John Dugan

John C. Dugan, formerly Comptroller of the Currency from 2005-2010, became a director for Citigroup, Inc. on October 2, 2017 and Chairman of its Board of Directors on January 1, 2019. Previously, he was a partner in Covington & Burling LLP, where he chaired the firm’s Financial Institutions Group and advised financial institution clients on a range of legal matters affected by significantly increased regulatory requirements resulting from the financial crisis, including implementation of the Dodd-Frank Act; mergers, acquisitions, and investments; litigation, enforcement, and investigations; and international financial regulation. As Comptroller of the Currency, Mr. Dugan headed the agency that supervised over 1,500 national banks and federal branches of foreign banks, and also served on the Board of Directors of the Federal Deposit Insurance Corporation. During his five-year term, he led the agency through the financial crisis and ensuing recession that resulted in extraordinary regulatory, supervisory, and legislative actions for national banks of all sizes, including government assistance provided under the Troubled Asset Relief Program (TARP); resolutions of large, mid-size, and community banks; the successful implementation of regulatory “stress tests”; and the enactment of the Dodd-Frank Act. In the international arena, he served on the Basel Committee on Banking Supervision as it formulated the “Basel III” regulatory standards; chaired the Joint Forum of banking, securities, and insurance supervisors from countries around the world; and was an active participant at the Financial Stability Board. In 2010, Mr. Dugan received the Alexander Hamilton award, the Treasury Department’s highest honor, for his service as Comptroller. Before becoming Comptroller, Mr. Dugan was a partner (1995-2005) and Of Counsel (1993-95) at Covington. Earlier, he served at the U.S. Treasury Department as Assistant Secretary for Domestic Finance and Deputy Assistant Secretary for Financial Institutions Policy (1989-93), and at the U.S. Senate Committee on Banking, Housing, and Urban Affairs as Minority General Counsel and Counsel (1985-89). He began his legal career as an associate with the Washington D.C. law firm Miller & Chevalier (1981-85). From 2013-2017, Mr. Dugan served as a Trustee of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Government Accounting Standards Board. During this same period he also served as a member of the Global Advisory Board to Mitsubishi UFJ Financial Group, Inc., the Japanese banking organization. And since the inception in 2005 of the “Michigan in Washington” program for University of Michigan undergraduates, he has served as a member of the program’s Advisory Board. Mr. Dugan is a graduate of the University of Michigan (A.B. 1977) and Harvard Law School (J.D. 1981).