Douglas Shulman

Shulman was born in 1967 to Jeff and Celia Shulman. He grew up in Oakwood, Ohio (Greater Dayton Area). He graduated from Oakwood High School in 1985. Shulman holds a Bachelor of Arts degree from Williams College, a Master of Public Administration degree from Harvard University's John F. Kennedy School of Government, and a Juris Doctor degree magna cum laude from Georgetown University Law Center.

Shulman co-founded and served as executive vice president of FoundryOne, Inc., a company focused on building and spinning off technology-focused startups within major corporations. Previously, Shulman was vice president of Darby Overseas Investments, Ltd. and served as a senior policy advisor and as chief of staff for the National Commission on Restructuring the Internal Revenue Service.[http://www.house.gov/natcommirs/appa.htm List of Staff Members (house.gov)] Shulman began his career as a consultant at A.T. Kearney in New York City.

Shulman came to NASD in 2000. He first served as executive vice president, technology strategy and corporate development, before being promoted to president, markets, services and information. He then was promoted to vice chairman of NASD, and later became vice chairman of the Financial Industry Regulatory Authority (FINRA). He played a key role in the merger between New York Stock Exchange regulatory operations and NASD, which created FINRA. At NASD, he directed NASD's efforts to restructure itself as solely a regulator and spin-off its market subsidiaries. He led the negotiations that resulted in the sale of both the NASDAQ Stock Market and the American Stock Exchange.

He also oversaw NASD's efforts to become active in the fixed income markets by launching the Trade Reporting and Compliance Engine (TRACE), NASD's real-time corporate bond market regulatory and information system. He was the lead executive in negotiating corporate bond transparency with the financial services industry, and hired the team that launched the product. Another main area of focus was heading the successful effort by NASD to modernize its technology systems. He also led NASD into new business segments, and helped it to re-vamp its surveillance technology in order to win contracts to regulate other exchanges besides NASDAQ.{{cite web|last1=Nash|first1=Jennifer|title=The HKS Mossavar-Rahmani Center for Business and Government Welcomes Senior Fellow Doug Shulman|url=http://www.hks.harvard.edu/var/ezp_site/storage/fckeditor/file/Shulman%20press%20release.pdf|website=www.hks.harvard.edu|publisher=Harvard Kennedy School|accessdate=August 19, 2014}}

On November 22, 2007, Republican President George W. Bush announced he would appoint Shulman to be commissioner of the IRS,{{cite news|last=Associated |first=The |url=https://query.nytimes.com/gst/fullpage.html?res=9F05E7DA1630F931A15752C1A9619C8B63 |title=Bush to Nominate An I.R.S. Chief |work=The New York Times |date=November 22, 2007 |accessdate=May 24, 2013}}{{cite web|url=http://www.accountingtoday.com/news/26027-1.html |title=Former IRS Commish Fired by American Red Cross |magazine=Accounting Today |date= November 28, 2007|accessdate=May 24, 2013}} despite the fact that Shulman had donated to the Democratic National Committee in the 2004 election.{{Cite web|url=http://www.politicalmoneyline.com/tr/tr_MG_IndivDonor.aspx?sMP=1&sText=shulman%2c+douglas&sCycle=2004|title = Capitol Hill Access}} When being questioned by the U.S. Senate Finance Committee in January 2008, he said that the IRS must be "competent, fair and impartial".{{cite web|url=http://www.govexec.com/oversight/2008/01/irs-nominee-faces-tough-questions-from-senate-panel/26182/ |title=IRS nominee faces tough questions from Senate panel - Oversight |publisher=GovExec.com |date= January 29, 2008|accessdate=May 24, 2013}}{{Cite web|url=https://news.google.com/newspapers?id=T_ouAAAAIBAJ&sjid=KaIFAAAAIBAJ&pg=1360,6941506&dq=douglas+shulman&hl=en|title = Reading Eagle - Google News Archive Search}} On March 14, 2008, he was confirmed unanimously by the U.S. Senate to be the 47th IRS commissioner.{{cite web |author= |url=http://democrats.senate.gov/2008/03/14/reid-statement-on-confirmation-of-executive-appointments/ |title=Reid Statement On Confirmation Of Executive Appointments | Senate Democrats |publisher=Democrats.senate.gov |date=March 14, 2008 |accessdate=May 24, 2013 |archive-url=https://web.archive.org/web/20121214153141/http://democrats.senate.gov/2008/03/14/reid-statement-on-confirmation-of-executive-appointments/ |archive-date=December 14, 2012 |url-status=dead }}{{cite web|url=http://taxprof.typepad.com/taxprof_blog/2008/03/senate-confirms.html |title=TaxProf Blog: Senate Confirms Nomination of Douglas Shulman as IRS Commissioner |publisher=Taxprof.typepad.com |date=March 14, 2008 |accessdate=May 24, 2013}}{{cite web|url=http://accounting.smartpros.com/x61150.xml |title=Shulman Confirmed As IRS Commissioner |publisher=Accounting.smartpros.com |date=March 17, 2008 |accessdate=May 24, 2013}}

Shortly after President Obama was re-elected in the 2012 presidential election, on November 11, 2012, Shulman finished serving out his full term as commissioner.{{cite news| url=https://www.nytimes.com/2012/10/11/business/douglas-shulman-head-of-the-internal-revenue-service-to-step-down.html | work=The New York Times | first=David | last=Kocieniewski | title=Douglas Shulman, Head of the Internal Revenue Service, to Step Down | date=October 10, 2012}}{{cite web|url=https://www.irs.gov/newsroom/shulman-to-finish-his-term-as-irs-commissioner-on-nov-9 |last=IR-2012-76|title=Shulman to Finish His Term as IRS Commissioner on Nov. 9|publisher=US IRS|accessdate=October 17, 2012|date=October 10, 2012}}

In March and April 2008, one of his first duties was to send out 77 million tax rebates after congress passed the Economic Stimulus Act of 2008.{{cite news|last=Block |first=Sandra |url=http://usatoday30.usatoday.com/money/perfi/taxes/2008-06-19-irs-tax-rebate-check_N.htm |title=Millions more could get tax rebate if they file a return |newspaper=USA Today |date=June 20, 2008 |accessdate=May 24, 2013}} He also led the IRS after congress passed Obama's $787 billion economic recovery stimulus package.{{cite news|last=Ohlemacher |first=Stephen |url=http://usatoday30.usatoday.com/money/perfi/taxes/2009-04-14-taxrefunds_N.htm |title=Taxpayers more frugal with refunds this year |newspaper=USA Today |date=April 14, 2009 |accessdate=May 24, 2013}}

As part of the stimulus package, also referred to as the American Reinvestment and Recovery Act, about one third of the $787 billion was administered through the tax system. Some of the key provisions that the IRS administered under Shulman's leadership were the first time home buyers credit, net operating loss carrybacks (which allowed businesses to get tax credits when credit lines were frozen), and expanded Earned Income Tax Credit.

One of Shulman's signature initiatives was the cracking down of offshore tax evasion. He is largely credited with being the key leader in shifting the paradigm of tax evasion and bank secrecy. In August 2009, he persuaded Switzerland to turn over the identities of 4,450 Americans with secret UBS bank accounts. UBS paid a $780 million fine. This was the first time that a Swiss bank had ever broken Swiss bank secrecy, and is largely viewed as a watershed event in the erosion of bank secrecy and tax evasion.{{cite news|last=Donmoyer |first=Ryan J. |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=anDJwVLw05tE |title=Shulman Says U.S. Expanding Tax Inquiry After UBS 'Victory' |publisher=Bloomberg |date=August 19, 2009 |accessdate=May 24, 2013}}

Under his leadership, the IRS launched multiple voluntary compliance programs—the offer was to have people who had been hiding money overseas to pay back taxes, pay a penalty, but avoid criminal prosecution.{{cite news|last1=Browning|first1=Lynnley|title=U.S. Ends Inquiry of UBS Over Offshore Tax Evasion|url=https://www.nytimes.com/2010/11/17/business/17tax.html|website=The New York Times |date=November 16, 2010|accessdate=August 19, 2014}} From 2009 to 2011, the IRS collected $4.4 billion from 33,000 people who had offshore accounts. He said it was an "amount we never thought we'd reach. If we catch people before they come in voluntarily, it's going to be a much worse outcome for the taxpayer." In January 2012, he revived a program that would be even more strict toward offshore accounts. He said the "long-term goal is deterrence. We want to wake up and have the next generation of taxpayers not even think about hiding their assets overseas."{{cite web |last=Fram |first=Alan |url=http://www.businessweek.com/ap/financialnews/D9S5LHV01.htm |title=IRS reviving program seeking offshore tax cheats |magazine=BusinessWeek |date=January 9, 2012 |accessdate=May 24, 2013 |url-status=dead |archiveurl=https://web.archive.org/web/20130613104336/http://www.businessweek.com/ap/financialnews/D9S5LHV01.htm |archivedate=June 13, 2013 }}

The IRS was given major responsibilities for the money flows of the affordable care act. The provisions that the IRS needed to prepare for under Shulman's leadership included the individual mandate, the employer mandate, insurance company reporting of fact of coverage, and financial data for exchanges to make determinations regarding who is eligible for tax credits. There were also a number of tax provisions in which the health care industry would pay taxes to help offset the costs of the Affordable Care Act, and tax credits for small businesses to buy insurance. The mandate that individuals buy insurance or pay a fine garnered a lot of attention.{{Cite web |url=http://about.bloomberglaw.com/law-reports/irs-will-pursue-shared-responsibility-payment-bills-starting-in-2015-official-says/ |title=IRS Will Pursue Shared Responsibility Payment Bills Starting in 2015, Official Says - Bloomberg Law |access-date=November 21, 2013 |archive-url=https://web.archive.org/web/20130529122852/http://about.bloomberglaw.com/law-reports/irs-will-pursue-shared-responsibility-payment-bills-starting-in-2015-official-says/ |archive-date=May 29, 2013 |url-status=dead }}

In April 2010, Shulman said that taxpayers' refunds in order to collect fines from those who don't buy health coverage via Affordable Health Care for America Act. In response to Republican arguments that the IRS would abuse their powers, he said he would not allow the IRS to be "too punitive".{{cite news|url=https://www.foxnews.com/politics/republicans-to-taxpayers-brace-for-irs-enforcement-of-health-care-law/ |title=Republicans to Taxpayers: Brace for IRS Enforcement of Health Care Law |publisher=Fox News |date=April 7, 2010 |access-date=May 24, 2013}}

While serving as commissioner, Shulman led a major modernization of the IRS's technology to streamline tax payment processing, facilitate compliance, and improve customer service. The core of the modernization was to move all tax returns to daily processing, as opposed to the historical batch processing of returns (every one or two weeks). The result was the customer service representatives could have access to accurate data and there was real time information to combat non-compliance, including refund fraud. The goal of daily processing was a goal that had eluded the IRS since it was first set in 1988.{{Cite web|url=https://www.irs.gov/uac/Newsroom/Commissioner-Doug-Shulman-Speaks-at-AICPA-Meeting|title = Commissioner Doug Shulman Speaks at AICPA Meeting | Internal Revenue Service}}

When Shulman came to the IRS, the modernization effort was off-track and over budget. Under Shulman's leadership, the program was turned around.{{cite web|last1=Thompson|first1=James R.|title=Fixing The IRS|url=http://www.govexec.com/magazine/features/2012/04/fixing-irs/41637/|website=govexec.com|date=April 2012 |publisher=Government Executive|accessdate=August 19, 2014}} In 2011, the Government Accountability Office listed the program as one of seven successful major IT acquisitions across government, an achievement which attributes to strong management and oversight, and "executive-level focus and attention".

Shulman focused on completing the modernization during his term that would end in 2012. He recruited a new team to build the database and secured funding. On January 17, 2012, Shulman oversaw the transition to the Customer Account Data Engine 2,{{cite web|last=Block |first=Sandra |url=http://www.govexec.com/magazine/features/2012/04/fixing-irs/41637/ |title=Fixing The IRS |publisher=govexec.com |date=April 1, 2012 |accessdate=May 24, 2013}} moving the data of 140 million taxpayers into a modern database environment. This was the first successful major upgrade of the IRS data repository for more than 50 years.

In addition to modernizing IRS's core technology, Shulman also significantly increased electronic filing of tax returns when he was commissioner. This digitization effort led to better customer service and more efficiency at the IRS. By the end of his tenure, approximately 80% of all individual tax returns were filed electronically.{{cite web|title=Electronic Filing 2012 Annual Report to Congress|url=http://www.treasury.gov/IRSOB/reports/Documents/IRSOB_E-File%20Report%202012.pdf|website=treasury.gov|publisher=IRS Oversight Board|accessdate=August 19, 2014}}

The IRS released a number of guidelines to help the 4,800 victims of the Bernie Madoff $65 billion scandal. Shulman said the IRS will allow the amount of the theft loss to include the investor's unrecoverable investment for Ponzi scheme victims. Victims who are part of small businesses will be able to go back 5 years to recover investments and so-called "phantom profits".{{cite news|last=Chew |first=Robert |url=http://www.time.com/time/business/article/0,8599,1885904,00.html#ixzz2UABqw8w9 |archive-url=https://web.archive.org/web/20090318210202/http://www.time.com/time/business/article/0,8599,1885904,00.html#ixzz2UABqw8w9 |url-status=dead |archive-date=March 18, 2009 |title=IRS Reveals Tax Guidelines for Ponzi Victims |magazine=Time |date=March 17, 2009 |accessdate=May 24, 2013}}{{cite news|author=Martin Zimmerman |url=https://www.latimes.com/archives/la-xpm-2009-mar-18-fi-irs-madoff18-story.html |title=IRS giving relief to some Madoff investors |magazine=Los Angeles Times |date=March 18, 2009 |access-date=May 24, 2013}}{{Cite web|url=https://news.google.com/newspapers?id=V2NjAAAAIBAJ&sjid=FXkNAAAAIBAJ&pg=3414,2004849&dq=douglas+shulman+madoff+scandal&hl=en|title = The Michigan Daily - Google News Archive Search}}

{{Main|2013 IRS scandal}}

Douglas Shulman was the commissioner of the IRS during some of the time when new criteria, including the name of organizations, were used to identify tax exempt applications for review. However, Douglas Shulman was not mentioned in the Inspector General report that uncovered and detailed this issue.{{cite news| url=https://www.washingtonpost.com/opinions/irs-targeted-more-than-conservative-groups/2013/05/24/299b6da0-c227-11e2-9642-a56177f1cdf7_story.html | archive-url=https://archive.today/20130630160947/http://articles.washingtonpost.com/2013-05-24/opinions/39500372_1_stasi-tea-party-groups | url-status=live | archive-date=June 30, 2013 | newspaper=The Washington Post | first=James | last=Martin | title=Should the United States fund the service program AmeriCorps? President Obama would increase its budget. Rep. Paul Ryan would eliminate federal funding for the program | date=May 24, 2013}}{{cite web|last=McKenney|first=Michael|title=Inappropriate Criteria Were Used to Identify Tax-Exempt Applications for Review|url=http://www.treasury.gov/tigta/auditreports/2013reports/201310053fr.pdf|publisher=U.S. Department of the Treasury|accessdate=May 2, 2014|date=May 14, 2013}} In a congressional hearing held on May 21, 2013, Douglas Shulman denied responsibility for the policy, stating that he found out some facts, but not all the facts about a list of names, from Steven T. Miller and at that time he was also informed that the practice had been stopped and the issue had been referred to the Inspector General for review.{{cite web|title=The IRS: Targeting Americans for Their Political Beliefs|url=http://oversight.house.gov/wp-content/uploads/2014/02/2013-05-22-Ser.-No.-113-33-FC-The-IRS-Targeting-Americans-for-Their-Pol-Beliefs.pdf|publisher=Committee On Oversight and Government Reform, House of Representatives|date=May 22, 2013}}

In May 2013, he told Republican U.S. Senator John Cornyn "I certainly am not personally responsible for making a list that had inappropriate criteria on it. With that said, this happened on my watch, and I very much regret that this happened on my watch."{{cite news|last=Blake |first=Aaron |url=https://www.washingtonpost.com/blogs/the-fix/wp/2013/05/21/douglas-shulman-wont-apologize-yet-at-least/ |title=Douglas Shulman won't apologize — yet, at least |newspaper=The Washington Post |date=January 1, 1970 |accessdate=May 24, 2013}}

On July 13, 2018, OneMain Holdings, Inc., announced Shulman as its next President and Chief Executive Officer.{{cite web |url=https://www.marketwatch.com/press-release/onemain-holdings-inc-names-doug-shulman-president-and-chief-executive-officer-2018-07-13-91593412 |title=OneMain Holdings, Inc. Names Doug Shulman President and Chief Executive Officer - MarketWatch |website=www.marketwatch.com |url-status=dead |archive-url=https://web.archive.org/web/20180713153436/https://www.marketwatch.com/press-release/onemain-holdings-inc-names-doug-shulman-president-and-chief-executive-officer-2018-07-13-91593412 |archive-date=July 13, 2018}}

Earlier, he was an executive at BNY Mellon{{Cite web|url=http://triblive.com/business/headlines/7515395-74/mellon-bank-shulman#axzz3OAFrYQiC|title = Welcome}} and had been a Senior Advisor with McKinsey & Company.{{Cite web|url=https://www.businesswire.com/news/home/20180713005157/en/OneMain-Holdings-Names-Doug-Shulman-President-Chief|title=OneMain Holdings, Inc. Names Doug Shulman President and Chief Executive Officer|date=July 13, 2018|website=www.businesswire.com|language=en|access-date=January 2, 2020}}

{{reflist}}

• {{C-SPAN|1026905}}
• [http://finra.org/ Financial Industry Regulatory Authority (finra.org)]
• [http://www.dtcc.com/ Depository Trust & Clearing Corporation (dtcc.com)]
• [http://www.house.gov/natcommirs/main.htm National Commission on Restructuring the Internal Revenue Service (house.gov)]
• [https://web.archive.org/web/20071129181459/http://www.dtcc.com/images/bios/shulman.jpg Photo of Douglas H. Shulman (dtcc.com)]
• [http://www.treasury.gov/tigta/auditreports/2013reports/201310053fr.pdf Inappropriate Criteria Were Used to Identify Tax-Exempt Applications for Review, TIGTA]
• [https://www.bloomberg.com/news/2010-12-09/irs-seriously-considering-second-amnesty-program-for-offshore-accounts.html Bloomberg (bloomberg.com)]

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{{DEFAULTSORT:Shulman, Douglas}}

Category:1967 births

Category:American financial businesspeople

Category:Commissioners of Internal Revenue

Category:Georgetown University Law Center alumni

Category:Harvard Kennedy School alumni

Category:Living people

Category:People from Oakwood, Montgomery County, Ohio

Category:Williams College alumni