The Financial CHOICE Act aims to roll back a number of post-crisis financial regulations in the hope of stimulating economic growth. The act is controversial, critics warn that it will destabilize the financial system while supporters claim that it will strengthen it and create jobs. Which side is right? Four financial policy experts will share their views on the CHOICE Act, the 2010 Dodd-Frank Act, and what the future holds for effective financial regulation.
Palaniappan Chidambaram is one of India’s most experienced and recognized political leaders. Elected Member of Parliament in 1984, Mr Chidambaram has served as Union minister in the cabinets of Prime Ministers Rajiv Gandhi, Narasimha Rao, and Manmohan Singh, and has held some of the most senior ministerial portfolios. He was India’s Finance Minister from 2004 to 2008 and again from 2012 to 2014; and from 2008 to 2012, he was Home Minister.
As president and chief executive officer of the Federal Reserve Bank of Cleveland, Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.
Three Partners from Oliver Wyman, a leading global management consultant firm, share war stories from the 2007-08 financial crisis, discuss new approaches to large bank risk management that emerged from the crisis, and share their thoughts on how bank management and regulators are likely to respond to a new administration and evolving regulatory landscape.
Tuesday, April 13th, 4:45 pm
101 Julis Romo Rabinowitz (20 Washington Road)
Open to the public
Does too much competition in banking hurt society? What policies can best protect and stabilize banking without stifling it? The global financial crisis of 2007–2009, which originated from an oversupply of credit, once again raised questions about excessive banking competition and what should be done about it. Focusing on why banking competition policies are necessary, Competition and Stability in Banking examines regulation's impact on the industry's efficiency and effectiveness.
William Easterly, author of the book, The Tyranny of Experts, will talk about how Economic Development Theories have contributed to the Immigration Crisis faced today in the United States and in the European Union. The talk will take place in Bowl 016, Robertson Hall on October 10 at 4:30 pm.
Why is Europe’s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival."
“Thin political markets” are the processes through which some of the most complex and critical institutions of our capitalist system are determined—e.g., our accounting-standards infrastructure; rules for bank-capital adequacy; actuarial standards; and auditing practice. In thin political markets, corporate special interests are largely unopposed because of both their tacit knowledge and the general public’s low awareness of the issues. This enables the special interests to structure the “rules of the game” in self-serving ways.
FINANCIAL INNOVATION AND THE MACROECONOMY
What are the macroeconomic and policy implications of new markets and instruments? Can financial innovation make markets more efficient, or does it increase financial instability? The JRCPPF Fifth Annual Conference took a close look at mortgage design, sovereign debt design, and bank debt design (such as cocos and other derivatives), among other topics.