Acting President
Jeffrey Shafer established JRSHAFER INSIGHT in April 2011, through which he consults on global economic and financial developments and advises businesses on strategy, especially with respect to China, Japan and Korea. Prior to this, Mr. Shafer had nearly 40 years of experience in economic analysis, financial policymaking and investment banking.
Most recently he was Vice Chairman of Global Banking in Citigroup and Senior Asia Pacific Officer in New York where he was responsible for key Asia Pacific government and corporate client relationships. Prior to this, he established and headed Citi’s Economic and Political Strategies Group, which was responsible for identification and analysis of key global economic and political issues for Citi’s investment and corporate bankers and clients. Still earlier in his fourteen years with Citi he worked with governments in Asia, Latin America and Europe on financial stabilization, liability management, debt issuance and privatization. While directing Citigroup’s privatization effort, he worked closely with governments around the world, including France (Credit Lyonnais), Japan (NTT), Korea (POSCO), India (VSNL), and China (China Life). He was also involved in landmark sovereign and quasi-sovereign bond transactions, including for Korea (where he was an adviser to the government in overcoming the financial crisis of 1997), Turkey, China, Indonesia, the Philippines and Thailand.
From 1993 to 1997, Mr. Shafer was Assistant Secretary and subsequently Under Secretary of the U.S. Treasury for International Affairs. At the Treasury Department, he was responsible for international economic and financial issues, focusing on strengthening economic growth and financial stability in both developed and developing countries, fostering financial market development and liberalization, and strengthening the IMF and multilateral development banks. He was also responsible for the inter-agency CFIUS process to review foreign investment in the United States. During this time he initiated efforts to broaden international cooperation on financial market oversight, negotiated financial services agreements in the Uruguay round of trade negotiations which established the WTO, developed exchange rate policy and played a central role in the initiative to provide financial support for Mexico when it became financially distressed in late 1994.
From 1984 until 1993, Mr. Shafer held a series of high-level positions at the Organization for Economic Cooperation and Development (OECD). During this time he was responsible for preparation of meetings of Working Party No. 3 of G-10 Finance Ministry and Central Bank Deputies, identified the OECD wide monetary and fiscal policies that were called for in light of current conditions, drove OECD work on structural reform, both across countries and in individual countries, led OECD participation in a G-7 mandated effort by the international organizations to provide advice on economic reform to the Soviet Union and oversaw research into emerging issues, including climate warming.
Prior to the OECD, he served with the Federal Reserve Bank of New York, the Federal Reserve Board and the Council of Economic Advisors.
Mr. Shafer holds a B.A. in Economics from Princeton University and M.Phil. and Ph.D. degrees in Economics from Yale University. He has taught at Yale, Carnegie Mellon and Columbia Universities.
He was a commissioned officer on active duty in the U.S. Army from 1966 to 1968 with service with the 1st Infantry Division Artillery in South Vietnam. He was awarded the bronze star with “V” and oak leaf cluster.
He is a member of the Council on Foreign Relations and of its International Affairs Fellowship Selection Committee. He is also a member of the National Committee on US China Relations.