Senior Fellows: 2016-2017

Todd Baker
Ed Balls
Jo Ann Barefoot
John DeVillars
Thomas J. Healey
Farrukh Khan
Anshul Krishan
Lawrence Makovich
Peter Sands
Christopher Smart
Simon Winter




Todd H. Baker is currently the Managing Principal at Broadmoor Consulting, LLC, which provides strategic consulting services to boards of directors, management and shareholders of domestic and international financial services and financial technology companies at all stages of development.  Mr. Baker is best known for driving strategic change in financial services organizations and his long history of leading high-profile financial services M&A and capital-raising transactions.  He is also a prolific writer and speaker on financial services and FinTech topics, with a special interest in alternatives to high-cost borrowing for low-income consumers and strengthening the business models of non-bank mobile and online lenders. Before founding Broadmoor, Mr. Baker was the Managing Director and Head of Americas Corporate Development for MUFG Americas Holdings, the Americas banking operations of Mitsubishi UFJ Financial Group (MUFG) and Executive Vice President of Corporate Strategy & Development for Union Bank NA, the U.S. commercial banking operation of MUFG, where at various times he led the company’s strategic planning, corporate development and performance management activities in the US and the Americas. Prior to joining Union Bank, Mr. Baker served as Executive Director of Corporate Development for TD Bank, N.A., where he was a member of the Managing Committee and had responsibility for leading Toronto-based TD Bank Financial Group’s acquisition activities in the U.S. market, and Executive Vice President of Corporate Strategy & Development at Washington Mutual, Inc. where, at various times, he served on the Executive Committee and had responsibility for acquisitions & divestitures, strategic planning, investor relations, venture investing and competitive intelligence.  Prior to his executive roles, Baker was a partner with the international law firms Gibson, Dunn & Crutcher LLP and Morrison & Foerster LLP, where he represented bank, non-bank financial services, technology, corporate and investment banking clients in corporate and board governance matters, mergers and acquisitions, public and private securities offerings, securitizations and compliance issues and was recognized as the leading financial services M&A and securities attorney on the West Coast. As a Senior Fellow at M-RCBG, Baker will explore alternatives to high-cost borrowing for low-income consumers with faculty sponsor Howell E. Jackson, James S. Reid, Jr. Professor of Law at Harvard Law School.  Email:


Ed Balls was UK Shadow Chancellor from 2011 to 2015 and co-chaired the Inclusive Prosperity Commission with former US Treasury Secretary, Larry Summers, which reported in January 2015.  He served in the British Cabinet as Education Secretary (2007-2010). He was previously the UK Minister for Financial Services (2006-2007) and the Chief Economic Adviser to the UK Treasury (1997-2004), during which time he was the Chair of the IMFC Deputies and UK G20 Deputy.  He was the Labour & Co-operative Member of Parliament for Morley and Outwood (2010-2015) and MP for Normanton (2005-2010).  As Chief Economic Adviser to the Treasury (1997-2004), Balls led the design of policies including independence of the Bank of England, the New Deal jobs programme, the Five Tests Euro assessment, Sure Start, tax credits and the national minimum wage. As a Treasury Minister, he was commissioned by the G7 Finance Ministers to prepare a report with Sir Jon Cunliffe (now deputy Governor of the Bank of England) on Economic Aspects of the Israel-Palestine conflict.  At the Department for Children, Schools and Families, Balls brought together schools and children's policy for the first time in the Children's Plan and pushed through radical and progressive policies including raising the education and training age to 18, reform of the social work profession, establishing the support staff negotiating body and extra investment in youth services and short breaks for disabled children and their families.  As Shadow Chancellor, he was awarded the Spectator Parliamentarian of the Year and the Political Studies Association Politician of the Year.  Balls received his MPA from HKS in 1990, was a teaching fellow in Harvard’s Department of Economics (1989-90), and was a leader writer and columnist at the Financial Times (1990-94) where he was the WINCOTT Young Financial Journalist of the Year. He has also written regularly for the Guardian, New Statesman and Tribune and co-authored a number of books, papers, articles and pamphlets.  His faculty sponsor is Lawrence Summers, Charles W. Eliot University Professor of Harvard University and Director of the Mossavar-Rahmani Center for Business and Government.  Email:


Jo Ann Barefoot is CEO of Jo Ann Barefoot Group, LLC. She has worked for over thirty-five years in private and public sector roles focused on consumer financial protection, inclusion, and technology. As Deputy Comptroller of the Currency she established the first federal consumer protection oversight function for national banks. She has served on the staff of the U. S. Senate Committee on Banking, Housing and Urban Affairs; was Co-chair of Treliant Risk Advisors; and was Partner and Managing Director at KPMG, leading the firm’s privacy practice and a nationwide consumer finance consulting group. Barefoot has advised all of America’s largest financial institutions, many other financial companies, various federal agencies, and numerous community banks and non-profits. She serves on the Consumer Advisory Board to the new federal Consumer Financial Protection Bureau; is a member of the board of the Center for Financial Services Innovation; and serves on advisory boards to several fintech startups.  She produces the podcast interview series Barefoot Innovation, speaks annually to thousands of people, has authored four books on bank regulatory matters and has published nearly 200 articles. She was the primary author of Common Ground -- Increasing Consumer Benefits and Reducing Costs in Bank Regulation, published by the University of Wisconsin. She was an International Visitor to the European Community and has worked in rural India with micro-finance and education in leprosy communities. Barefoot’s research project is entitled, “Regulation Innovation – Protecting Consumers through Technology and Trust,” and her faculty sponsor is Brigitte Madrian, Aetna Professor of Public Policy and Corporate Management. Email:


John DeVillars is a clean energy and environmental professional with substantial leadership experience in both the public and private sectors. He is currently Chairman of BlueWave Capital LLC, a solar energy development and investment firm with $200M in utility-scale assets in North America, the Caribbean, and South Africa and a residential solar loan program offered in selected markets in the United States. Mr. DeVillars has held several executive positions in the public sector including New England Administrator of the U.S. Environmental Protection Agency, Massachusetts Secretary of Environmental Affairs, Chief of Operations to the Governor of Massachusetts, and Chairman of the Board of the Massachusetts Water Resources Authority. At E.P.A. Mr. DeVillars launched a number of nationally-recognized initiatives including the establishment of the nation’s first regional Center for Environmental Industry and Technology; the Urban Environment Initiative which targeted EPA resources to address inner city health and environmental challenges; and the Clean Charles Initiative, a multi-stakeholder effort which has led to the Charles River reaching swimmable water quality standards. As the Commonwealth’s Environmental Secretary, he directed 3,500 employees and the $400 MM operating and capital budgets of five regulatory and natural resource agencies and pioneered advances in pollution prevention, air quality, wildlife protection, and market-‐based approaches to financing and regulating environmental activities. As Chairman of the MWRA Board of Directors, Mr. DeVillars was deeply involved in the six-‐billion-‐dollar cleanup of Boston Harbor, at the time the largest public works project in New England’s history. Mr. DeVillars has won numerous awards for his public service including the Nature Conservancy’s President’s Award for national environmental leadership. He serves as a member of the Board of Directors of several private companies and non-profit organizations including the E.P.A.’s National Advisory Council on Environmental Policy and Technology. Mr. DeVillars is a graduate of the University of Pennsylvania (B.A.) and Harvard University’s Kennedy School of Government (M.P.A.) As a senior fellow at the Center, he will focus on the role of public utilities in meeting the climate change challenge. His faculty sponsor is Professor William Hogan, Raymond Plank Professor of Global Energy Policy and the Harvard Electricity Policy Group (HEPG) Research Director. Email:


Thomas J. Healey is a Partner at Healey Development LLC. He recently co-edited a book on the financial crisis based on papers presented at an M-RCBG conference. He was formerly adjunct lecturer at the Kennedy School, where he taught the course in Financial Institutions and Markets. He joined Goldman, Sachs & Co. in 1985 to create the Real Estate Capital Markets Group, and founded the Pension Services Group in 1990. He became a Partner in 1988, a Managing Director in 1996, and remains a Senior Director of Goldman Sachs. Prior to joining Goldman Sachs, Healey served as Assistant Secretary of the U.S. Treasury for Domestic Finance under President Ronald Reagan. Before joining the U.S. Treasury, he spent eight years at Dean Witter Reynolds, Inc., where he was head of the Corporate Finance Department. Healey has served on the U.S. Department of Labor's ERISA Advisory Council, and was a Presidentially-appointed Director of the Securities Industry Protection Corporation. He is Chairman of the Rockefeller Foundation Investment Committee and is actively involved with other charitable institutions. Healey graduated from Georgetown University in 1964 and Harvard Business School in 1966. His research explores issues related to financial regulation. His faculty sponsor is Roger Porter, IBM Professor of Business and Government. Email:


Farrukh Khan has twenty-years of international diplomatic experience as well as a sustained record of leadership and extensive expertise in sustainable development, climate change, environmental policy and energy. As Head of Climate Finance and Senior Manager on the UN Secretary-General’s Climate Change Support Team, he currently leads the work on mobilizing climate finance both from the public and private sector and investment that would lead to transition towards a low carbon resilient world. Since the 2014 Climate Summit, he has led the work on forging new and innovative partnerships and instruments that were critical to laying the foundation of the Paris Agreement adopted in December 2015. He also led the establishment of the first ever, global, multi-stakeholder initiative by the UN Secretary General on climate resilience: Anticipate, Absorb, Reshape (A2R) with strong support from the UN system, private sector, academia and civil society. In his capacity as Pakistan’s lead negotiator on climate change and sustainable development (2008-2013), he was one of the key players at the international climate negotiations since the Bali Plan of Action in 2007, at the United Nations in forging the Post 2015 Development Agenda and within South Asian region. He chaired several aspects of the International climate talks and proposed and negotiated the establishment of the United Nations Adaptation Fund (AF), the Green Climate Fund at Durban (2010) and the UNFCCC’s Standing Committee on Finance. As spokesperson of the developing world, he led the negotiations on the Rio+20 (2012) outcome “Future we want” both in the lead up to and at Rio. More specifically, he negotiated the agreement on launching Sustainable Development Goals (SDGs) to replace the Millennium Development Goals (MDGs). As a Senior Fellow, he will focus on connecting national climate action plans to financing and resilience. More specifically, Mr. Khan will analyze how international assistance can enable mobilization of domestic resources; how national plans can be translated into policies, measures that would promote financing and bankability of these plans and; how altering national regulatory and incentive structure can reshape development pathways. His faculty sponsor is Robert Stavins, Albert Pratt Professor of Business and Government and Director of the Harvard Environmental Economics Program. Email:


Anshul Krishan recently served on the Management Team at the International Finance Corporation ("IFC") - the private sector arm of the World Bank Group - as Chief of Staff in the Office of the CEO.  In this capacity he helped develop and was responsible for implementation of cross-cutting strategic matters across the Corporation globally.  This included framing and monitoring of annual program priorities for regions and products, client coverage across business lines and overall administrative structure.  He was further responsible for guiding execution across corporate functions notably finance and budget, risk, IT and HR.  He also played a key role in capital markets innovation by enabling new products and greater breadth to IFC's global treasury operations.  Anshul was a member of the IFC Corporate Risk Committee, Business Planning & Administration Steering Group and the World Bank Group Finance Business Committee.  He joined the IFC in 2013 and was based in Washington D.C. until his departure earlier this year. Prior to his time at the IFC, Anshul was Managing Director at Goldman, Sachs & Co. where he spent almost 15 years in various capital markets and investment banking roles based in London, Hong Kong, Mumbai and Singapore. In particular, as Head of Capital Markets, Anshul played a leading role in the development of the firm's financing advisory business in South East Asia and, as Chief Operating Officer in India, he helped drive its overall advisory activity in that market.  He has facilitated the raising of equity and debt capital from the public and private markets by clients and periodically served on select committees under national industry bodies and the Ministry of Finance to advance capital markets, public-private and infrastructure related financing efforts.  Anshul is also a global leadership fellow of the Aspen Institute. As Senior Fellow, Anshul will drive thinking on the application of "enabling" capital as a catalyst to bridge the infrastructure financing gap; and to aid the development of economically viable investment products so that improvements in financial inclusion may be more sustainable.  His faculty sponsor is Akash Deep, Senior Lecturer in Public Policy. Email:


Lawrence Makovich, IHS CERA Vice President and Senior Advisor for Global Power, is a highly respected expert on the electric power industry. He directs IHS CERA research efforts in the power sector as part of IHS CERA’s Office of the Chairman. He is an authority on electricity markets, regulation, economics, and strategy. His current research focuses on electric power market structures, demand and supply fundamentals, wholesale and retail power markets, emerging technologies, and asset valuations and strategies. Makovich is currently advising or has recently advised several large utilities in major strategic engagements. He has testified numerous times before the US Congress on electric power policy. He has advised the government of China on electric power deregulation and transmission in competitive markets, and the Brazilian Congress invited him to testify on power liberalization. He examined the impact of deregulation on residential power prices and the development of resource adequacy mechanisms in the IHS CERA Multiclient Study Beyond the Crossroads: The Future Direction of Power Industry Restructuring. He was also a project director for the IHS CERA Multiclient Study Crossing the Divide: The Future of Clean Energy, the author of the IHS CERA Multiclient Study Fueling North America’s Energy Future: The Unconventional Natural Gas Revolution and the Carbon Agenda, and the study director of the IHS CERA Multiclient Study Smart Grid: Closing the Gap Between Perception and Reality. Among Makovich's other significant IHS CERA studies are examinations of the California power crisis in Crisis by Design: California's Electric Power Crunch and Beyond California's Power Crisis: Impact, Solutions, and Lessons. Makovich has been a lecturer on managerial economics at Northeastern University's Graduate School of Business. He holds a BA from Boston College, an MA from the University of Chicago, and a PhD from the University of Massachusetts.  As a senior fellow, he will explore strategies to reframe power sector climate initiatives.  His faculty sponsor is William Hogan, Raymond Plank Professor of Global Energy Policy and Research Director of the Harvard Electricity Policy Group (HEPG).  Email:


Peter Sands was Group Chief Executive of Standard Chartered Bank from November 2006 to June 2015.  He joined the Board of Standard Chartered PLC as Group Finance Director in May 2002, responsible for Finance, Strategy, Risk and Technology and Operations.  Prior to this, Sands was Director and Senior Partner at worldwide consultants McKinsey & Co. Before joining McKinsey, he worked for the United Kingdom’s Foreign and Commonwealth Office.  Sands is the lead non-executive board member of the Department of Health in the United Kingdom and the co-chair of the India UK CEO Forum. He holds a number of board memberships including the World Economic Forum and Lingnan University and is Governor of the National Institute of Economic and Social Research. He graduated from Oxford University and holds and MPA from HKS (1988), where he was a Harkness Fellow. As a senior fellow, Sands’ research will explore a variety of topics related to banks and financial markets.  His faculty sponsor is Richard Zeckhauser, Frank Plumpton Ramsey Professor of Political Economy.  Email:



  Christopher Smart, PhD, CFA, has spent the last six years in the Obama Administration as a senior policymaker for international economic affairs.  As Special Assistant to the President at the National Economic Council and the National Security Council, he was principal advisor on trade, investment and a wide range of global economic issues.        From 2009-13, he was Deputy Assistant Secretary of Treasury, where he led the response to the European financial crisis and designed U.S. engagement on financial policy across Europe, Russia and Central Asia.  Before entering government, Dr. Smart was Director of International Investments at Pioneer Investments where he managed top-performing Emerging Markets and International portfolios.  Following the collapse of the Soviet Union, he worked in Moscow, advising Russian government agencies on economic policy and financial market reform.  Earlier in his career, he was a journalist in St. Petersburg, Florida and Paris, France.  Dr. Smart is also the author of The Imagery of Soviet Foreign Policy and the Collapse of the Russian Empire (New York: Praeger Publishers, 1995) and numerous analytical and opinion articles.  He earned a B.A. in History from Yale University and a PhD in International Relations from Columbia University.  He is a member of the Council on Foreign Relations, holds the Chartered Financial Analyst designation and speaks French, Russian and some German.  In Spring 2016, he was a Resident Fellow at the Harvard Kennedy School’s Institute of Politics, where he led a study group entitled “Money, Power and the Politics of International Financial Policy.”  At M-RCBG, he will be exploring how financial market pressures have shaped the evolution of the European monetary union.  His faculty sponsor is Robert Glauber, Adjunct Lecturer on Public Policy. Email:


Simon Winter is TechnoServe’s Senior Vice President of Development.  He is responsible for leading strategy, thought leadership, and business and program development.  He is also responsible for managing and incubating innovative programs, including around capital access for SMEs.  Previously he was Regional Director for Africa. He joined TechnoServe in 2003.  Winter was a management consultant with McKinsey and Company (1998-2003) during which he co-led the firm's international development practice.  He worked as an economic planner for the Botswana government, and a development consultant in Southern Africa.  He started his career with Barclays Bank plc in the UK, Cote d'Ivoire and Australia. Winter is a founding Executive Committee member of the Aspen Network for Development Entrepreneurs (ANDE), a Board Member of Root Capital, a steering committee member of the Initiative for Smallholder Finance, and a member of the Transformation Leaders Network of the World Economic Forum’s New Vision for Agriculture.  Winter originates from the UK and holds a PhD in economics from the School of Oriental and African Studies, University of London, 1998, which focused on the development of the manufacturing sector in Zimbabwe.  During his Senior Fellowship, Winter’s research will focus on understanding how we can change the global food system so that it can produce enough to feed the expected growing population in the face of climate change and produce positive impacts on workers and farmers across the system (especially in developing countries).  His faculty sponsor is William C. Clark, Harvey Brooks Professor of International Science, Public Policy, and Human Development.  Email:




2016-2017 Senior Fellows