Paul Schott Stevens

Paul Schott Stevens is an American attorney serving as the president of Investment Company Institute. He served on the National Security Council under President Ronald Reagan.

Paul Schott Stevens
Paul Schott Stevens addresses an audience at the National Press Club in June 2004.
Born (1952-11-19) November 19, 1952
New Orleans, LA
Alma materYale University, University of Virginia
OccupationPresident, Investment Company Institute
Years active2004-Present
Spouse(s)Joyce (Pilz)
AwardsMedal for Distinguished Public Service

Education and early law career

Paul Schott Stevens was born November 19, 1952, in New Orleans, Louisiana.[1] He graduated magna cum laude with a B.A. from Yale University in 1974, and received a J.D. from the University of Virginia in 1978.[2] Following his graduation, Stevens practiced law in Washington, D.C., and was a partner in the firm of Dickstein, Shapiro and Morin.[3] In 1984 he was part of a team representing Edwin Meese during an investigation by the Independent Counsel prior to his confirmation as Attorney General.[4] In 1992, Stevens argued before the United States Supreme Court in Saudi Arabia v. Nelson, representing the respondents.[5] From 1980-1983, he was also an adjunct lecturer in law at the Washington College of Law at the American University.[3]

Government service

From September 1985-July 1986, Stevens served as Deputy Director and General Counsel of President Reagan's Blue Ribbon Commission on Defense Management, also known as the Packard Commission.[6] In January 1987, President Reagan appointed him Special Assistant to the President for National Security Affairs and the first Legal Adviser of National Security Council. He appointed Stevens Executive Secretary of the National Security Council in November of the same year, replacing Grant S. Green, Jr., who assumed responsibilities at the Department of Defense.[1][3]

In 1989, Stevens joined the transition team for Sen. John Tower, following his nomination for Secretary of Defense by President George H. W. Bush. After Tower’s nomination was rejected, Stevens remained at the Pentagon, serving Dick Cheney as Executive Assistant to the Secretary of Defense.[7] Upon leaving government service, he was awarded the Medal for Distinguished Public Service, the Defense Department’s highest civilian decoration.[8]

Continued involvement in national security affairs

From 2002-2006, Stevens served as a member of the Markle Task Force on National Security in the Information Age.[9] Established by the Markle Foundation, the task force was a bipartisan collaboration of national security experts from six presidential administrations, as well as senior information technology executives and privacy and civil liberties advocates.[10] In its reports, the task force recommended ways to use information and information technology to establish national information systems that would both protect privacy and prevent terror.[11] Many of the task force's recommendations informed the 9/11 Commission Report and were later incorporated in executive orders and legislation.[10][12]

Stevens is a member of the Council on Foreign Relations.[13] From 1995-1998, he chaired the American Bar Association’s Standing Committee on Law and National Security.[14]

President of Investment Company Institute

Stevens first joined the Investment Company Institute (ICI) in 1993, serving as the organization's general counsel until 1997.[15] He was then general counsel for mutual funds and international enterprise at Charles Schwab & Co. in San Francisco from 1997–99, and a partner in the Financial Services Group at the Washington D.C. law firm of Dechert LLP from 1999-2004.[2][16]

On June 1, 2004, Stevens rejoined the ICI as its president, replacing Matthew Fink, who retired after 33 years with the organization.[17] During his tenure, he has led ICI's efforts on a number of issues. He has stressed ICI's role in promoting ethical behavior within the industry, testifying before the U.S. Senate that ICI has "said loudly and clearly from the very beginning, if any member, any participant in this industry has violated the law, they should have the book thrown at them."[18]

Since the financial crisis of 2007-08, he has led ICI’s work surrounding money market fund reform, as well as the passage and implementation of the 2010 Dodd-Frank Act, which was passed with the intent of making the U.S. financial system more transparent and accountable to avoid another economic crisis.[19][20] He also is a very vocal proponent of investment funds and defined contribution plans as a means for providing for retirement savings.[21][22] As a part of this, he is an advocate of the 401(k), although he has stressed that the program isn't perfect and can be improved.[23]

He also directed the 2011 launch of ICI Global, an expansion that seeks to advance common interests and promote public understanding of issues related to international funds, managers and investors, including both regulated U.S. and non-U.S. based funds publicly offered to investors worldwide.[24] He has been vocally critical of financial transaction taxes, both in the United States and abroad.[25]

Associations and affiliations

Stevens serves on the board of directors of ICI Mutual Insurance Co.[26] He is a member of the executive board of the Boy Scouts of America’s National Capital Area Council.[27] He is also member of the financial committee of the Catholic Diocese of Arlington, VA.[28] He is a member of the board of directors for the Franciscan Monastery of the Holy Land, as well as a member of the Life Guard Society of Historic Mount Vernon.[29][30]

He has been a member of the board of advisers at the Morin Center for Banking and Financial Law at Boston University Law School, and was a member of Yale College's University Librarian’s Development Council.[31][32] In the fall of 1990, he was resident in Tokyo as a US-Japan Leadership Fellow.[2]

Congressional testimony

Stevens has testified before Congress on a number of fund-related issues, including financial stability and economic growth, money market funds, the Volcker Rule, market stability and investor confidence, and strengthening worker retirement security.[33][34][35][36][37][38]

Bibliography
  • "Room for 'Maneuver': Some Policy Issues in the Iran-Conra Affair", Paul Schott Stevens, Houston Journal of International Law, 1988[39]
  • "The National Security Council: Past and Prologue", Paul Schott Stevens, Strategic Review, 1989[40]
  • "The Reagan NSC: Before and After", Paul Schott Stevens, Perspectives on Political Science, 1990[41]
  • "Mutual Funds, Investment Advisers, and the National Securities Markets Improvement Act", Paul S. Stevens and Craig S. Tyle, The Business Lawyer, 1997[42]
  • U.S. Armed Forces and Homeland Defense: The Legal Framework, Paul Schott Stevens, CSIS, 2001[43]
  • "Patriotic Acts: Financial Institutions and the War Against Terrorism", Paul Schott Stevens and Thomas C. Bogle, Annual Review of Banking Law, 2002[44]
  • "The Just Demands of Peace and Security: International Law and the Case Against Iraq", Paul Schott Stevens, Andru E. Wall, Ata Dinlenc, The Federalist Society for Law and Public Policy Studies, 2002[45]

Personal life

Stevens and his wife, Joyce Stevens (formerly Pilz), live in Alexandria, Virginia. They have four sons.[6][8]

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References
  1. "Ronald Reagan: Appointment of Paul Schott Stevens as Executive Secretary of the National Security Council". Presidency.ucsb.edu. Retrieved 2014-01-08.
  2. "Bio - Paul Schott Stevens" (PDF). SEC. 2006. Retrieved 7 January 2014.
  3. "Ronald Reagan: Appointment of Eight Special Assistants to the President for National Security Affairs". Presidency.ucsb.edu. Retrieved 2014-01-08.
  4. Garment, Leonard (2001-10-25). Crazy Rhythm: From Brooklyn and Jazz to Nixon's White House, Watergate, and ... - Leonard Garment - Google Boeken. ISBN 9780786752270. Retrieved 2014-04-25.
  5. "Saudi Arabia v Nelson" (PDF). United States Court of Appeals. 1992. Retrieved 25 April 2014.
  6. "Nomination of Sydney Olson To Be an Assistant Secretary of Health and Human Services". Reagan.utexas.edu. Retrieved 2014-01-08.
  7. Lorna S. Jaffe (July 1993). "The Development of the Base Force 1989-1992" (PDF). Joint History Office, Office of the Chairman of the Joint Chiefs of Staff. Archived from the original (PDF) on 11 June 2014. Retrieved 25 April 2014.
  8. "Board & Leadership". ICI. Retrieved 2014-01-08.
  9. "Paul Schott Stevens". Markle. 2010-07-07. Retrieved 2014-01-08.
  10. "Task Force on National Security". Markle. 2001-09-11. Retrieved 2014-01-08.
  11. Miller, Judith (2002-10-07). "Report Calls for Plan of Sharing Data to Prevent Terror". The New York Times. NYTimes.com. Retrieved 2014-01-08.
  12. Attacks, National Commission on Terrorist (2011-05-16). The 9/11 Commission Report: Final Report of the National Commission on ... - National Commission on Terrorist Attacks - Google Books. ISBN 9780393342154. Retrieved 2014-01-08.
  13. "Membership Roster - Council on Foreign Relations". Cfr.org. Retrieved 2014-04-25.
  14. Stevens, Paul Schott (2001). U.S. Armed Forces and Homeland Defense: The Legal Framework - Paul Schott Stevens - Google Books. ISBN 9780892064069. Retrieved 2014-01-08.
  15. "Paul Schott Stevens". Sec.gov. 2009-04-09. Retrieved 2014-01-08.
  16. Caitlin Pickall (March 11, 2004). "ICI Names Successor for Fink". Mutual Fund Wire. Retrieved 7 January 2014.
  17. Frederick P. Gabriel Jr. (August 23, 2004). "With Paul Schott Stevens, president of the ICI". Investment News. Retrieved 7 January 2014.
  18. "Oversight Hearing On Mutual Funds: Hidden Fees, Misgovernance And Other Practices That Harm Investors". Gpo.gov. Retrieved 2014-01-28.
  19. "Oral Testimony: ICI's Paul Schott Stevens: Perspectives on Money Market Mutual Fund Reforms". IDC. Archived from the original on 2014-05-13. Retrieved 2014-01-08.
  20. "U.S. fund industry sees modest wins in final Volcker rule". NewsDaily. 2013-12-11. Retrieved 2014-01-08.
  21. "Modifications to the Retirement Saving System - C-SPAN Video Library". C-spanvideo.org. 2008-12-19. Retrieved 2014-01-28.
  22. "Security of Retirement Accounts - C-SPAN Video Library". C-spanvideo.org. 2009-02-27. Retrieved 2014-01-28.
  23. Paul Schott Stevens (October 21, 2012). "ICI's chief on strengthening the 401(k) system". Investment News. Retrieved 28 January 2014.
  24. Jeff Benjamin (October 11, 2011). "ICI extends reach with global launch". Investment News. Retrieved 7 January 2014.
  25. "Don't enact financial transaction taxes". TheHill. 2012-12-20. Retrieved 2014-01-28.
  26. Our Directors - 2013-2014 Board of Directors. "Our Directors". ICI Mutual. Retrieved 2014-01-08.
  27. "NCAC Board of Directors - National Capital Area Council, Boy Scouts of America". Ncacbsa.org. 2014-01-04. Retrieved 2014-04-25.
  28. "2013 Annual Report" (PDF). Catholic Diocese of Arlington. 2013. Archived from the original (PDF) on 25 March 2015. Retrieved 25 April 2014.
  29. "Franciscan Monastery Board of Directors | Franciscan Monastery". Myfranciscan.org. Archived from the original on 2014-04-25. Retrieved 2014-04-25.
  30. "Life Guard Society Spring Reception | George Washington's Mount Vernon". Mountvernon.org. Retrieved 2014-04-25.
  31. "GRADUATE PROGRAM IN BANKING AND FINANCIAL LAW" (PDF). Boston University School of Law. Archived from the original (PDF) on 21 February 2007. Retrieved 7 January 2014.
  32. "Yale University Library News: April 2010 Archives". Library.yale.edu. Retrieved 2014-01-08.
  33. Chairman Jeb Hensarling (2011-06-24). "Hearing entitled "Oversight of the Mutual Fund Industry: Ensuring Market Stability and Investor Confidence" | House Committee on Financial Services". Financialservices.house.gov. Retrieved 2014-04-25.
  34. "House Committee on Education and Labor, Republicans :: Hearing Details". Archives.republicans.edlabor.house.gov. 2009-02-24. Archived from the original on 2014-05-13. Retrieved 2014-04-25.
  35. "United States Senate Committee on Banking, Housing and Urban Affairs : Hearings". Banking.senate.gov. 2013-10-10. Retrieved 2014-04-25.
  36. Chairman Jeb Hensarling (2013-09-18). "Hearing entitled "Examining the SEC's Money Market Fund Rule Proposal" | House Committee on Financial Services". Financialservices.house.gov. Retrieved 2014-04-25.
  37. "United States Senate Committee on Banking, Housing and Urban Affairs : Hearings". Banking.senate.gov. 2012-06-21. Retrieved 2014-04-25.
  38. Chairman Jeb Hensarling (2012-12-13). "Hearing entitled "Examining the Impact of the Volcker Rule on Markets, Businesses, Investors and Job Creation, Part II" | House Committee on Financial Services". Financialservices.house.gov. Retrieved 2014-04-25.
  39. Stevens, Paul Schott (1988–1989). "11 Houston Journal of International Law 1988-1989 Room for Maneuver: Some Policy Issues in the Iran-Countra Affair Symposium: Legal and Policy Issues in the Iran-Contra Affair-Intelligence Oversight in a Democracy". Houston Journal of International Law. 11: 159. Retrieved 2014-04-25.CS1 maint: date format (link)
  40. Karen E. Kaufmann (March 2007). "The National Security Council: A Selected Bibliography". Executive Office of the President Library. Retrieved 25 April 2014.
  41. Paul Schott Stevens (1990). "The Reagan NSC: Before and After". Perspectives on Political Science. 19 (2): 118–122. doi:10.1080/10457097.1990.9944464.
  42. "Investment Companies | Business Law Section". Americanbar.org. Retrieved 2014-04-25.
  43. Stevens, Paul Schott (2001). U.S. Armed Forces and Homeland Defense: The Legal Framework - Paul Schott Stevens - Google Boeken. ISBN 9780892064069. Retrieved 2014-01-08.
  44. "J.D. Student Central | Student Organizations and Activities | Journals | Review of Banking & Financial Law | Archives | Volume 21". Bu.edu. Retrieved 2014-04-25.
  45. "The Just Demands of Peace and Security: International Law and the Case Against Iraq » Publications » The Federalist Society". Fed-soc.org. 2002-10-15. Retrieved 2014-04-25.
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