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May 19, 2009

Professor John B. Taylor to Lead FinReg21.com Webinar on Government’s Role in Financial Crisis

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For Immediate Release
Stanford professor and Hoover Institution senior fellow shows that government caused, prolonged, and worsened the current crisis

Stanford—John B. Taylor, the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution, will be the featured guest on a live webinar on May 20. The webinar was announced by FinReg21.com, a newly launched online resource of commentary and news on financial regulatory reform, today. In the online forum, Taylor will discuss the government’s role in the current economic crisis and the steps needed to stabilize and grow the economy.

“The government caused this crisis by deviating from historical precedents and principles for setting interest rates that had worked well for twenty years,” said Taylor. “It prolonged it by misdiagnosing the problems in the bank credit markets and thereby responding inappropriately, focusing on liquidity rather than risk. It made it worse by supporting certain financial institutions and their creditors but not others in an ad hoc way, without a clear and understandable framework.”

John B. Taylor is a professor of economics at Stanford University, senior fellow at the Hoover Institution, and author of Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. Taylor served as the undersecretary of the Treasury for international affairs during the first term of the George W. Bush administration. He served as senior economist on President Ford’s and President Carter’s Council of Economic Advisers and as a member of President George H.W. Bush’s Council of Economic Advisers.

The webinar will feature remarks by Taylor and a Q&A session in which attendee questions will be addressed. The discussion will center on what caused the financial crisis and the role of regulatory reform in stabilizing and growing the economy.

“Professor Taylor’s contrarian voice is a vital part of the financial regulatory reform dialogue,Rdquo; said David S. Evans, noted economist, a FinReg21.com founder and the site’s editor in chief. “The webinar will be an opportunity to explore the ideas put forth in his book for easing and ending the crisis.”

The upcoming webinar is one in a series of online forums to take place regularly on FinReg21.com. FinReg21.com encompasses original content, news, legislative tracking, and other resources on financial regulatory reform. Its goal is to pull together a community of people globally who are working on or are affected by financial services reform, including officials working in the banking, insurance, securities, and payments industries. Daniel Kaufmann, Brookings Institution senior fellow, former director at the World Bank Institute, and an invited blogger at the recent G-20 Summit, will also be featured in an upcoming webinar.

Media can subscribe for regular e-mail editorial update alerts from FinReg21.com by visiting FinReg21.com.

Professor John B. Taylor Webinar Details:
How Government Caused, Prolonged, and Worsened the Financial Crisis and the Implications for Regulatory Reform Wednesday May 20, 2 pm EDT.

To register, for the event, visit http://www.finreg21.com/channel-21/pundit-pit#Web.

The webinar will be available for viewing on FinReg21.com after the live broadcast. For more information about the webinar, click here.

About FinReg21.com:
FinReg21.com is the only online community dedicated to the future of financial services regulation and reform that captures the collective wisdom of the world’s leading industry practitioners, regulators, policy makers, and scholars. Provocative and cutting-edge views are presented in an environment that supports the mutual exchange of ideas via live webinars, expert blogs, and podcasts. Lombard Street, FinReg21.com’s twice-monthly e-journal, documents critical thinking from experts who are at the heart of shaping and implementing reform. Original reporting, real-time legislative tracking (coming soon), and breaking news round out FinReg21.com’s unique mix in the critical debate over regulatory reform in the 21st century. For more information, visit FinReg21.com.

For further information
LaNor A. Maune (lmaune@stanford.edu)
Office of Public Affairs
Hoover Institution
Stanford University
Stanford, CA 94305-6010
(650) 723-0603