David Ruder

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David S. Ruder
Occupation Former Professor, Former SEC Chairman
Location Chicago
Website www.law.northwestern.edu

David S. Ruder was the chairman of the U.S. Securities and Exchange Commission (SEC) from 1987 to 1989. He was a professor emeritus at Northwestern University School of Law and served as Dean of the School from 1977 to 1985. He was a member of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues.[1]

Ruder died on February 15, 2020, at the age of 90.[2]


During his service as chairman, Ruder dealt with the aftermath of the stock market crash of 1987, the largest one-day decline in equity market history, which came to be known as Black Monday. He supervised enforcement actions against violators of anti-fraud laws, initiated a program aimed at eliminating penny stock fraud, enlarged SEC initiatives in the area of international securities regulation, and testified more than 30 times before Congress on various topics.

Ruder was also the chairman of the Mutual Fund Directors Forum, formed in 1999 as the Mutual Fund Directors Education Council, and a member of the Advisory Council of the Public Company Accounting Oversight Board. He is the president of the Northwestern Corporate Counsel Center, which supervises the Corporate Counsel Institute (Chicago), the Ray Garrett Jr. Corporate and Securities Law Institute (Chicago), and the Securities Regulation Institute (San Diego).

He began as an associate with law firm Quarles and Brady in Milwaukee from 1957 to 1961, and was then of counsel at Schiff, Hardin & Waite in Chicago from 1971 to 1976. He worked for Baker & McKenzie from 1990 to 1999 as partner and senior counsel.[3] Ruder was a professor at Northwestern Law from 1961 to 2005. He was named a professor emeritus in 2005.

John Lothian News Interview[edit]

Part 1: David Ruder talks to editor/producer Nicole V. Rohr about his experience as SEC chairman during Black Monday in 1987, and also about what stemmed from the subsequent flash crash in May 2010. Published February 27, 2011.

Part 2: David Ruder talks to JLN editor/producer Nicole V. Rohr about the Dodd-Frank timeline, Volcker Rule and how cost-benefit rules will impact regulation. Published March 20, 2011.


  • BA, cum laude, Williams College (1951)
  • JD, honors, University of Wisconsin-Madison (1957)
  • Doctor of Laws, University of Wisconsin Madison (2002)
  • U.S. Army (1951-1953)[4]