The Securities and Exchange Commission today announced that Jessica A. Wachter, the Chief Economist and Director of the Division of Economic and Risk Analysis (DERA), will depart the agency on January 17.
“I thank Jessica for her leadership of the Division of Economic and Risk Analysis, her judgement, and her thoughtful economic analysis,” said SEC Chair Gary Gensler. “As Chief Economist, she ably led a division that has a seat at the table for all of the SEC’s critical decision making, whether it’s policymaking, enforcement, or monitoring markets. I have enjoyed and learned so much from working with Jessica who has been one of my closest advisors. I wish her very well as she returns to academia.”
Under Dr. Wachter’s leadership, DERA provided sound economic analysis in support of rulemaking and enforcement matters. The 190-person division conducted more than 100 economic analyses for Commission rule proposals and adoptions, including those bringing the Treasury market into central clearing, shortening the settlement cycle, bringing greater resiliency to money market funds, and promoting greater transparency with regard to the risks of cyber attacks. In addition, DERA assisted enforcement in determining ill-gotten gains and returning funds to investors. Dr. Wachter consistently advocated for making data more accessible and easier to use, both within and without the Commission.
“It has been an honor and privilege to serve as the Chief Economist and Director of the Division of Economic and Risk Analysis,” Dr. Wachter said. “I am grateful to Chair Gensler for giving me this tremendous opportunity. I am also grateful to the Chair and the Commission for their support through the last three and a half years and to the Division’s talented staff, who have taught me so much.”
Dr. Wachter joined the SEC from the Wharton School, University of Pennsylvania. She has served on the boards of the American Finance Association and the Western Finance Association. In addition to Wharton, Dr. Wachter has also taught at NYU’s Stern School of Business. She holds an A.B. in Mathematics and Ph.D. in Business Economics from Harvard University.
Dr. Wachter will return to the Wharton School, University of Pennsylvania where she will be the Dr. Bruce I. Jacobs Chair of Quantitative Finance.
