Sept. 28 Conference to Explore New Risks “10 Years After the Financial Crisis”
September 20, 2018
WASHINGTON – On Friday, Sept. 28, 2018, Georgetown Law will host a one-day conference on “Ten Years After the Financial Crisis: Closing Loopholes, Avoiding Blindspots and Finding Economic Justice.”
Are we headed toward another financial panic, despite changes to bank regulation adopted after the worst financial collapse since the Great Depression? Leading financial experts from government, academia and journalism will discuss lessons learned from the crisis, new risks and potential solutions to promote stability and economic justice. Former FDIC Chair Sheila Bair will deliver the keynote address on “Forgotten Lessons of the Financial Crisis” at the one-day conference: “Ten Years After the Financial Crisis: Closing Loopholes, Avoiding Blindspots and Finding Economic Justice.”
Friday, September 28, 2018
9:00 am – 5:00 pm
Reception to follow
Gewirz Student Center, 12th Floor
120 F Street, NW
Washington, D.C. 20001
George Akerlof, Georgetown University · Sheila Bair, Former Chair, FDIC · Edward Baptist, Cornell University · John C. Bogle, The Vanguard Group · Anupam Chander, Georgetown Law · Anthony Cook, Georgetown Law · Jesse Eisinger, Pro Publica · James Feinerman, Georgetown Law · Professor Anne Fleming, Georgetown Law · Anna Gelpern, Georgetown Law · Gary Gensler, M.I.T. Sloan School of Management · Erik Gerding, University of Colorado Law School · Michael Greenberger, University of Maryland · Rob Johnson, Institute for New Economic Thinking · Ed Kane, Boston College · Dennis Kelleher, Better Markets · Adam Levitin, Georgetown Law · Frank Pasquale, Black Box Society · Gaurav Vasisht, The Volcker Alliance · Peter Whoriskey, The Washington Post
Welcome by Dean William Treanor – 9:45 a.m.
Introduction by Professor Emma Coleman Jordan – 9:50 a.m.
Panel 1: The Rules – 10:05 a.m.
The financial crisis 2008 was widely agreed to be the result of completely unregulated financial markets lacking government oversight of new and risky financial products outside of the traditional banking system. The post-crisis legislation introduced a new set of rules to create boundaries for traditional banks risk-taking that shifted the losses to taxpayers in massive bailouts. Do the new rules restore public trust in the protection of taxpayer bailouts?
Panel 2: Persistent and Pervasive Predation – 11:05 a.m.
Racial discrimination in housing finance has a long history. How did the ideological commitment to the economic theory of unregulated markets allow for damaging home loans that targeted poor and minority borrowers?
VIDEO: Values in Finance (Professor Emma Coleman Jordan and John C. Bogle) – 11:55 a.m.
In a taped discussion with Georgetown Law Professor Emma Coleman Jordan, Jack C. Bogle, the founder of the Vanguard mutual fund, offers a diagnosis of the reasons for the 2008 financial crisis, and outlines his five dreams for our financial future.
Lunch – 12:30 p.m.
Keynote: “Forgotten Lessons of the Financial Crisis” by Sheila Bair – 1:30 p.m.
Sheila Bair, Chair of the FDIC during the 2008 financial crisis, delivers a keynote address outlining how just one decade later, we are already forgetting the hard won lessons of the crisis.
Panel 3: Innovation and Risk – 2:45 p.m.
The American spirit is built on innovation and risk-taking in virtually every sector of our economy. Beginning with a presentation from award-winning historian Edward Baptist on the parallels between the 2008 financial crisis and the Panic of 1837, a panel of experts will argue that hidden in this current round of financial innovation are substantial risks of future market failures.
Panel 4: The New Rules – 3:35
This panel will consider the current state of financial stability regulation in the United States. Some of the laws and institutions established in the wake of the crisis have matured, yet others have been scaled back. Panelists will discuss to what extent the financial system has become more resilient, and what needs to be done to minimize damage from the next crisis.
Closing Remarks – 4:30
Nobel Prize winning economist George Akerlof will conclude the conference with remarks about the dynamics of manipulation and exploitation of customers in unregulated financial markets.