Archived - Minister of Finance Announces Appointment of New Superintendent of Financial Institutions
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Finance Minister Joe Oliver congratulates Jeremy Rudin and thanks Julie Dickson for her distinguished contribution to the stability and soundness of Canada’s financial system
June 13, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today announced the appointment of Jeremy Rudin as the new Superintendent of Financial Institutions for a term of seven years, effective June 29, 2014. Mr. Rudin will replace Julie Dickson, who led the Office of the Superintendent of Financial Institutions (OSFI) for eight years and helped guide Canada through the 2008–2009 global financial crisis.
Jeremy Rudin is currently the Assistant Deputy Minister of the Financial Sector Policy Branch of the Department of Finance.
- Created in 1987, OSFI regulates and supervises financial institutions and private pension plans subject to federal oversight, to determine whether they are in sound financial condition and meeting minimum plan funding requirements, and are complying with their governing law and supervisory requirements.
- OSFI is mandated to advise financial institutions and pension plan administrators in the event there are material deficiencies and to take or require management, boards or plan administrators to take the necessary corrective measures to deal with the situation expeditiously.
- The agency advances and administers a regulatory framework that promotes the adoption of policies and procedures designed to control and manage risk.
- OSFI also monitors and evaluates system-wide or sectoral risks to financial institutions.
“Jeremy Rudin is a distinguished public servant. He has extensive direct experience in the oversight of financial institutions, financial system stability and financial markets. He played an important role in Canada’s response to the global financial crisis. These skills and knowledge will be an asset in this critical position. I would also like to thank the outgoing Superintendent, Julie Dickson, for her outstanding contributions to the stability and soundness of Canada’s financial system, in particular through the 2008–2009 global financial crisis.”
—Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance
Jeremy Rudin was Assistant Deputy Minister of the Financial Sector Policy Branch, Department of Finance, from 2008 until his appointment as Superintendent of the Office of the Superintendent of Financial Institutions in June 2014. In his role as Assistant Deputy Minister, he was instrumental in the development of a range of extraordinary policy measures to support access to credit during the global financial crisis and other financial sector policy issues. He has represented Canada on standing committees of the Financial Stability Board, such as the Resolution Steering Group and the Standing Committee on Standards Implementation.
Mr. Rudin joined the Department of Finance in the Economic and Fiscal Policy Branch in 1993. He held a number of positions in that branch, including General Director from 2001 to 2004. In that role, he was closely involved in the development of the federal budget. Subsequently, he became Director, Funds Management, in the Financial Markets Department of the Bank of Canada and upon his return to the Department of Finance in 2006, he became General Director of the Financial Sector Policy Branch. In that role, he led efforts in the modernization of the Government of Canada borrowing authority legislation and co-chaired the Finance Canada Risk Committee with the Bank of Canada.
Before joining the public service, Mr. Rudin taught economics at the University of British Columbia and Queen’s University during which time he co-authored a leading textbook on Canadian macroeconomics. He holds a B.A. from the University of Toronto, an M.C.R.P. from Harvard University, and a Ph.D. in economics from Stanford University.