You are cordially invited to attend the Federal Reserve Bank of Chicago’s 46th Annual Conference on Bank Structure and Competition. The conference has a rich tradition as a leading forum for dialogue on public policy issues affecting the financial services industry.
This year’s conference focuses on the future of the financial services industry. Given the events surrounding the recent financial crisis, there has been a general outcry for industry reform. At the 2009 Bank Structure Conference, a number of speakers discussed the need for financial regulatory reform and conceptually discussed alternative directions reform could take. At this year’s conference, we will continue this discussion, delving more deeply into specific proposals and evaluating the potential of the alternatives for the future of the industry. To date, there have been a number of regulatory changes, but Congress, the Administration and industry scholars continue to evaluate proposals to alter permissible product offerings, risk management, capital requirements, loan loss provisioning, executive compensation packages and failure resolution procedures. Proposals have been quite varied, ranging from a significant move back toward the policies implemented during the 1930s to relatively minor adjustments with an emphasis on fuller disclosure.
There is an array of issues that need to be seriously considered during the current policy debate. Can issues related to too-big-to-fail be effectively managed with the introduction of a new failure resolution process? What macro-prudential policies should be pursued? Do we need a regulator whose sole responsibility is to manage systemic risk in financial markets? What information and authority would it need? Should that regulator’s responsibilities expand beyond financial markets? Do we need a new financial product consumer protection agency? What authority would it need to have? Should capital requirements be adjusted to account for systemic risk? Should they be restructured to help dampen the potential for boom–bust financial cycles? Do we need oversight reform in mortgage markets? What is the appropriate role of the financial government sponsored enterprises (GSEs)? Should additional oversight be imposed on the rating agencies? What combination of supervisory oversight and market oversight is appropriate? What changes are necessary to obtain that combination? How might reform affect the efficiency and profitability of the industry or the efficiency of the capital and credit allocation processes?
To address these and related issues, we bring together industry leaders, scholars and regulatory authorities. Federal Reserve Chairman Ben S. Bernanke will provide the opening keynote address. Luncheon presentations will be provided by Phil Gramm, Vice Chairman of UBS Investment Bank and former Chairman of the Senate Committee on Banking, Housing and Urban Affairs; and Alan Greenspan, President, Greenspan Associates LLC and former Chairman, Board of Governors of the Federal Reserve System. We will also have a panel of industry experts to discuss the conference theme. Additional sessions will cover topics related to the conference theme, the future of the mortgage GSEs, executive compensation in the financial industry, specific reform proposals, the performance of U.S. mortgage markets, bank risk management, bank lending behavior, interventions in financial markets and other policy relevant issues.
Receptions and luncheons will be provided as part of the conference program. This website will be updated as additional information becomes available.