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During the past three decades, bank supervision and regulation have failed. The banking industry—in the United States and worldwide—has been beset by an array of unprecedented and severe crises. Clever market participants easily circumvent complex Basel-based formulas that attempt to define risk-based capital standards. Supervisors regularly fail to recognize bank losses on a timely basis. Politicians offer lengthy laws but craft ineffective or affirmatively harmful reforms, while continuing the destructive subsidization of mortgage risks. In a recent paper, professor Charles Calomiris has laid out a 10-point "incentive-robust" framework for financial reform. By taking the incentives of bankers, politicians and regulators seriously, he offers a set of prudential rules designed to minimize circumvention and maximize enforcement. Would these rules stabilize the banking system, limit the protection for “too-big-to-fail” institutions or provide affordable housing opportunities without government involvement? More generally, are these reforms worth pursuing? A panel of experts will discuss these and other questions at this AEI event.
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CHARLES CALOMIRIS, AEI and Columbia University
LUC LAEVEN, International Monetary Fund
ROBERTA ROMANO, Yale University
CHARLES TAYLOR, Office of Comptroller of the Currency
PETER J. WALLISON, AEI
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Charles Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School, a professor at Columbia’s School of International and Public Affairs and a research associate of the National Bureau of Economic Research. He is a member of the Advisory Scientific Committee of the European Systemic Risk Board, the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, the Financial Economists Roundtable and the Task Force on Property Rights at the Hoover Institution. He has held other positions at the Council on Foreign Relations, the American Enterprise Institute and the Pew Trusts. He also served on the International Financial Institution Advisory Commission, a U.S. congressional commission that advised the U.S. government on the reform of multilateral institutions in 1999-2000. In 2011, he was the Houblon-Norman Senior Fellow at the Bank of England.
Luc Laeven is deputy division chief in the Research Department of the International Monetary Fund and full professor of finance at CentER, Tilburg University. Before this, he was a senior economist at the World Bank. His research focuses on international finance and has been published in top academic journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has also co-edited a book on “Systemic Financial Crises: Containment and Resolution” (Cambridge University Press), a book on “Deposit Insurance around the World: Issues of Design and Implementation” (MIT Press), and a “Reader on International Corporate Finance” (World Bank Publications). He is a research fellow at the Centre for Economic Policy Research in London and a research associate at the European Corporate Governance Institute.
Roberta Romano is Sterling Professor of Law at Yale Law School and director of the Yale Law School Center for the Study of Corporate Law. Her research has focused on state competition for corporate charters, the political economy of takeover regulation, shareholder litigation, institutional investor activism in corporate governance and the regulation of securities markets and financial instruments and institutions. She is a fellow of the American Academy of Arts and Sciences and the European Corporate Governance Institute, a research associate of the National Bureau for Economic Research, a past president of the American Law and Economics Association and the Society for Empirical Legal Studies, and a past co-editor of the Journal of Law, Economics and Organization. She is the author of “The Genius of American Corporate Law” (1993) and “The Advantage of Competitive Federalism for Securities Regulation” (2002) and series editor of the Foundations of Law reader series and editor of the “Foundations of Corporate Law” (2nd ed., 2010) volume in that series.
Charles Taylor became deputy comptroller of the currency in September 2011. Over the past 30 years, he has held a number of national and international positions dealing with public policy and private practice in the financial services industry, including head of operational risk at the Risk Management Association, managing director for strategy at the Depository Trust and Clearing Corporation and executive director of the Group of Thirty. Most recently, he was director the Financial Reform Project at the Pew Charitable Trusts.
Peter J. Wallison holds the Arthur F. Burns Chair in Financial Policy Studies at AEI, where he codirects the institute’s program on financial market studies. He was also a co-chair of the Pew Financial Reform Task Force and a member of the congressionally authorized Financial Crisis Inquiry Commission. Mr. Wallison previously practiced banking, corporate, and financial law at Gibson, Dunn & Crutcher LLP in New York and Washington, D.C. During 1986 and 1987, he was White House counsel to President Ronald Reagan. From 1981 to 1985, Mr. Wallison was general counsel of the Treasury Department, where he played a significant role in the development of the Reagan administration’s proposals for deregulation in the financial services industry. He also served as general counsel to the Depository Institutions Deregulation Committee and participated in the Treasury Department’s efforts to deal with the debt held by less-developed countries. Between 1972 and 1976, Mr. Wallison was special assistant to New York Governor Nelson A. Rockefeller and, subsequently, counsel to Mr. Rockefeller when he was vice president of the United States.