In Memoriam: CFA Institute Systemic Risk Council Mourns Passing of Founding Member and Legal Advisor, Ira Millstein

It is with enormous sadness that members of the CFA Institute Systemic Risk Council have learned that Ira Millstein has passed away. Ira was 97 years old.

Ira’s contributions to public life, for the US and the world, are beyond measure.  Among his many efforts, Ira was a motivating force in the creation of the CFA Institute Systemic Risk Council (Council or SRC), where he served as member and Chief Legal Adviser for over ten years.   Ira helped conceptualize our Council as a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe. It was formed with the vision to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability. The original mission continues – to help ensure a financial system in which markets and  citizens have confidence.  Ira’s involvement brought weight and profile to this mission and to the commentary of the Council.

In a joint statement, Simon Johnson and Erkki Liikanen, co-chairs of the SRC said, “Ira was a leader in so many areas of law, corporate governance, and public service that to serve with him on the Council has been a great privilege. To have his active help and backing in the creation of this organization has been a blessing. He represented everything the SRC stands for and exists to promote. Our deepest condolences to Ira’s family.”

Sheila Bair, founding chair of the SRC, added,  “Given Ira’s long and distinguished legal and civic career which covered many illustrious causes and organizations, he hardly needed to lend his reputation and good counsel to the SRC at our formation.   Ira did so to help us become a recognized and credible voice for financial stability. Notably, his strong encouragement and counsel for regulatory transparency, independence, and ethics in public service continue to resonate.  We would all do well to remember and live such advice.”