Vern McKinley
Encyclopedia
Vernon P. "Vern" McKinley, born in East Chicago, Indiana
advises governments on financial sector policy and legal issues. He was the Republican
primary challenger to 28 year incumbent Congressman Frank Wolf in northern Virginia's in the 2008 elections. McKinley lives with his family in Ashburn, Virginia
.
. He attended George Washington High School and Downers Grove South High School. He went on to graduate from the University of Illinois at Champaign-Urbana in 1985 with degrees in Economics
and Finance
, graduating with honors. In 1984, Mr. McKinley worked on the re-election campaign of President Ronald Reagan
and the U.S. Senate campaign of Representative Tom Corcoran in his unsuccessful bid to unseat Senator Charles H. Percy
of Illinois. That year he also worked at the U.S. Senate Republican Policy Committee, which was chaired by Senator John G. Tower of Texas.
, the Resolution Trust Corporation
and the Department of the Treasury's Office of Thrift Supervision
. In 1995, McKinley graduated with honors from the evening program of the George Washington University School of Law.
Since 1999 he has applied his expertise as a legal advisor and regulatory policy expert to work as an advisor to governments on financial sector issues in the U.S., China
, Nigeria
, Indonesia
, Ukraine
, Kazakhstan
, Latvia
, the Philippines
, Yugoslavia
(now Montenegro
), Kenya
, Morocco
, Sudan
, Libya
, Afghanistan
, Armenia
, Kosovo
, and Tajikistan
. McKinley has completed policy work for both the American Enterprise Institute and the Cato Institute
and has served as an Alumni Council member of The Fund for American Studies
.
McKinley has been credited with correctly predicting in 1997 that the structure of Fannie Mae and Freddie Mac would one day lead to the meltdown of the two institutions. At that time, he called Fannie Mae and Freddie Mac “financial time bombs.” More recently McKinley has critiqued the recent string of financial institution bailouts since early 2008 with co-author Gary Gegenheimer. As a follow-up to that article he has brought four Freedom of Information Act (United States)
suits against the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve and the Federal Housing Finance Agency to compel release of details on the bailouts, represented in the cases by Judicial Watch
. One of the cases against the Board of Governors of the Federal Reserve has reached the United States Court of Appeals for the District of Columbia Circuit
and another against the FDIC has been sent back to the agency to supplement its responses.
McKinley has testified before a Subcommittee of Congress on issues related to U.S. consumer bankruptcy policy.
in the . McKinley's campaign centered on his experience as a policy advisor to the U.S. and foreign governments, his legal and government experience, and domestic and international policy issues. McKinley positioned himself as a traditional small government Republican in the campaign. Throughout the campaign Congressman Wolf refused to debate. McKinley lost the June 10, 2008, Republican primary with 9% of the vote to Wolf's 91%.
East Chicago, Indiana
East Chicago is a city in Lake County, Indiana. The population was 29,698 at the 2010 census.-Geography:East Chicago is located at ....
advises governments on financial sector policy and legal issues. He was the Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
primary challenger to 28 year incumbent Congressman Frank Wolf in northern Virginia's in the 2008 elections. McKinley lives with his family in Ashburn, Virginia
Ashburn, Virginia
Ashburn, Virginia is a census-designated place located in Loudoun County, Virginia, northwest of Washington, D.C., and is part of the Washington Metropolitan Area...
.
Early life
McKinley was born in East Chicago, Indiana and grew up in East Side, ChicagoEast Side, Chicago
East Side is one of the 77 official community areas of Chicago, Illinois. It is located on the far south side of the city, between the Calumet River and the Illinois-Indiana state line, approximately south of Downtown Chicago...
. He attended George Washington High School and Downers Grove South High School. He went on to graduate from the University of Illinois at Champaign-Urbana in 1985 with degrees in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
, graduating with honors. In 1984, Mr. McKinley worked on the re-election campaign of President Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
and the U.S. Senate campaign of Representative Tom Corcoran in his unsuccessful bid to unseat Senator Charles H. Percy
Charles H. Percy
Charles Harting "Chuck" Percy was president of the Bell & Howell Corporation from 1949 to 1964. He was elected United States Senator from Illinois in 1966, re-elected through his term ending in 1985; he concentrated on business and foreign relations...
of Illinois. That year he also worked at the U.S. Senate Republican Policy Committee, which was chaired by Senator John G. Tower of Texas.
Professional career
From 1985 to 1999 Mr. McKinley worked with the Board of Governors of the Federal Reserve, the Federal Deposit Insurance CorporationFederal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
, the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
and the Department of the Treasury's Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
. In 1995, McKinley graduated with honors from the evening program of the George Washington University School of Law.
Since 1999 he has applied his expertise as a legal advisor and regulatory policy expert to work as an advisor to governments on financial sector issues in the U.S., China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
, Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
, Latvia
Latvia
Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden...
, the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, Yugoslavia
Yugoslavia
Yugoslavia refers to three political entities that existed successively on the western part of the Balkans during most of the 20th century....
(now Montenegro
Montenegro
Montenegro Montenegrin: Crna Gora Црна Гора , meaning "Black Mountain") is a country located in Southeastern Europe. It has a coast on the Adriatic Sea to the south-west and is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast and Albania to the...
), Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, Morocco
Morocco
Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...
, Sudan
Sudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...
, Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
, Afghanistan
Afghanistan
Afghanistan , officially the Islamic Republic of Afghanistan, is a landlocked country located in the centre of Asia, forming South Asia, Central Asia and the Middle East. With a population of about 29 million, it has an area of , making it the 42nd most populous and 41st largest nation in the world...
, Armenia
Armenia
Armenia , officially the Republic of Armenia , is a landlocked mountainous country in the Caucasus region of Eurasia...
, Kosovo
Kosovo
Kosovo is a region in southeastern Europe. Part of the Ottoman Empire for more than five centuries, later the Autonomous Province of Kosovo and Metohija within Serbia...
, and Tajikistan
Tajikistan
Tajikistan , officially the Republic of Tajikistan , is a mountainous landlocked country in Central Asia. Afghanistan borders it to the south, Uzbekistan to the west, Kyrgyzstan to the north, and China to the east....
. McKinley has completed policy work for both the American Enterprise Institute and the Cato Institute
Cato Institute
The Cato Institute is a libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Edward H. Crane, who remains president and CEO, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries, Inc., the largest privately held...
and has served as an Alumni Council member of The Fund for American Studies
The Fund for American Studies
The Fund for American Studies is an educational non-profit organization based in Washington, D.C. Founded in 1967, the organization’s stated goal is to “prepare young people for honorable leadership by educating them in the theory, practice and benefits of a free society.”-History:In 1967, Charles...
.
McKinley has been credited with correctly predicting in 1997 that the structure of Fannie Mae and Freddie Mac would one day lead to the meltdown of the two institutions. At that time, he called Fannie Mae and Freddie Mac “financial time bombs.” More recently McKinley has critiqued the recent string of financial institution bailouts since early 2008 with co-author Gary Gegenheimer. As a follow-up to that article he has brought four Freedom of Information Act (United States)
Freedom of Information Act (United States)
The Freedom of Information Act is a federal freedom of information law that allows for the full or partial disclosure of previously unreleased information and documents controlled by the United States government. The Act defines agency records subject to disclosure, outlines mandatory disclosure...
suits against the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve and the Federal Housing Finance Agency to compel release of details on the bailouts, represented in the cases by Judicial Watch
Judicial Watch
Judicial Watch is an organization that describes itself as "a conservative, non-partisan American educational foundation that promotes transparency, accountability and integrity in government, politics and the law." According to its mission statement, Judicial Watch "advocates high standards of...
. One of the cases against the Board of Governors of the Federal Reserve has reached the United States Court of Appeals for the District of Columbia Circuit
United States Court of Appeals for the District of Columbia Circuit
The United States Court of Appeals for the District of Columbia Circuit known informally as the D.C. Circuit, is the federal appellate court for the U.S. District Court for the District of Columbia. Appeals from the D.C. Circuit, as with all the U.S. Courts of Appeals, are heard on a...
and another against the FDIC has been sent back to the agency to supplement its responses.
McKinley has testified before a Subcommittee of Congress on issues related to U.S. consumer bankruptcy policy.
2008 Congressional election
In 2007, McKinley announced his 2008 bid for the United States CongressUnited States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
in the . McKinley's campaign centered on his experience as a policy advisor to the U.S. and foreign governments, his legal and government experience, and domestic and international policy issues. McKinley positioned himself as a traditional small government Republican in the campaign. Throughout the campaign Congressman Wolf refused to debate. McKinley lost the June 10, 2008, Republican primary with 9% of the vote to Wolf's 91%.
External links
- Vern McKinley for Congress
- McKinley article with Gary Gegenheimer "Bright Lines and Bailouts” from the Cato Institute, 2009
- McKinley article "Making Regulators Write in Plain Language in the Cato Institute's Regulation Magazine, 1998
- McKinley article "Ballooning Bankruptcies" in the Cato Institute's Regulation Magazine, 1997
- McKinley policy analysis on "The Mounting Case for Privatizing Fannie Mae and Freddie Mac" from the Cato Institute, 1997
- McKinley article "Sunrises Without Sunsets: Can Sunset Laws Reduce Regulation?" in the Cato Institute's Regulation Magazine, 1995
- McKinley article "CRA: Ensuring Credit Adequacy or Enforcing Credit Allocation?" in the Cato Institute's Regulation Magazine, 1994