The US Financial System—Five Years after the Crisis

Tuesday, October 1, 2013
Simulcast from Washington, DC, and Stanford, California
Proceedings, October 1, 2013, simulcast from Washington, DC, and Stanford, California 
(Times below are in Pacific Time) 
8:00 AM– 8:10 Welcome and Remarks on the Purpose of the Conference 

Martin Baily and John Taylor 

8:10 AM– 9:40 Panel 1: Causes and Effects of the Financial Crisis 
Evolution of banks and other financial institutions, considering postcrisis regulatory policy reforms and emerging financial and economic trends 
Chair: John Gunn 
Panelists: Sheila Bair, Lawrence Summers, John Taylor, Kevin Warsh 
9:40 AM– 10:10 Break (lunch at Brookings) 
10:10 AM– 11:40 Panel 2: The Federal Reserve’s Role 
Actions before, during, and after the 2008 panic and implications for future policy, considering monetary and lender-of-last-resort policies and the nexus between these and regulatory policy Chair: Annette Nazareth 
Panelists: Alan Blinder, Michael Bordo, Peter Fisher, Allan Meltzer 
11:40 AM– 12:10 PM Break (lunch at Hoover) 
12:10 PM– 12:30 Remarks on Key Issues Facing Financial Institutions 
Paul Saltzman 
12:30 PM– 2:00 Panel 3: Is Too Big to Fail Over? Are We Ready for the Next Crisis? 
Consideration of capital, subordinated debt, and other loss-absorbing requirements, changing perceptions of risk and moral hazard, macroprudential regulation, and international interconnectedness 
Chair: Don Kohn 
Panelists: Martin Baily & Douglas Elliott, John Cochrane, Darrell Duffie, Steve Strongin 
2:00 PM– 2:10 Break 
2:10 PM– 3:40 Panel 4: Bankruptcy, Bailout, Resolution 
A review and assessment of resolution frameworks, considering experiences with Lehman Brothers and other firms in the crisis, the resolution process under Title II of the Dodd-Frank Act, reforms of the bankruptcy code, including Chapter 14 proposal 
Chair: Kimberly Summe 
Panelists: Randy Guynn, Michael Helfer, Ken Scott, David Skeel 
3:40 PM– 4:00 Concluding Remarks on Key Issues Facing Policy Makers 
George Shultz 
4:00 PM– 5:30 Reception at the Hoover Institution 

Participants at Hoover: John Taylor, John Gunn, Kevin Warsh, Michael Bordo, Allan Meltzer, John Cochrane, Darrell Duffie, Ken Scott, Kimberly Summe, George Shultz 
Participants at Brookings: Martin Baily, Sheila Bair, Lawrence Summers, Annette Nazareth, Alan Blinder, Peter Fisher, Paul Saltzman, Don Kohn, Douglas Elliott, Steve Strongin, Randy Guynn, Michael Helfer, David Skeel