Mr. Bowles served as the director of the Small Business Administration, deputy chief of staff (1994-95) and chief of staff (1996-98) under the Clinton Administration. He served as president of the University of North Carolina system from 2006 until 2010. Most recently, he was appointed by President Barack Obama to serve as co-chair of the National Commission on Fiscal Responsibility and Reform with fellow CRFB board member Senator Alan Simpson. Mr. Bowles is a graduate of the University of North Carolina at Chapel Hill and Columbia University’s Graduate School of Business and began his business career at Morgan Stanley & Co. in New York. He later returned home to North Carolina, where he founded and served as chairman and CEO of a Charlotte-based investment banking firm.