INET Welcomes Two Governing Board Members

Arminio Fraga and Richard Vague bring their economic expertise to INET

We are delighted to announce the appointment of Arminio Fraga and Richard Vague to the INET Governing Board. Mr. Fraga and Mr. Vague are vital additions to INET’s leadership and will bring their abundant expertise in economic issues to our organization. They will each serve three-year terms.

Mr. Fraga brings a wealth of academic, governmental, and private industry experience to INET. He is the former president of the Central Bank of Brazil as well as the former chairman of BMF-Bovespa, Brazil’s securities, commodities, and derivatives exchange. He earned his PhD in Economics from Princeton University and has taught at the Catholic University of Rio de Janeiro, the Graduate School of Economics at Getulio Vargas Foundation, the School of International and Public Affairs at Columbia University and the Wharton School. Mr. Fraga was also a Managing Director for Soros Fund Management and is currently the Founding Partner of Gavea Investimentos based in Rio de Janeiro, Brazil.

Mr. Vague brings specialized expertise in private debt research, diverse philanthropic leadership, and a storied career in consumer banking. Prior to the financial crisis, Mr. Vague began to explore the impact of private debt build-up on the economy, leading to his 2014 publication, The Next Economic Disaster – Why It’s Coming and How to Avoid It. He has since devoted his time and resources to furthering scholarship on the role private debt can play on financial crises. Mr. Vague is also a prominent philanthropic leader, serving as a trustee of the University of Pennsylvania, and a board member of the Franklin Institute as well as the Museum of the American Revolution. Mr. Vague previously served as the CEO of two consumer banks, First USA and Juniper Financial. First USA was the largest Visa issuer in the industry during Vague’s tenure, and Juniper Financial was the industry’s fastest growing credit card issuer during his tenure.

Please help us to welcome Mr. Fraga and Mr. Vague to the INET community.