47th 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.
The conference focused on Dodd-Frank. The financial crisis and recession led to widespread calls for financial regulatory reform. After nearly two years of intense industry and congressional debate, last July saw the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The act is far-reaching and will have a significant impact on financial intermediation and how financial services firms conduct business in the future.
As financial regulation evolved over the past 80 years, it was common to introduce new financial legislation with the claim that “this is the most significant regulatory reform since the Great Depression and the 1933 Banking Act.” Many argue that Dodd-Frank is the new standard because of its broad reach across the industry. Implementation of the act requires the development of some 250 new regulatory rules and various mandated studies to be provided to Congress for review. There is also the need to introduce and staff a number of new entities (bureaus, offices and councils) with responsibility to regulate study, evaluate and promote consumer protection, financial research and financial stability.
There is an array of issues that need to be considered as regulatory reform goes forward. Where are we in the Dodd-Frank implementation process? Will implementation of certain aspects need to be delayed? Are banks undertaking efforts to avoid or cushion the impact of the new rules? What will the resulting impact be on safety and soundness? Will adjustments be needed to fully achieve the objectives of the legislation—for example, do the reforms address the fundamental causes of the crisis?
To address these and related issues, we brought together an impressive list of industry leaders, scholars and regulatory authorities.
- Federal Reserve Chairman Ben S. Bernanke will provide the opening keynote address.
- Sheila Bair, Chairman of the Federal Deposit Insurance Corporation, will provide Thursday's luncheon keynote.
- Neel Kashkari, Managing Director of PIMCO and former Assistant Secretary of the U.S. Treasury Department, will provide Friday's luncheon keynote.
The industry experts discussed the conference theme, as well as sessions on topics such as BASEL III, systemic risk, household finance, securitization, the effectiveness of “non-standard” government interventions, bank risk-taking, industry responses to new regulations and other policy relevant issues.
Ben S. Bernanke began a second term as Chairman of the Board of Governors of the Federal Reserve System on February 1, 2010. Bernanke also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman on February 1, 2006, when he also began a 14-year term as a member of the Board. His second term as Chairman ends January 31, 2014, and his term as a Board member ends January 31, 2020.
Before his appointment as Chairman, Bernanke was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006. Bernanke has already served the Federal Reserve System in several roles. He was a member of the Board of Governors of the Federal Reserve System from 2002 to 2005; a visiting scholar at the Federal Reserve Banks of Philadelphia (1987-89), Boston (1989-90), and New York (1990-91, 1994-96); and a member of the Academic Advisory Panel at the Federal Reserve Bank of New York (1990-2002).
Sheila C. Bair was sworn in as the 19th Chairman of the Federal Deposit Insurance Corporation (FDIC) on June 26, 2006. She was appointed Chairman for a five-year term, and as a member of the FDIC Board of Directors through July 2013.
Bair has an extensive background in banking and finance in a career that has taken her from Capitol Hill, to academia, to the highest levels of government. Before joining the FDIC in 2006, she was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst since 2002. While there, she also served on the FDIC's Advisory Committee on Banking Policy.
Other career experience includes serving as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002), Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000), a Commissioner and Acting Chairman of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Senate Majority Leader Robert Dole (1981 to 1988).
Neel Kashkari is a managing director and head of new investment initiatives in the Newport Beach office of PIMCO. Prior to joining PIMCO in 2009, Kashkari served in the U.S. Treasury Department from 2006-2009, first as senior advisor to Secretary Henry Paulson and then as Assistant Secretary of the Treasury. In the latter role, he established and led the Office of Financial Stability and oversaw the Troubled Assets Relief Program (TARP). Before joining the Treasury Department, Kashkari was a vice president at Goldman Sachs in San Francisco, advising technology companies on financings and mergers and acquisitions. Previously, he was an aerospace engineer at TRW Corporation. He holds both bachelor's and master's degrees in engineering from the University of Illinois at Urbana-Champaign and an MBA from the Wharton School at the University of Pennsylvania.
Implementing Dodd-Frank: Progress to Date and Recommendations for the Future
Bank Responses to Government Intervention
Last Updated: 05/17/2011