Eugene Ludwig

Ludwig was born in Brooklyn, New York,“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 to Jacob S. and Louise Rabiner LudwigWashington Post obituary, "Louise R. Ludwig, Businesswoman," August 28, 1998 and raised in York, Pennsylvania.U.S. Senate Hearing 103-92, nomination hearing record, 1993, page 1 His father was a doctorUnited States Banker cover story, "Why Eugene Ludwig Makes Bankers Nervous, August 1993 and his mother was a former Broadway chorus girl.{{Cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2010/03/18/AR2010031802278.html |title=The Washington Post, "Playwright Ken Ludwig's Childhood Dream" |newspaper=The Washington Post |access-date=2017-09-20 |archive-date=2018-10-19 |archive-url=https://web.archive.org/web/20181019075814/http://www.washingtonpost.com/wp-dyn/content/article/2010/03/18/AR2010031802278.html |url-status=live }}

Ludwig received a bachelor's degree from Haverford College in 1968. He studied philosophy at Oxford University.{{when|date=December 2022}} 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.U.S. Senate Hearing 103-92, nomination hearing record, 1993, pages 2, 43

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

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.Michael Quint, “Quicksand for Banks,” The New York Times, March 27, 1990. 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.Jerry Knight, “Regulators Offer Steps to Ease Bank Lending,” The Washington Post, June 11, 1993{{clarify|date=December 2022}} 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.{{Cite web |title=Eugene A. Ludwig |url=https://www.americanbanker.com/author/eugene-a-ludwig |url-status=live |archive-url=https://web.archive.org/web/20200910051755/https://www.americanbanker.com/author/eugene-a-ludwig |archive-date=2020-09-10 |access-date=2017-07-13}}

Ludwig led President Clinton's initiatives to reform the Community Reinvestment Act and more vigorously enforce the fair lending laws.Official biography, "Eugene A. Ludwig, Comptroller of the Currency, 1993 to 1998," Office of the Comptroller of the Currency 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."{{cite web | url=http://www.presidency.ucsb.edu/ws/index.php?pid=60001 | title=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 }}

Ludwig was vice chairman of Bankers Trust/Deutsche Bank from April 1998Bill McConnell, "Ludwig Joining Bankers Trust as a Vice Chairman," American Banker, April 22, 1998 to December 31, 1999."Ludwig, Partners Organizing Investment Fund," American Banker, January 14, 2000

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,"{{Cite news |url=https://www.irishtimes.com/newspaper/opinion/2002/0315/1014332627342.html |title=The Irish Times, The Ludwig Report |newspaper=The Irish Times |access-date=2020-02-19 |archive-date=2012-10-21 |archive-url=https://web.archive.org/web/20121021200331/http://www.irishtimes.com/newspaper/opinion/2002/0315/1014332627342.html |url-status=live }} recommending improved compliance and management measures which helped the bank regain its footing."Countrywide Under Promontory Review," Business Week, November 28, 2007 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."{{Cite web |url=http://www.portfolio.com/views/blogs/market-movers/2008/01/29/how-gene-ludwig-forced-the-countrywide-sale/ |title=Portfolio.com, "How Gene Ludwig Forced the Countrywide Sale" |access-date=2010-08-09 |archive-date=2011-05-21 |archive-url=https://web.archive.org/web/20110521031228/http://www.portfolio.com/views/blogs/market-movers/2008/01/29/how-gene-ludwig-forced-the-countrywide-sale |url-status=live }}

Ludwig is also co-founder and managing partner of Canapi Ventures, a venture capital firm,{{cite web | url=https://www.americanbanker.com/news/gene-ludwig-chip-mahan-launch-545m-fund-for-bank-friendly-fintechs | title=Gene Ludwig, Chip Mahan launch $545M fund for bank-friendly fintechs | date=22 January 2020 }} 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.Rob Blackwell, “New Pitch: Deposit Insurance Sharing,” American Banker, January 21, 2003Luisa Beltran, "Blackstone to Scoop Up Promontory Interfinancial," PE Hub, September 17, 2019. Subscription required. Since 2021, Ludwig has sat on the Advisory Board of Suade Labs.{{Cite web |date=2021-11-17 |title=Suade Labs raises strategic Series A Funding |url=https://ffnews.com/newsarticle/suade-labs-raises-strategic-series-a-funding/ |access-date=2024-10-21 |website=FF News {{!}} Fintech Finance}}

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.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.{{Cite web |url=https://www.gene-ludwig.com/ |title=Gene Ludwig |access-date=2020-09-01 |archive-date=2020-09-04 |archive-url=https://web.archive.org/web/20200904065042/https://www.gene-ludwig.com/ |url-status=live }} 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.”{{cite web | url=https://www.kirkusreviews.com/book-reviews/gene-ludwig/the-vanishing-american-dream/ | title=THE VANISHING AMERICAN DREAM | Kirkus Reviews |date=July 30, 2020}}

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.{{Cite web |url=http://www.promontory.com/people.aspx?id=94&terms=ludwig |title=Ludwig speeches |access-date=2010-08-09 |archive-date=2011-07-15 |archive-url=https://web.archive.org/web/20110715124331/http://www.promontory.com/people.aspx?id=94&terms=ludwig |url-status=live }} 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."America's Economic Challenges," Banking Exchange, April 4, 2018

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.Brady, Ludwig, and Volcker, "Resurrect the Resolution Trust Corp.," The Wall Street Journal, September 17, 2008

Ludwig lives in Washington, D.C. He is married to Dr. Carol Ludwig, and they have three children.{{citation needed|date=December 2022}} His younger brother Ken Ludwig is a playwright.{{cite web | url=https://www.arenastage.org/tickets/1920-season/dear-jack-dear-louise/ | title=Dear Jack, Dear Louise }}

He is a Wykeham Fellow at New College, Oxford.{{cite web |title=Emeritus and Wykeham Fellows |url=http://www.new.ox.ac.uk/emeritus-honorary-and-wykeham-fellows |publisher=New College}} Ludwig has endowed several funds and programs, including the Ludwig Fund for the Humanities at New College, Oxford;[http://users.ox.ac.uk/~sfop0114/nclm4/nclm4.html Archived copy] {{Webarchive|url=https://web.archive.org/web/20170420081729/http://users.ox.ac.uk/~sfop0114/nclm4/nclm4.html|date=2017-04-20}} the Eugene and Carol Ludwig Center for Community & Economic Development at Yale Law School;[https://law.yale.edu/studying-law-yale/clinical-and-experiential-learning/our-clinics/ludwig-center-community-economic-development Archived copy] {{Webarchive|url=https://web.archive.org/web/20151218092017/https://www.law.yale.edu/studying-law-yale/clinical-and-experiential-learning/our-clinics/ludwig-center-community-economic-development|date=2015-12-18}} and the Ludwig Fund for Community Development at Haverford College.[https://docs.google.com/document/d/1FGCLiqRBtS4oXxUZGVBHGTopC867qlLdDQgLS2WT7iA/edit Haverford College Endowed Internships],

Ludwig has received awards, including the BritishAmerican Business Entrepreneurship Award (2010),{{Cite web |title=Promontory Financial Group |url=http://www.promontory.com/Bios.aspx?id=1022 |url-status=live |archive-url=https://web.archive.org/web/20150626051613/http://www.promontory.com/Bios.aspx?id=1022 |archive-date=2015-06-26 |access-date=2015-08-18}} National Academy Foundation Leadership Award (2011),[http://www.newyorksocialdiary.com/party-pictures/2011/leadership-awards-abound Leadership Awards Abound] New York Social Diary, June 13, 2011 {{Webarchive|url=https://web.archive.org/web/20151024131336/http://www.newyorksocialdiary.com/party-pictures/2011/leadership-awards-abound|date=2015-10-24}} Simeon E. Baldwin Award, presented by the Yale Law School Center for the Study of Corporate Law (2011),{{Cite web |title=List of Simeon e. Baldwin Award Recipients |url=http://ccl.yale.edu/simeon-e-baldwin-award/recipient-list |url-status=live |archive-url=https://web.archive.org/web/20200910051820/https://ccl.yale.edu/simeon-e-baldwin-award/recipient-list |archive-date=2020-09-10 |access-date=2017-07-17}} the Foreign Policy Association Medal (2014),Victoria Finkle, “Promontory’s Ludwig Wins Foreign Policy Medal,” American Banker, February 28, 2014. and the Jill Chaifetz Award presented by Advocates for Children (2014.){{cite web |title=Advocates for Children of New York - Spring Benefit May 7, 2014 |url=https://www.advocatesforchildren.org/sites/default/files/on_page/NP_sb_journal_2014.pdf?pt=1 |archive-url=https://web.archive.org/web/20221204052052/https://www.advocatesforchildren.org/sites/default/files/on_page/NP_sb_journal_2014.pdf?pt=1 |archive-date=2022-12-04 |access-date=July 4, 2021}}

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• {{official website|1=https://www.gene-ludwig.com/}}
• {{C-SPAN|29793}}

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{{succession box | title=Comptroller of the Currency | before=Robert L. Clarke | after=John D. Hawke, Jr. | years=1993–1998}}

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Category:United States comptrollers of the currency

Category:Comptrollers in the United States

Category:Living people

Category:1946 births

Category:People associated with Covington & Burling

Category:Clinton administration personnel