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Financial Reform: Preventing the Next Crisis

Please join the Center on Finance, Law, and Policy on Thursday and Friday, October 23-24, 2014, for a day-and-a-half-long event focused on taking stock of where we stand six years after the financial crisis and four years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. We will evaluate post-financial crisis domestic and international financial reforms and discuss what still needs to be done to create a financial system that is safer and fairer, and that better serves the real economy.

The conference will begin on Thursday afternoon with a workshop and poster session for graduate and professional students. Friday will feature panels on financial stability, financial access, financial markets, and global finance, and a keynote address by Richard Cordray, Director of the Consumer Financial Protection Bureau.

This conference is made possible through the support of the Russell Sage Foundation and the University of Michigan Office of Research. If you have questions about the conference, please contact financialreform@umich.edu. To register for the conference, please click on the blue registration link below.

The Center on Finance, Law, and Policy is an interdisciplinary research center at the University of Michigan focused on new thinking about the financial system in the wake of the financial crisis.

MSBarr signature.jpg

Michael S. Barr
Professor of Law

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Schedule

Thursday, October 23, 2014
3:00-5:00 P.M., South Hall room 3209
Financial Reform Conference Student Workshop (by invitation only)


Friday, October 24, 2014
​All sessions to take place in South Hall room 1225 and are open to the public.


Panel I: Financial Access
​9:00-10:30 A.M.

Moderator: Felix Salmon, Senior Editor, Fusion
Presenters:
Jonathan Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School
Lauren Willis, Professor of Law, Loyola Law School
Commenters:
Trina Shanks, Associate Professor of Social Work, University of Michigan School of Social Work
Damon Silvers, Director of Policy and Special Counsel, AFL-CIO


Panel II: Financial Stability
10:45 A.M.-12:15 P.M.

Moderator: Floyd Norris, Chief financial correspondent, New York Times
Presenters:
Martin Baily, Director, Business and Public Policy Initiative, Brookings Institution
Howell Jackson, James S. Reid, Jr. Professor of Law, Harvard Law School
Aaron Klein, Director, Financial Reform Initiative, Bipartisan Policy Center
Commenters:
John Pottow​, Professor of Law, University of Michigan Law School
Margaret Tahyar, Partner, Davis Polk & Wardwell LLP


Lunch & Keynote Address
12:30-2:00 P.M.
Introduction: Michael S. Barr, University of Michigan
Keynote: Richard Cordray, Director of the Consumer Financial Protection Bureau


Panel III: Financial Markets
2:15-3:45 P.M.

Moderator: Tom Braithwaite, US Banking Editor, Financial Times
Presenters:
Viral Acharya, C.V. Starr Professor of Economics, New York University Stern School of Business
Michael Wellman, Professor of Electrical Engineering and Computer Science, University of Michigan College of Engineering
Commenters:
Mary Goodman, International Monetary Fund
Amiyatosh Purnanandam, Professor, University of Michigan Ross School of Business


Panel IV: Global Finance
4:00-5:30 P.M.

Moderator: David Wessel, Director, The Hutchins Center on Fiscal and Monetary Policy, Brookings Institution
Presenters:
Michael S. Barr, Professor of Law, University of Michigan Law School
Chris Brummer, Professor of Law, Georgetown University Law Center
Commenters:
Kathryn Dominguez, Professor of Public Policy and Economics, University of Michigan Ford School of Public Policy
Eric Pan, Associate Director, U.S. Securities and Exchange Commission Office of International Affairs

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Keynote Address

12:30-2:00 p.m. in SH1225
Introduction by Professor Barr

Richard Cordray

Richard Cordray

Richard Cordray serves as the first Director of the Consumer Financial Protection Bureau. He previously led the Bureau's Enforcement Division.

Prior to joining the Bureau, Mr. Cordray served on the front lines of consumer protection as Ohio's Attorney General. Mr. Cordray recovered more than $2 billion for Ohio's retirees, investors, and business owners and took major steps to help protect its consumers from fraudulent foreclosures and financial predators. In 2010, his office responded to a record number of consumer complaints, but Mr. Cordray went further and opened that process for the first time to small businesses and non-profit organizations to ensure protections for even more Ohioans. To recognize his work on behalf of consumers as Attorney General, the Better Business Bureau presented Mr. Cordray with an award for promoting an ethical marketplace.

Mr. Cordray also served as Ohio Treasurer and Franklin County Treasurer, two elected positions in which he led state and county banking, investment, debt, and financing activities. As Ohio Treasurer, he resurrected a defunct economic development program that provides low-interest loan assistance to small businesses to create jobs, re-launched the original concept as GrowNOW, and pumped hundreds of millions of dollars into access for credit to small businesses. Mr. Cordray simultaneously created a Bankers Advisory Council to share ideas about the program with community bankers across Ohio.

Earlier in his career, Mr. Cordray was an adjunct professor at the Ohio State University College of Law, served as a State Representative for the 33rd Ohio House District, was the first Solicitor General in Ohio's history, and was a sole practitioner and Of Counsel to Kirkland & Ellis. Mr. Cordray has argued seven cases before the United States Supreme Court, including by special appointment of both the Clinton and Bush Justice Departments. He is a graduate of Michigan State University, Oxford University, and the University of Chicago Law School. Mr. Cordray was Editor-in-Chief of the University of Chicago Law Review and later clerked for U.S. Supreme Court Justices Byron White and Anthony Kennedy.

Mr. Cordray lives in Grove City, Ohio with his wife Peggy – a Professor at Capital University Law School in Columbus – and twin children Danny and Holly.

Speakers

Viral Acharya
C.V. Starr Professor of Economics & Director, NSE-NYU Stern Initiative on the Study of Indian Capital Markets; NYU Stern School of Business

Martin Baily
Bernard L. Schwartz Chair in Economic Policy Development, Senior Fellow and Director of the Business and Public Policy Initiative; Brookings Institution

M​ichael S. Barr
Professor of Law, University of Michigan Law School

Tom Braithwaite
US Banking Editor, Financial Times

Chris Brummer
Professor of Law, Georgetown University Law Center

Richard Cordray​
Director, Consumer Financial Protection Bureau

Kathryn Dominguez​
Professor of Public Policy, University of Michigan Ford School of Public Policy; and Professor of Economics, University of Michigan Economics Department

Mary Goodman
Advisor, Strategy, Policy, and Review Department; International Monetary Fund

Howell Jackson
James S. Reid, Jr. Professor of Law; Harvard Law School

Aaron Klein
Director, Financial Regulatory Reform Initiative; Bipartisan Policy Center

Jonathan Macey
Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law; Yale Law School

Floyd Norris
Chief financial correspondent, The New York Times

Eric Pan
Associate Director, Office of International Affairs, U.S. Securities and Exchange Commission; Associate Professor of Law, Benjamin N. Cardozo School of Law

John Pottow​
Professor of Law, University of Michigan Law School

Amiyatosh Purnanandam​
Professor, University of Michigan Ross School of Business

Felix Salmon
Finance Blogger, Reuters

Trina Shanks​
Associate Professor of Social Work, University of Michigan School of Social Work; and Faculty Associate, Survey Research Center, University of Michigan Institute for Social Research

Damon Silvers
Director of Policy and Special Counsel, AFL-CIO

Margaret Tahyar
Member, Financial Institutions Group, and Partner; Davis Polk & Wardwell LLP

Michael Wellman
Professor of Electrical Engineering and Computer Science, University of Michigan College of Engineering

David Wessel
Director, Hutchins Center on Fiscal and Monetary Policy; Brookings Institution

Lauren Willis
Professor of Law, Loyola Law School​​​​