Having led over 100 economic analyses for the SEC rule proposals and adoptions, Professor Wachter provides authoritative expertise in market structure, Treasury clearing, and the economic foundations of regulatory enforcement.
Cornerstone Research announced today that Jessica Wachter, former Director of the Securities and Exchange Commission’s (SEC’s) Division of Economic and Risk Analysis (DERA), has affiliated with the firm. A nationally recognized finance expert, Professor Wachter is the Dr. Bruce I. Jacobs Professor in Quantitative Finance at the Wharton School, University of Pennsylvania.
From 2021 to 2025, Professor Wachter served as Chief Economist and Director of DERA at the SEC. Leading a team of nearly 200 professionals, she oversaw more than 100 rigorous economic analyses for rule proposals and adoptions, providing the economic foundation for regulations related to money market fund resilience, the securities settlement cycle, and central clearing in the Treasury market.
Professor Wachter’s ability to bridge the gap between sophisticated theoretical modeling and real-world market dynamics will provide invaluable analysis in the high-stakes financial disputes our clients face.
Professor Wachter has provided expert testimony before the House Financial Services Committee on the SEC’s oversight of trading and markets.
“Professor Wachter’s leadership at the SEC and her award-winning financial scholarship offer clients practical perspectives on the economic frameworks that shape today’s regulatory landscape,” said Yan Cao, vice president and cohead of the firm’s finance practices. “Her ability to bridge the gap between sophisticated theoretical modeling and real-world market dynamics will provide invaluable analysis in the high-stakes financial disputes our clients face.”
Professor Wachter previously served as an assistant professor at New York University’s Stern School of Business. She holds a Ph.D. in business economics and an A.B. in mathematics, both from Harvard University. In her academic research, Professor Wachter examines key issues in financial economics, including modeling macroeconomic risks and their impact on equity and bond markets.
Professor Wachter’s service as a principal advisor to the U.S. government, expertise in quantifying the economic impact of federal rule proposals, and academic research position her well to evaluate matters involving investments, financial derivatives, risk management, and regulatory investigations, among others.