(WASHINGTON, D.C.) – Mayor Vincent C. Gray today announced the appointment of Chester A. McPherson as Acting Commissioner of the Department of Insurance, Securities and Banking. McPherson has served as Interim Commissioner since Nov. 17, 2013 and prior was the Deputy Commissioner of Market Operations. He begins his new role today.
“Chester McPherson has ably and successfully led the Department of Insurance, Securities and Banking since November and I am pleased to announce that he will continue in this role,” said Mayor Gray. “Chester’s financial regulatory experience both locally and on the federal level combined with his work on the city’s critical financial services and insurance issues has demonstrated his ability to continue as the head of this agency.”
As acting commissioner, McPherson serves as an ex-officio member of the District’s Health Benefit Exchange Authority Board and on the board of directors of the Washington D.C. Economic Partnership Council. In addition, McPherson represents the National Association of Insurance Commissioners on the Financial and Banking Information Infrastructure Committee, a committee chartered under the President's Working Group on Financial Markets.
Before joining DISB in 2011, McPherson served as a legislative counsel with the Council of the District of Columbia. He holds a Bachelor of Business Administration in finance from Baruch College at The City University of New York and a Juris Doctor and Master of Laws from Georgetown University Law Center. McPherson is a member of the bar of the District of Columbia and the State of Maryland. A resident of the District for 21 years, he currently resides in Ward 5.