Myron L. Kwast
Associate Director
Division of Research and Statistics
Board of Governors of the Federal Reserve System

Mr. Kwast received his B.A. in International Relations from the American University, Washington, D.C., in 1969 and his Ph.D. in Economics from the University of Wisconsin, Madison in 1977. Before attending graduate school he worked at the Federal Deposit Insurance Corporation. He was an Assistant Professor of Economics at the University of Oklahoma prior to joining the Federal Reserve staff in 1978.

Mr. Kwast is currently the Board officer responsible for the work of the Monetary and Financial Studies Section, the Financial Structure Section, the Microeconomic Statistics Section, and the Financial Reports Section. The Monetary and Financial Studies Section conducts research and policy analysis on a wide range of regulatory and supervisory issues affecting financial institutions and markets, and conducts the Survey of Consumer Finances. The Financial Structure Section conducts research and policy analysis on the industrial organization of banking and financial institution markets, including advising the Board on the potential competitive implications of proposed bank mergers and acquisitions, and conducts the Survey of Small Business Finances. The Microeconomic Statistics and Financial Reports Sections provide statistical, data collection and coordination, and other data quality and control services for the Federal Reserve System.

Mr. Kwast’s most recent responsibilities for policy analysis have focused on the implications of the consolidation of the U.S. banking system, the use of market discipline and market data in the supervision of financial institutions, deposit insurance issues, and the reform of bank capital regulation. Current research interests include the role of subordinated debt as an instrument of market discipline and supervisory monitoring; empirical evaluation of the nature of systemic risk; and the adoption of technological change in the consumption of financial services by households. Mr. Kwast frequently presents papers and otherwise participates in professional meetings, is on the Editorial Board of the Journal of Financial Services Research, and was a Visiting Scholar at the Swiss National Bank in February-April, 2002.