Cynthia Fornelli, executive director of the Center for Audit Quality, introduces a discussion with Paul Volcker, former chair of Federal Reserve Board, about what the fed can do to boost the U.S. economy.
James Bennet is the president and editor in chief of The Atlantic.
Cindy Fornelli is the Executive Director for the Center for Audit Quality (CAQ). The CAQ is dedicated to enhancing investor confidence and public trust in the global capital markets by fostering high quality performance by public company auditors. The CAQ also convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention; and advocates policies and standards that promote public company auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions.
As the Executive Director, Fornelli is responsible for carrying out the mission and vision of the CAQ’s Governing Board, which is comprised of eight leaders from public company audit firms, the American Institute of CPAs and three independent public members.
Accounting Today named Fornelli one of the Top 100 Most Influential People of 2012, the sixth consecutive year she has received that recognition. In 2011, she was honored for the third time by NACD Directorship magazine as one of the 100 most influential people on corporate governance and in the boardroom. Fornelli currently serves as a member of the Financial Accounting Standards Advisory Council, which is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities, and other matters that affect accounting standard setting, and the Securities and Exchange Commission Historical Society’s Board of Trustees, Class of 2014. She previously served on the National Association of Corporate Directors’ (NACD) 2010 Blue Ribbon Commission on the Audit Committee and the NACD 2009 Blue Ribbon Commission on Risk Governance.
A frequent guest speaker and panelist at prominent business community events, she has been interviewed or quoted by media outlets including Fox Business News, National Public Radio, USA Today, The Washington Post, The Wall Street Journal, Financial Times, the Associated Press, Reuters, Dow Jones Newswires and Bloomberg News.
Prior to becoming the Center’s Executive Director, Fornelli was the Regulatory and Conflicts Management Executive at Bank of America. In that role, she was responsible for managing enterprise-wide conflicts that potentially could arise from the bank's delivery of multiple products and services across several business divisions, particularly as these conflicts related to securities regulation. Fornelli also had responsibility for coordinating enterprise regulatory relations with securities and banking regulators.
Before joining Bank of America, Fornelli was Deputy Director of the Division of Investment Management of the U.S. Securities and Exchange Commission, where she was responsible for implementing SEC policy, rules and regulations in the investment company and investment advisory industries.
Paul Volcker became president on August 1, 1975, at the age of 47. As president, he also served as vice chairman of the FOMC. Previously he served in a variety of positions with the Treasury, Chase Manhattan Bank, and the New York Fed.
Mr. Volcker was born on September 1927 in Cape May, New Jersey. He earned a bachelor of arts degree, summa cum laude, from Princeton in 1949, and a master of arts degree in political economy and government from the Harvard University Graduate School of Public Administration in 1951. From 1951 to 1952, he was Rotary Foundation Fellow at the London School of Economics.
Mr. Volcker’s experience with the New York Fed began when he worked as a research assistant in the research department during the summers of 1949 and 1950. He returned to the New York Fed as an economist in the research department in 1952, and became a special assistant in the securities department in 1955. Two years later, he resigned to become a financial economist at Chase Manhattan Bank.
In 1962, he joined the Treasury as Director of the Office of Financial Analysis, and in 1963 he was appointed Deputy Undersecretary for Monetary Affairs. In 1965, he rejoined Chase Manhattan as vice president and director of forward planning.
From 1969 to 1974, he was Undersecretary of the Treasury for Monetary Affairs. His five-and-a-half-year tenure covered a period of rapid change in international and domestic financial affairs.
After leaving the Treasury, Mr. Volcker became senior fellow at the Woodrow Wilson School of Public and International Affairs at Princeton University for the 1974-75 academic year.
He was named chairman of the Board of Governors of the Federal Reserve System by President Carter, and was sworn in on August 6, 1979. He served until August 11, 1987.