Douglas Harris.

When Eugene A. Ludwig has a question about derivatives, he turns to Douglas E. Harris. And in his first year as comptroller of the currency, Mr. Ludwig has had plenty of derivatives questions.

Recruited from J.P. Morgan & Co. about a year ago, Mr. Harris has filled a void for the agency. A banker with experience in the fast-changing derivatives market, Mr. Harris, 43, brings a real-world perspective to the agencies, which are often is criticized by bankers for being out of touch.

But bankers may soon wish Mr. Harris knew just a little less about his field, as the regulator begins to spearhead the government's effort to vastly expand the disclosures banks make on their derivatives activities.

Next year, the agencies will likely require that banks detail the income they book from derivatives. The agency wants to know what fees are being earned and what profits banks are pulling in from derivatives.

Already -- as of this year -- banks are reporting derivative contracts that are past due as well as the replacement cost for these nonperformers.

Mr. Harris also drafted the Comptroller's derivatives guidelines, which were

issued to national banks last in October.

When he was a banker, he said, he didn't appreciate how hard a regulator works. But putting in 12-hour days has given Mr. Harris an appreciation for how the other half lives.

While growing up in California, Mr. Harris dreamed of becoming an entertainment lawyer, but events led him down a different path.

After earning a bachelor's degree in economics from Harvard College, he graduated from Harvard Law School in 1975. He landed a job with Baer, Marks & Upham, a New York law firm.

An assignment with the Commodity Futures Trading Commission led to his involvement with derivatives. After four years with the. firm, Mr. Harris joined J.P. Morgan, which was on the verge of entering the exchange-traded futures and options business.

When he's not at work, Mr. Harris' passion is traveling the far corners of the world. He also has a beach house on Fire Island, where he spends many summer weekends.

Douglas Harris

Senior deputy comptroller, capital markets

Office of the Comptroller of the Currency

250 E St. SW

Washington, D.C. 20219

202-874-4660

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