Pat White is an economist whose work has focused on financial market regulatory policy with an emphasis on derivative instruments. Her work with derivatives markets began with the 1987 stock market crash. As part of the Interagency Working Group on Financial Markets, she represented the Federal Reserve Board among policy makers interviewing market participants and identifying policies to improve the functioning of trading and clearing systems.
These topics became key themes in her work during her 32 years at the Fed. She, and the economists she supervised, conducted policy analysis and research as topics arose, such as new instruments and markets, changes to margin regulations and procedures, price volatility, electronic trading systems, and securities transactions taxes. Much of this work was carried out for Chairman Alan Greenspan, who had a long-standing interest in markets.
White also represented the Federal Reserve Board on international groups that crafted guidance for clearing and settlement arrangements and for public disclosures that financial intermediaries should make, as well as standards for risk management of central counterparties. She testified before Congress on the regulatory structure for OTC derivatives markets, and throughout her career developed contacts with a wide range of market participants so that policy debates were informed by real-world practices and experiences.
Following her retirement from the Federal Reserve Board, White served as a public director for FIA from 2011 to 2016. She currently is a public director for the Options Clearing Corporation.
