FINRA Appoints Four Industry Leaders to Its Board of Governors
The Financial Industry Regulatory Authority announced the appointment of four new governors to its board of governors: Rostin “Russ” Behnam, Tim Carter, Dan Gallagher, and Heather Traeger.
According to FINRA, the additions bring extensive experience in financial services, regulation, industry leadership, and public pension management to the board, which oversees the organization’s mission to protect investors and ensure market integrity.
“We are pleased to welcome Russ, Tim, Dan and Heather to FINRA’s board of governors,” said Robert Cook, chief executive officer of FINRA. “Their deep expertise and diverse perspectives will be invaluable as we continue to adapt our regulatory approach to meet the evolving needs of investors and the markets. These appointments strengthen our board’s ability to provide strategic oversight and guidance in an increasingly complex financial landscape.”
Behnam served as chairman of the U.S. Commodity Futures Trading Commission, or CFTC, from 2021 to January 2025. He previously served as a CFTC commissioner from 2017 to 2021. He now serves as a distinguished fellow at the Psaros Center for Financial Markets and Policy at Georgetown University.
Carter previously served as the chief financial officer at investment bank and institutional securities firm Piper Sandler Companies. In his role as CFO, Carter led the firm’s treasury, accounting, market and credit risk, investor relations and financial planning functions.
Gallagher is chief legal, compliance, and corporate affairs officer of Robinhood Markets. Prior to joining Robinhood, he was partner and deputy chair of the securities department at WilmerHale, served as a commissioner of the U.S. Securities and Exchange Commission from 2011 to 2015, and held several other senior positions on the SEC staff.
Traeger serves as general counsel and chief compliance officer at the Teacher Retirement System of Texas, one of the nation’s largest public pension plans. She brings extensive experience from her previous roles at the SEC and as a partner at O’Melveny & Myers. Traeger previously served as chair of FINRA’s National Adjudicatory Council.
“The addition of these four distinguished leaders reflects our commitment to maintaining a board that represents the breadth and depth of experience needed to guide FINRA’s important work. Each brings unique insights that will enhance our deliberations and help ensure that FINRA continues to fulfill its vital investor protection mission effectively,” said Scott Curtis, FINRA board chair.
FINRA is overseen by a 22-member board of governors, with the majority or 12 seats designated for public members, 10 seats designated for industry members and one seat reserved for FINRA’s CEO. Public governors are appointed by the board from candidates nominated by the Nominating Committee. FINRA governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
Last summer, AltsWire reported the results of FINRA’s election of two new members to its board: Bradford Eichler, chief operating officer, Stephens Inc., as large firm governor; and Erin Baskett, CEO, Sine Qua Non Capital LLC, as small firm governor.
FINRA regulates member brokerage firms doing business in the United States. Overseen by the U.S. Securities and Exchange Commission, FINRA writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities.
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