Eugene Ludwig

Early life

Ludwig was born in Brooklyn, New York, to Jacob S. and Louise Rabiner Ludwig and raised in York, Pennsylvania. His father was a doctor and his mother was a former Broadway chorus girl.

Ludwig received a bachelor's degree from Haverford College in 1968. He studied philosophy at Oxford University. He graduated with a master's of arts degree from New College in politics and economics. He graduated from Yale Law School with a JD degree. At Yale Law School, he was an editor of the Yale Law Journal and president of Yale Legislative Services.

Legal career

In 1973, Ludwig was hired by the law firm Covington and Burling, becoming a partner in 1981.

Comptroller of the Currency

In 1993, Ludwig became the 27th Comptroller of the Currency. Ludwig took office after the early 1990s recession had caused bank failures and created a credit crunch. During his tenure, the Office of the Comptroller of the Currency took the lead in regulators’ 1993 initiatives to alleviate a lingering credit crunch by encouraging banks to increase lending. As Comptroller, Ludwig was a member of the Basel Committee on Bank Supervision, a director of the Federal Deposit Insurance Corporation, and a director of the Neighborhood Reinvestment Corporation.

Ludwig led President Clinton's initiatives to reform the Community Reinvestment Act and more vigorously enforce the fair lending laws. In December 1993, Ludwig was singled out by then-Secretary of the Treasury Robert Rubin, who praised “his efforts to make CRA reform a reality."

Business career

Ludwig was vice chairman of Bankers Trust/Deutsche Bank from April 1998 to December 31, 1999.

In 2001, Ludwig founded Promontory Financial Group, becoming its CEO and chairman. The firm gained attention when, following a $750 million trading scandal at Allied Irish Banks, Promontory produced what became known as "The Ludwig Report," recommending improved compliance and management measures which helped the bank regain its footing. In 2007, after Ludwig advised Countrywide Financial, Portfolio.com wrote that "[Countrywide CEO] Angelo Mozilo is a tough character, and Ludwig is one of the few people with enough clout to persuade him that the game really was up."

Ludwig is also co-founder and managing partner of Canapi Ventures, a venture capital firm, and founder and CEO of Ludwig Advisors. Promontory Interfinancial Network, a separate company that Ludwig started in 2003 with former Federal Reserve Vice Chairman Alan Blinder, was sold in 2019 to Blackstone Group. Since 2021, Ludwig has sat on the Advisory Board of Suade Labs.

Publications

Ludwig is the editor of The Vanishing American Dream, a book that provides comments from experts across the political spectrum on the economic challenges facing lower- and middle-income Americans. The book was the outcome of a 2019 Yale Law School symposium organized by Ludwig. The book examines how traditional economic measures like the unemployment rate and GDP are masking a crisis for millions of lower- and middle-income families, who struggle to afford health care, housing, and education and occupy jobs that cannot help them reverse the downward slide. Kirkus Reviews gave the book a positive review.”

Ludwig has written numerous articles on banking, finance, and economic policy for scholarly journals and publications and has been a guest lecturer at Yale and Harvard law schools and Georgetown University's International Law Institute. Ludwig's works center on the economic challenges confronting lower- and middle-income Americans. He has noted that real-wage stagnation and increases in the costs of education, housing, health care and food, have created a situation where middle-income households were spending 78% of their budgets on basic needs in 2014.

In 2008, Ludwig co-authored an essay in The Wall Street Journal with former Federal Reserve Chairman Paul A. Volcker and former U.S. Treasury Secretary Nicholas F. Brady calling for a resurrection of the Resolution Trust Corporation to help deal with the financial crisis.

Personal life

Ludwig lives in Washington, D.C. He is married to Dr. Carol Ludwig, and they have three children. His younger brother Ken Ludwig is a playwright.

He is a Wykeham Fellow at New College, Oxford. Ludwig has endowed several funds and programs, including the Ludwig Fund for the Humanities at New College, Oxford; the Eugene and Carol Ludwig Center for Community & Economic Development at Yale Law School; and the Ludwig Fund for Community Development at Haverford College.

Ludwig has received awards, including the BritishAmerican Business Entrepreneurship Award (2010), National Academy Foundation Leadership Award (2011), Simeon E. Baldwin Award, presented by the Yale Law School Center for the Study of Corporate Law (2011), the Foreign Policy Association Medal (2014), and the Jill Chaifetz Award presented by Advocates for Children (2014.)

References

References

1. “Nomination of Eugene Allan Ludwig to Be Comptroller of the Currency for a Term of Five Years,” U.S. Senate Hearing 103-92, before the Committee on Banking, Housing, and Urban Affairs, March 31, 1993
2. Washington Post obituary, "Louise R. Ludwig, Businesswoman," August 28, 1998
3. U.S. Senate Hearing 103-92, nomination hearing record, 1993, page 1
4. ''United States Banker'' cover story, "Why Eugene Ludwig Makes Bankers Nervous, August 1993
5. "''The Washington Post'', "Playwright Ken Ludwig's Childhood Dream"". [[The Washington Post]].
6. U.S. Senate Hearing 103-92, nomination hearing record, 1993, pages 2, 43
7. Michael Quint, “Quicksand for Banks,” ''The New York Times'', March 27, 1990.
8. Jerry Knight, “Regulators Offer Steps to Ease Bank Lending,” ''The Washington Post'', June 11, 1993
9. "Eugene A. Ludwig".
10. Official biography, "Eugene A. Ludwig, Comptroller of the Currency, 1993 to 1998," Office of the Comptroller of the Currency
11. "Press Briefing by Secretary of the Treasury, Lloyd Bentsen, Robert Rubin, Assistant to the President for Economic Policy and Eugene Ludwig, Comptroller of the Currency | the American Presidency Project".
12. Bill McConnell, "Ludwig Joining Bankers Trust as a Vice Chairman," ''American Banker'', April 22, 1998
13. "Ludwig, Partners Organizing Investment Fund," ''American Banker'', January 14, 2000
14. "''The Irish Times'', The Ludwig Report". [[The Irish Times]].
15. "Countrywide Under Promontory Review," ''Business Week'', November 28, 2007
16. "Portfolio.com, "How Gene Ludwig Forced the Countrywide Sale"".
17. (22 January 2020). "Gene Ludwig, Chip Mahan launch $545M fund for bank-friendly fintechs".
18. Rob Blackwell, “New Pitch: Deposit Insurance Sharing,” ''American Banker'', January 21, 2003
19. Luisa Beltran, "Blackstone to Scoop Up Promontory Interfinancial," PE Hub, September 17, 2019. Subscription required.
20. (2021-11-17). "Suade Labs raises strategic Series A Funding".
21. News release, "Gene Ludwig to Release New Book Examining the Plight of Lower- and Middle-Income Americans," Promontory Interfinancial Network, issued via Business Wire, June 4, 2020.
22. "Gene Ludwig".
23. (July 30, 2020). "THE VANISHING AMERICAN DREAM | Kirkus Reviews".
24. "Ludwig speeches".
25. "America's Economic Challenges," ''Banking Exchange'', April 4, 2018
26. Brady, Ludwig, and Volcker, "Resurrect the Resolution Trust Corp.," ''The Wall Street Journal,'' September 17, 2008
27. "Dear Jack, Dear Louise".
28. "Emeritus and Wykeham Fellows". New College.
29. [http://users.ox.ac.uk/~sfop0114/nclm4/nclm4.html Archived copy] {{Webarchive. link. (2017-04-20)
30. [https://law.yale.edu/studying-law-yale/clinical-and-experiential-learning/our-clinics/ludwig-center-community-economic-development Archived copy] {{Webarchive. link. (2015-12-18)
31. [https://docs.google.com/document/d/1FGCLiqRBtS4oXxUZGVBHGTopC867qlLdDQgLS2WT7iA/edit Haverford College Endowed Internships],
32. "Promontory Financial Group".
33. [http://www.newyorksocialdiary.com/party-pictures/2011/leadership-awards-abound Leadership Awards Abound] New York Social Diary, June 13, 2011 {{Webarchive. link. (2015-10-24)
34. "List of Simeon e. Baldwin Award Recipients".
35. Victoria Finkle, “Promontory’s Ludwig Wins Foreign Policy Medal,” ''American Banker,'' February 28, 2014.
36. "Advocates for Children of New York - Spring Benefit May 7, 2014".