At a Glance
- Career History: Partner at Covington & Burling (1993 to 2005); Deputy assistant secretary for financial institutions at the Treasury (1992 to 1993);
- Birthday: June 3, 1955
- Hometown: Washington, D.C.
- Alma Mater: University of Michigan, B.A. (English), 1977; Harvard University, J.D., 1981
- Spouse: Elizabeth
- Religion: Roman Catholic
- DC Office: 250 E Street, SW; Phone: 202-874-5000
- Web site
Path to Power
Dugan hails from Washington, D.C., where his father was dean of Georgetown University Law School and his mother was a homemaker. Growing up, Dugan showed little interest in business matters and enjoyed theatrical pursuits. For school, Dugan attended the University of Michigan and earned a degree in English. After graduating in 1977, Dugan moved to Boston, Mass., to attend Harvard Law School.
Capitol Hill Aide and Bush I Treasury Department
In 1981, Dugan finished at Harvard and moved back home to D.C., working as a lawyer for Miller & Chevalier. Dugan stayed at the law firm for four years before going to Capitol Hill as a Republican counsel on the Senate Banking, Housing and Urban Affairs Committee under Chairman Jake Garn (R-Utah). But in 1986, Republicans lost control of the Senate, and many of his colleagues left the Hill, leaving an opening for the committee's minority general counsel. Dugan jumped at the opportunity, serving under minority Banking Chairman Garn.
An offshoot of the Treasury, the OCC regulates nearly 1,600 federally-chartered commercial banks. Dugan also has the dual role of director to the FDIC. In fall 2008, he participated in meetings with Geithner, Bernanke, Paulson and Bair as they debated how to stem the burgeoning credit crisis and prevent troubled banks from collapsing. The New York Times reported in June 2009 that during these discussions, Dugan and Bair began to feud. Dugan called the report "greatly exaggerated," shrugging off their many disagreements as differences in professional opinion.
But the pair's divergent views continued in summer 2009 as the Obama administration looked to create a new financial regulatory structure, including who should have the authority to assess the systemic risk posed by companies. Dugan sided with using the Fed to regulate this risk, while Bair believed the FDIC should have jurisdiction. Bair has also pushed for the creation of a single government agency to oversee financial products, like mortgages, to protect consumers; she also wants Citigroup's management board ousted. Dugan disagrees with the idea of forming a new agency to solely protect consumers and thinks that Citigroup should have a chance to fix things before more government intervention.
Dugan joined the OCC while Bush Treasury Secretary John W. Snow headed the department. Snow left in 2006, and Henry M. Paulson, Jr. filled the vacant spot. When Obama entered office, he named Dugan's good friend, Timothy Geithner, to replace Paulson.
During the 2008-2009 financial collapse, Dugan participated in negotiations to broker a sale of Wachovia to Wells Fargo. Federal Reserve Chairman Ben Bernanke also helped in the discussions.
Dugan has donated over $13,000 since 1995. All of his money has gone to support Republican candidates. In 2004, Dugan donated $2,000 to President George W. Bush's re-election efforts. Dugan did not donate during the 2008 election cycle.