News Release

January 06, 2026

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FINRA Announces Appointment of Four New Board Governors

WASHINGTON—FINRA today announced the appointment of four new Governors to its Board of Governors: Rostin “Russ” Behnam, Tim Carter, Dan Gallagher and Heather Traeger.

Rostin "Russ" Behnam

Tim Carter

Dan Gallagher

Heather Traeger The new Governors bring extensive experience in financial services, regulation, industry leadership and public pension management to FINRA's Board, which oversees the organization's mission to protect investors and ensure market integrity.

"We are pleased to welcome Russ, Tim, Dan and Heather to FINRA's Board of Governors," said FINRA CEO Robert Cook. "Their deep expertise and diverse perspectives will be invaluable as we continue to adapt our regulatory approach to meet the evolving needs of investors and the markets. These appointments strengthen our Board's ability to provide strategic oversight and guidance in an increasingly complex financial landscape."

"The addition of these four distinguished leaders reflects our commitment to maintaining a Board that represents the breadth and depth of experience needed to guide FINRA's important work. Each brings unique insights that will enhance our deliberations and help ensure that FINRA continues to fulfill its vital investor protection mission effectively," said FINRA Board Chair Scott Curtis.

Behnam served as Chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2021 to January 2025. He previously served as a CFTC Commissioner from 2017 to 2021. He now serves as a Distinguished Fellow at the Psaros Center for Financial Markets and Policy at Georgetown University.

Carter previously served as the Chief Financial Officer (CFO) at investment bank and institutional securities firm Piper Sandler Companies. In his role as CFO, Carter led the firm's treasury, accounting, market and credit risk, investor relations and financial planning functions.

Gallagher is Chief Legal, Compliance and Corporate Affairs Officer of Robinhood Markets. Prior to joining Robinhood, he was partner and deputy chair of the securities department at WilmerHale, served as a Commissioner of the U.S. Securities and Exchange Commission (SEC) from 2011 to 2015, and held several other senior positions on the SEC staff.

Traeger serves as General Counsel and Chief Compliance Officer at the Teacher Retirement System of Texas, one of the nation’s largest public pension plans. She brings extensive experience from her previous roles at the SEC and as a partner at O'Melveny & Myers. Traeger previously served as Chair of FINRA's National Adjudicatory Council.

FINRA is overseen by a 22-member Board of Governors, with the majority or 12 seats designated for public members, 10 seats designated for industry members and one seat reserved for FINRA’s CEO. Public governors are appointed by the Board from candidates nominated by the Nominating Committee. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.

About FINRA

FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.