News Release 12/22/16


Norwalk, CT—December 22, 2016—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has appointed Susan J. Carter, Anthony J. Dowd, and T. Eloise Foster to the FAF Board of Trustees, effective January 1, 2017.

The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“The FAF Board of Trustees is pleased to welcome Susan, Tony, and Eloise as its newest members,” said FAF Chairman Charles H. Noski. “Their diverse experience and expertise will contribute significantly to the Trustees’ ongoing oversight and support of the standard-setting process that serves all stakeholders of the FASB and the GASB.”

The new appointments will fill upcoming vacancies on the Board of Trustees. Trustees whose terms conclude on December 31, 2016 are Vice Chair W. Daniel Ebersole, Paul G. Camell, and Michelle R. Seitz. The FAF Trustees also appointed Gary H. Bruebaker as vice chair, effective January 1, 2017.

“On behalf of the FAF, I want to thank our departing Trustees—Dan, Paul, and Michelle—for their years of leadership and service,” said FAF President and CEO Teresa S. Polley. “They have provided valuable oversight of the FASB and GASB, while successfully promoting and protecting the independence of the Boards.”

Below are brief biographical sketches of the new Trustees:

Susan J. Carter is a member of the BlackRock Equity/Liquidity mutual fund board and the board of the Pacific Pension and Investment Institute. She is also a member of the advisory boards of Bridges Ventures U.S., Girls Who Invest, and the Tuck Center for Private Equity and Entrepreneurship. Prior to serving on boards, for 25 years Ms. Carter held roles of increasing scope at Commonfund Capital, Inc., a global private capital investment firm, including President and CEO. Before Commonfund Capital, Ms. Carter worked at Morgan Stanley and General Electric Company.

Anthony J. Dowd is a director and treasurer of The Volcker Alliance, and formerly worked as chief of staff and special assistant under Paul A. Volcker when he was Chairman of the President’s Economic Recovery Advisory Board. He also sits on the board of directors of Metal Powder Products Company and Future Pipe Industries, Ltd., a global pipe manufacturing company based in Dubai. He previously served on the boards of Hostess Brands, Inc. and most of the portfolio companies of Charter Oak Partners. Earlier in his career, he worked as a senior advisor for Linx Partners LLC and served as a Managing General Partner of Charter Oak Capital, a private equity fund. Mr. Dowd began his career as an officer in the United States Army in the First Cavalry Division.

T. Eloise Foster is chair of Maryland Supplemental Retirement Plans, a commissioner with the Washington Suburban Sanitary Commission (WSSC), and a member of the WSSC Retirement Plan Board of Trustees. Ms. Foster previously served as secretary of the Maryland Department of Budget and Management, where she was responsible for developing and managing Maryland’s operating and capital budgets, personnel system, and employee and retiree benefits program. Previously, she worked as Assistant Dean for Business Affairs and Program Development at the University of Maryland School of Medicine. Earlier in her career Ms. Foster was a legislative officer for Governor William Donald Schaefer and a fiscal analyst for the Maryland General Assembly.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit