Gov. Wolf to Nominate Richard Vague to Serve as Secretary of Banking and Securities

To: All Members
From: E. Robert Levy, Esq.

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Governor Tom Wolf announced today his intention to nominate Richard Vague, a managing partner of Gabriel Investments and chair of the Governor’s Woods Foundation, to serve as secretary of the Department of Banking and Securities.

“Richard Vague has proven himself a leader in the financial world, in both the nonprofit and private sectors,” said Gov. Wolf. “His background will allow him to help all aspects of Pennsylvania’s banking and securities industry succeed, propelling our commonwealth to new heights.”

In addition to his work at Gabriel Investments and the Governor’s Woods Foundation, Vague serves on the University of Pennsylvania Board of Trustees, the Penn Medicine Board of Trustees, the Governing Board of the Institute for New Economic Thinking, and several business boards. He is chair of FringeArts Philadelphia, the University of Pennsylvania Press, and the Innovation Advisory Board of the Abramson Cancer Center. Vague also authored two books and is the founder of the email newsletter service

Vague will replace outgoing Banking and Securities Secretary Robin Weissmann, who will become the executive director and CEO of the Pennsylvania Housing and Finance Agency. Vague will assume the role of Acting Secretary effective Saturday, February 8, 2020.

“Robin Wiessmann’s department initiatives included landmark legislation supervising nonbank mortgage servicers, a principles-based approach to supervising fintech, enhanced enforcement and consumer protection, and worked to strengthen Pennsylvania’s banking industry,” said Gov. Wolf “I thank her for her service and commitment to our commonwealth.”

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