State and Municipal Fiscal Default Workshop

Monday, June 20, 2011
State and Municipal Fiscal Default Workshop at the Hoover Institution
Image credit: 
Tin Tin Wisniewski
State and Municipal Fiscal Default Workshop at the Hoover Institution
Image credit: 
Tin Tin Wisniewski

On June 15–16, 2011, scholars and practitioners gathered for the State and Municipal Fiscal Default Workshop at the Hoover Institution. Experts from the fields of public policy, economics, finance, law, and state and local politics consulted about the nature of the problem, the current legal structures, and the possibility of legislative or other reform to avert the need for federal bailouts.

Introduction and Welcoming Remarks

Session 1: Magnitude of the Budgetary Problem

  • Moderator: David Brady, deputy director and senior fellow
  • Discussants: Tom Campbell, dean of Chapman University Law School, former US Congressman
  • Mike Genest, former CA finance director

Session 2: What Can Be Done with Pensions?

  • Moderator: Joe Nation, Stanford public policy professor
  • Discussants: David Crane, Stanford lecturer in public policy and UC Regent
  • Amy Monahan, Univ. of Minnesota Law School associate professor

Session 3: Consequences of Inaction

  • Moderator: Michael McConnell
  • Discussants: Thad Kousser, UCSD associate professor of political science
  • Rob Stout, former finance director of the City of Vallejo

Session 4: Bankruptcy as a Last Resort

  • Moderator: Michael McConnell
  • Discussants: Clay Gillette, professor of contract law NYU School of Law
  • David Skeel, professor of corporate law University of Pennsylvania Law School

Session 5: What Can or Should Be Done?

  • Moderator: David Brady
  • Discussants: Tom Campbell
  • Bob Grady, chairman of the NJ Council of Economic Advisors for Gov. Christie

Session 6: Directions for Further Research

  • Moderators: David Brady and Michael McConnell