Ending Government Bailouts As We Know Them

8:30 a.m.

Opening Remarks

George P. Shultz, Hoover Institution and Stanford University
Paul Volcker, former chairman of the Federal Reserve Board (by video)

9:10 a.m.

Lessons Learned from the Lehman Bankruptcy and the Financial Crisis

Kimberly Summe, Partner Fund Management, LP
Gary Stern, former president, Federal Reserve Bank of Minneapolis

10:00 a.m.

Break

Session II – Chair: Kenneth Scott, Hoover Institution and Stanford Law School

10:20 a.m.

Winding Down Plans to Facilitate the Exit of Large, Complex Financial Institutions

Richard Herring, University of Pennsylvania
Joseph Grundfest, Stanford Law School

11:10 a.m.

A New Contractual Approach to Restructuring Financial Institutions

Darrell Duffie, Stanford Graduate School of Business
David Skeel, University of Pennsylvania

12:00 NOON

Luncheon-Fifty Years in the Business: From Wall Street to the Treasury and Beyond

Nicholas Brady, Darby Overseas Investments

1:30 p.m.

Defining Systemic Risk Operationally

John B. Taylor, Hoover Institution and Stanford University
Monika Piazzesi, Stanford University

2:20 p.m.

Expanding FDIC Resolution Authority

William F. Kroener, Sullivan & Cromwell, LLP
Chuck Morris, Federal Reserve Bank of Kansas City

3:10 p.m.

Break

3:25 p.m.

A Proposed Chapter 11F

Tom Jackson, University of Rochester
Peter Wallison, American Enterprise Institute

4:15 p.m.

Criteria for Evaluating Failure Resolution Plans

Kenneth Scott, Hoover Institution and Stanford Law School

4:45 p.m.

Conclusions and Recommendations

George P. Shultz, Hoover Institution and Stanford University
John B. Taylor, Hoover Institution and Stanford University