Ending Too Big to Fail Policy Symposium on April 4

The symposium was the first in a series. The event was open to the media and live-streamed for the public.

Featured presenters included:

  • Anat R. Admati
    George G.C. Parker Professor of Finance and Economics at the Graduate School of Business, Stanford University
  • Simon Johnson
    the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management and former Chief Economist at the International Monetary Fund

Admati has written extensively on information dissemination in financial markets, trading mechanisms, portfolio management, financial contracting, and corporate governance and banking.  Since 2010, she has been active in the debate over financial regulation, particularly capital regulation, and has written research and policy papers and commentary on the subject. She is a co-author of The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It.

Johnson was named a Main Street Hero by the Independent Community Bankers of America for “his articulate and outspoken support for public policies to end too-big-to-fail” in 2013 and has co-authored a book with James Kwak titled 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (2010).

The Minneapolis Fed’s #EndingTBTF initiative will explore various proposals from expert researchers and incorporate input from a wide range of thought leaders, culminating in an actionable plan to end TBTF, which will be released by the end of the year.

Stay up to date with the initiative by filling out this form, or follow us on Twitter @MinneapolisFed and follow the conversation with the hashtag #EndingTBTF.

Agenda - April 4, 2016

8:30am – 9:30am
Continental Breakfast

9:30am - 9:40am
Introduction to symposium and welcoming remarks
Neel Kashkari, President, Federal Reserve Bank of Minneapolis
River Room, First Floor

9:40am – 11:40am
Panel 1: Substantially increasing capital requirements
Anat R. Admati, the George G.C. Parker Professor of Finance and Economics at Stanford University’s Graduate School of Business, will present a proposal on capital requirement increases.
Prepared presentation [pdf]
Starting at slide 39, part 2 of Admati’s presentation has been slightly edited for clarity.
Video (remarks)
Video (response)

Other relevant documents:

Panelists include: 

  • Deborah Lucas
    Distinguished Professor of Finance at the Massachusetts Institute of Technology Sloan School of Management
    Prepared presentation [pdf]
    Video
  • Adam S. Posen
    President of the Peterson Institute for International Economics.
    Video
  • Til Schuermann
    Partner in the Finance & Risk and Public Policy Practices at Oliver Wyman. He was a Senior Vice President at the Federal Reserve Bank of New York.
    Video
  • Phillip Swagel
    Professor of international economics at the University of Maryland’s School of Public Policy and senior fellow at the Milken Institute.
    Prepared presentation [pdf]
    Video

12:00pm – 1:30pm
Keynote Lunch: The need for cost-benefit analysis in bank regulation and in addressing sources of financial fragility
Randall S. Kroszner, a Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business. He was a member of the Board of Governors of the Federal Reserve System from 2006 to 2009.
Reserve Dining Room, Second Floor
Video

1:30pm – 2:00pm
Coffee Break

2:00pm – 4:00pm
Panel 2: Altering the organizational structure of financial institutions
Simon Johnson, the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the Massachusetts Institute of Technology’s Sloan School of Management, will present a proposal on requiring organizational change for financial institutions.
Prepared outline [pdf]
River Room, First Floor
Video (remarks)
Video (response)

Panelists include:

  • Joseph P. Hughes
    Professor of Economics at Rutgers University
    Prepared presentation [pdf]
    Video
  • Aaron Klein
    Fellow and Policy Director, Economic Studies, Brookings Institution
    Prepared presentation [pdf]
    Video
  • Ross Levine
    the Willis H. Booth Chair in Banking and Finance at the University of California, Berkeley’s Haas School of Business
    Prepared presentation [pdf]
    Video
  • Eugene Ludwig
    Founder and CEO of Promontory Financial Group
    Video

4:00pm
Symposium closing remarks
Neel Kashkari, President, Federal Reserve Bank of Minneapolis
Video

6:00pm – 7:00pm
Public Town Hall Meeting: Ending Too Big To Fail
Hosted by Federal Reserve Bank of Minneapolis President Neel Kashkari. More information.
River Room, First Floor
Video

7:00pm – 8:00pm
Public Reception with Town Hall guests
Lobby, First Floor