Board of Directors

NFA's Board of Directors is its principal governing and policy development body. The Board consists of both Member Directors and Public Directors. NFA's Board is structured to ensure representation of each membership category. Member Directors are selected by the Members they represent through an election process. See Article VII: Board of Directors for more information regarding the Board's composition and election process. The Board meets quarterly in February, May, August and November.

Chairman

Michael C. Dawley*
Managing Director
Goldman Sachs & Co.
New York, N.Y.

Vice-Chairman

Maureen C. Downs*  
Phillip Capital Inc.
Chicago, Ill.

Futures Commission Merchants

Maria Chiodi  
Managing Director and Counsel
Credit Suisse Securities (USA) LLC
New York, N.Y.
(term ending February 2021)

Gerald F. Corcoran
Chief Executive Officer
R.J. O’Brien & Associates, LLC
Chicago, Ill.
(term ending February 2020)

Michael C. Dawley*
Managing Director
Goldman Sachs & Co.
New York, N.Y.
(term ending February 2020)

Maureen C. Downs*
Phillip Capital, Inc.
Chicago, Ill.
(term ending February 2020)

Thomas R. Kadlec*
President
ADM Investor Services, Inc.
Chicago, Ill.
(term ending February 2021)

Swap Dealers and Major Swap Participants

Seth P. Bender 
Senior Vice President & Associate General Counsel
HSBC Securities (USA), Inc.
New York, N.Y.
(term ending February 2021)

William F. McCoy*
Managing Director
Morgan Stanley
New York, N.Y.
(term ending February 2020)

Charlotte B. McLaughlin
President and Chief Executive Officer
PNC Capital Markets LLC
Pittsburgh, Pa.
(term ending February 2021)

Don Thompson*
Managing Director and Associate General Counsel
JPMorgan Chase & Co.
New York, N.Y.
(term ending February 2020)

Sheryl M. Wallace
Corporate Vice President, Risk Management Leader
Cargill, Incorporated
Wayzata, Minn.
(term ending February 2020)

Commodity Pool Operators and Commodity Trading Advisors

Douglas L. Bry*
Senior Strategist
Welton Investment Partners LLC
Carmel, Calif.
(term ending February 2020)

Ernest L. Jaffarian*
CEO/CIO
Efficient Capital Management LLC
Warrenville, Ill.
(term ending February 2021)

Martin Lueck
Research Director
Aspect Capital Limited
London, U.K.
(term ending February 2021)

Nicola Watson
Managing Director, Executive Office US
Winton
New York, N.Y.
(term ending February 2020)

Introducing Brokers

Michael T. Burke
Chief Executive Officer
HighGround Trading LLC
Chicago, Ill.
(term ending February 2021)

Scott W. Stewart 
Chief Executive Officer
Stewart-Peterson Group, Inc. 
Estes Park, Col.
(term ending February 2020)

Contract Markets

Mark G. Bagan
President and Chief Executive Officer
Minneapolis Grain Exchange
Minneapolis, Minn.

David S. Goone*
Chief Strategy Officer
Intercontinental Exchange, Inc.
Chicago, Ill.

John F. Sandner*
Special Policy Advisor, Retired Chairman of the Board
CME Group Inc.
Chicago, Ill.

Public Representatives

Ronald H. Filler*
Professor of Law
New York Law School
New York, N.Y.
(term ending February 2020)

Arthur W. Hahn 
Of Counsel
Katten Muchin Rosenman LLP
Chicago, Ill.
(term ending February 2020)

Douglas E. Harris*
Managing Director
Promontory Financial Group LLC
New York, N.Y.
(term ending February 2021)

The Honorable Jim Marshall
Former U.S. Congressman, House Agriculture and Financial Services Committees
Washington, D.C.
(term ending February 2020)

Mary M. McDonnell
Founder and Chief Executive Officer
McDonnell & Associates
Chicago, Ill.
(term ending February 2020)

Michael H. Moskow*
Vice Chair and Distinguished Fellow
The Chicago Council on Global Affairs
Chicago, Ill.
(term ending February 2020)

Charles P. Nastro
New York, N.Y.
(term ending February 2021)

Ronald S. Oppenheimer*
Senior Vice President and General Counsel
Vitol, Inc.
Houston, Texas
(term ending February 2021)

Todd E. Petzel*
Chief Investment Officer
Offit Capital Advisors LLC
New York, N.Y.
(term ending February 2021)

Michael R. Schaefer
New York, N.Y.
(term ending February 2021)

Permanent Special Advisor to the Executive Committee and Board of Directors

Leo Melamed
Chairman Emeritus
CME Group Inc.
Chairman & CEO
Melamed & Associates
Chicago, Ill.

*Executive Committee Member