The question of reconsidering the regulatory system, particularly as it relates to systemically important financial institutions (SIFIs) was raised by Kimberly Summe, general counsel of Partner Fund Management and adjunct professor of law at the Stanford Law School, in the session “Lessons Learned from the Lehman Bankruptcy and the Financial Crisis.” (Photo courtesy of Stanford Visual Arts)

Gary Stern, the former president of the Federal Reserve Bank of Minneapolis discusses lessons learned from the Lehman bankruptcy and the financial crisis. (Photo courtesy of Stanford Visual Arts)

In “Winding Down Plans to Facilitate the Exit of Large, Complex Financial Institutions” Richard Herring, University of Pennsylvania, examined the moral hazard problem created by bailouts, possible responses to avert future bailouts, and resolution plans for domestic financial conglomerates and international financial conglomerates. (Photo courtesy of Stanford Visual Arts)

Joseph Grundfest from Stanford Law School discusses winding down plans to facilitate the exit of large, complex financial institutions. (Photo courtesy of Stanford Visual Arts)

Darrell Duffie, Stanford Graduate School of Business in the session “A New Contractual Approach to Restructuring Financial Institutions,” discussed different approaches to the “automatic” out-of-court recapitalization of financial institutions whose distress may pose risks to the economy. (Photo courtesy of Stanford Visual Arts)

David Skeel from the University of Pennsylvania discusses a new contractual approach to restructuring financial institutions. (Photo courtesy of Stanford Visual Arts)

John B. Taylor, Bowen H. and Janice Arthur McCoy Senior Fellow, noted that the phrase “systemic risk” has not been clearly defined in his presentation “Defining Systemic Risk Operationally.” (Photo courtesy of Stanford Visual Arts)

Monika Piazzesi from Stanford University discusses defining systemic risk operationally. (Photo courtesy of Stanford Visual Arts)

William F. Kroener from Sullivan & Cromwell discusses expanding FDIC resolution authority. (Photo courtesy of Stanford Visual Arts)

Chuck Morris from the Federal Reserve Bank of Kansas City discusses expanding FDIC resolution authority. (Photo courtesy of Stanford Visual Arts)