23 Facts About Douglas Shulman

Douglas H "Doug" Shulman was born on May 10,1967 and is president and chief executive officer of OneMain Financial.

Douglas Shulman co-founded and served as executive vice president of FoundryOne, Inc.

Previously, Douglas Shulman was vice president of Darby Overseas Investments, Ltd.

Douglas Shulman first served as executive vice president, technology strategy and corporate development, before being promoted to president, markets, services and information.

Douglas Shulman then was promoted to vice chairman of NASD, and later became vice chairman of the Financial Industry Regulatory Authority.

Douglas Shulman played a key role in the merger between New York Stock Exchange regulatory operations and NASD, which created FINRA.

Douglas Shulman led the negotiations that resulted in the sale of both the NASDAQ Stock Market and the American Stock Exchange.

Douglas Shulman oversaw NASD's efforts to become active in the fixed income markets by launching the Trade Reporting and Compliance Engine, NASD's real-time corporate bond market regulatory and information system.

Douglas Shulman was the lead executive in negotiating corporate bond transparency with the financial services industry, and hired the team that launched the product.

Douglas Shulman led NASD into new business segments, and helped it to re-vamp its surveillance technology in order to win contracts to regulate other exchanges besides NASDAQ.

On November 22,2007, Republican President George W Bush announced he would appoint Shulman to be commissioner of the IRS, despite the fact that Shulman had donated to the Democratic National Committee in the 2004 election.

Shortly after President Obama was re-elected in the 2012 presidential election, on November 11,2012, Douglas Shulman finished serving out his full term as commissioner.

Douglas Shulman led the IRS after congress passed Obama's $787 billion economic recovery stimulus package.

Some key provisions that the IRS administered under Douglas Shulman's leadership were the first time home buyers credit, net operating loss carrybacks, and expanded Earned Income Tax Credit.

Douglas Shulman is largely credited with being the key leader in shifting the paradigm of tax evasion and bank secrecy.

The provisions that the IRS needed to prepare for under Douglas Shulman's leadership included the individual mandate, the employer mandate, insurance company reporting of fact of coverage, and financial data for exchanges to make determinations regarding who is eligible for tax credits.

When Douglas Shulman came to the IRS, the modernization effort was off-track and over budget.

Douglas Shulman focused on completing the modernization during his term that would end in 2012.

Douglas Shulman recruited a new team to build the database and secured funding.

On January 17,2012, Douglas Shulman oversaw the transition to the Customer Account Data Engine 2, moving the data of 140 million taxpayers into a modern database environment.

Douglas Shulman said the IRS will allow the amount of the theft loss to include the investor's unrecoverable investment for Ponzi scheme victims.

Douglas Shulman was the commissioner of the IRS during some of the time when new criteria, including the name of organizations, were used to identify tax exempt applications for review.

However, Douglas Shulman was not mentioned in the Inspector General report that uncovered and detailed this issue.