Federal Reserve next for local Harvard grad

Fed must be ‘forward thinking’ to prevent next financial crisis, Jeremy Kress says.

BUTLER, TWP. — After graduating as valedictorian at Vandalia Butler High School in 2001, near the top of his class at the University of Michigan in 2005 and cum laude at Harvard Law and the John F. Kennedy School for Government at Harvard recently, Jeremy Kress is looking ahead — to his bar exam this summer and work he will be doing as an attorney for the board of governors of the Federal Reserve System in the fall.

“The thing about financial regulation, so often regulators try to prevent the last crisis and what they should be doing is working to prevent the next crisis,” Kress said. “One of challenges for the Federal Reserve is to be forward-looking rather than backward looking.”

Kress, the son of Marcia and Edward Kress of Butler Twp., went the dual Harvard route after he first was accepted into the Kennedy School, deciding, “I wanted to supplement my masters degree with a law degree.”

He then combined the two-year Kennedy curriculum with the three-year law requirements into a four-year program, which he began after serving a year with AmeriCorps, working on HIV prevention education in Washington, D.C.

“For someone who had been in college classrooms and was going to spend a lot more time in the ivory tower,” Kress said, “I had to take a year and actually do something.”

That was in 2005.

In 2006, he started at Harvard. Even before he graduated (there were 577 in his class from 80 countries), Kress accepted a job with the Federal Reserve.

“It was a little nerve-wracking for these past six months watching the financial regulatory federal bill weave its way through Congress,” said Kress, who will marry Harvard Medical School graduate Marie-Adele Sorel in April.

“(Sen.) Chris Dodd (D-Conn.) introduced his initial draft, which would have significantly clipped the wings of the Fed’s jurisdiction.

“I was a little nervous there for a while that I would show up for work the first day and have nothing to do. Fortunately, through the amendment process, the bill became a lot stronger and the Fed actually gained some jurisdiction.”

Although his accomplishments are considerable, Kress brushes them aside.

“I don’t think it’s very remarkable,” he said. “I knew I wanted to get a degree in public policy. And the Harvard Law School has become a much more humane place than is commonly depicted in movies and books and pop culture.”

As for the government part, he said Butler High School government teacher Ron Johnson flicked a switch.

“I had a great government teacher in Mr. Johnson,” Kress said. “He definitely turned me on to government and politics.”

Johnson, who taught at Vandalia schools for 30 years — the last 19 at the high school — retired in 2003.

“It’s certainly flattering to know I may have had some influence on his deciding that would be something to do for his own career,” Johnson said. “You often wonder, did it reach somebody? Jeremy’s focus was different than some other people. He was talented, for sure.”

Kress said he also practiced politics by participating in B’nai B’rith Youth Organization, holding chapter level and regional level offices.

Kress has been involved in a couple of political campaigns but is emphatic about where he won’t go.

“I do not want to be president,” Kress said. “If I wanted to be president, the career path would already have taken a different trajectory.

“I fashion myself along the lines of a Josh Lyman (of TV’s ‘West Wing’ fame). There’s a great quote in a ‘West Wing’ episode where President Bartlet says something to Josh along the lines, ‘The thing about you is, you don’t want to be The Guy. You want to be the guy, The Guy relies on.’

“And I think that’s me. I’m more comfortable behind the scenes than I am shaking 20,000 hands to get elected.”

Contact this reporter at (937) 225-2157 or mkatz@DaytonDaily News.com.

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