests of its owner banks on a variety of systemically important banking issues. The Clearing House Payments Company provides payment, clearing, and settlement services to its member banks and other financial institutions, clearing almost $2 trillion daily and representing nearly half of the automated clearing-house, funds transfer and check image payments made in the U.S. See The Clearing House's web page at www.theclearinghouse.org.
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SOURCE The Clearing House Association