47th Annual Conference on Bank Structure and Competition

You are cordially invited to attend the Federal Reserve Bank of Chicago’s 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.

 

This year’s conference focuses on Dodd-Frank. The recent 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 bring 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.

 

We will also have a panel of industry experts discuss 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.

 

The conference will be held at the Hotel InterContinental Chicago, 505 N. Michigan Avenue. Receptions and luncheons will be provided. Information will be updated on the conference website as it becomes available.

 

Please Note

Conference registration is now closed. To be added to a waiting list, or for additional information, please contact Blanca Sepulveda (contact information to the right).


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Ben S. Bernanke
Chairman, Board of Governors of the Federal Reserve System

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).

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Sheila C. Bair
Chairman, Federal Deposit Insurance Corporation

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).

 

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Neel Kashkari
Managing Director of PIMCO and former Assistant Secretary of the U.S. Treasury Department

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.


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05/04/11
7:30 AM
Registration

Continental Breakfast

8:25 AM
Welcoming Remarks
Douglas D Evanoff, Senior Financial Economist and Vice President, Federal Reserve Bank of Chicago
8:30 AM
Measuring Systemic Risk
Moderator and Discussant
Tobias Adrian, Federal Reserve Bank of New York
Markus K Brunnermeier, Princeton University and National Bureau of Economic Research
Gary Gorton, Yale University and National Bureau of Economic Research
Arvind Krishnamurthy, Northwestern University and National Bureau of Economic Research
Stefano Giglio, Harvard University
Christian Brownlees, New York University
Rob Engle, New York University
10:00 AM
Break
10:20 AM
Issues in Securitization – Commercial Real Estate
Moderator and Discussant
Amit Seru, University of Chicago
Lamont Black, Board of Governors of the Federal Reserve System
Sean Chu, Board of Governors of the Federal Reserve System
Andrew Cohen, Board of Governors of the Federal Reserve System
Joe Nichols, Board of Governors of the Federal Reserve System
Craig Furfine, Northwestern University
Vitaly M Bord, Federal Reserve Bank of New York
João A C Santos, Federal Reserve Bank of New York and Universidade Nova de Lisboa
12:00 PM
Luncheon
1:20 PM
Issues On Dodd-Frank
Moderator and Discussant
Greg Udell, Indiana University
Falko Fecht, European Business School
Andreas Hackethal, Goethe University Frankfurt
Yigitcan Karabulut, Goethe University Frankfurt
Viral Acharya, New York University
Alberto Bisin, New York University
Ing-Haw Cheng, University of Michigan
Harrison Hong, Princeton University and National Bureau of Economic Research
Jose Scheinkman, Princeton University and National Bureau of Economic Research
Allen N Berger, University of South Carolina
Rima Turk-Ariss, Lebanese American University
3:10 PM
Break
3:30 PM
Household Finance
Moderator and Discussant
Annette Vissing-Jorgensen, Northwestern University and National Bureau of Economic Research
Kenneth P Brevoort, Board of Governors of the Federal Reserve System
Cheryl R Cooper, The Urban Institute
O Emre Ergungor, Federal Reserve Bank of Cleveland
Stephanie Moulton, Ohio State University
Song Han, Board of Governors of the Federal Reserve System
Ben Keys, Board of Governors of the Federal Reserve System
Geng Li, Board of Governors of the Federal Reserve System
5:15 PM
Reception
05/05/11
7:00 AM
Registration

Continental Breakfast

8:15 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
8:30 AM
Keynote Address
Speaker
Ben S Bernanke, Chairman, Board of Governors of the Federal Reserve System
9:25 AM
Break
9:25 AM
Theme Panel
Implementing Dodd-Frank: Progress to Date and Recommendations for the Future
Moderator
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Panelists
Wayne A Abernathy, Executive Director for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
Mark Van Der Weide, Senior Associate Director, Board of Governors of the Federal Reserve System
Scott D O'Malia, Commissioner, Commodity Futures Trading Commission
Adam Lavier, Office of Financial Research, United States Treasury Department
Matthew Richardson, Charles E. Simon Professor of Applied Economics, New York University
12:10 PM
Luncheon
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Speaker
Sheila Bair, Chairman, Federal Deposit Insurance Corporation
1:55 PM
Alternative 'Takes' on the Crisis: Governance, Financial Imbalances, Housing Policy and Bank Capital
Moderator
Anna Paulson, Federal Reserve Bank of Chicago
Speakers
Thomas H Stanton, Johns Hopkins University
Erlend Nier, International Monetary Fund
Peter J Wallison, American Enterprise Institute
Enrica Detragiache, International Monetary Fund
3:25 PM
Break
3:50 PM
Assessing 'Non-standard' Government Intervention
Moderator
David Marshall, Federal Reserve Bank of Chicago
Arvind Krishnamurthy, Northwestern University and National Bureau of Economic Research
Annette Vissing-Jorgensens, Northwestern University and National Bureau of Economic Research
Scott Brave, Federal Reserve Bank of Chicago
Hesna Genay, Federal Reserve Bank of Chicago
Jeffrey Ng, Massachusetts Institute of Technology
Florin P Vasvari, London Business School
Regina Wittenberg-Moerman, University of Chicago
5:45 PM
Reception
05/06/11
7:30 AM
Continental Breakfast
8:30 AM
Issues In Structured Finance-Securitization
Moderator
Richard Porter, Federal Reserve Bank of Chicago
Gabriel Jiménez, Bank of Spain
Atif Mian, University of California, Berkeley
José-Luis Peydró, European Central Bank
Jesús Saurina, Bank of Spain
Richard J Rosen, Federal Reserve Bank of Chicago
Larry Cordell, Federal Reserve Bank of Philadelphia
Michael Hopkins, Federal Reserve Bank of Philadelphia
Yilin Huang, Federal Reserve Bank of Philadelphia
10:00 AM
Break
10:20 AM
Basel III — The Liquidity Rules and Regulations
Moderator
Douglas D Evanoff, Federal Reserve Bank of Chicago
Speakers
Marc Saidenberg, Senior Vice President, Federal Reserve Bank of New York
Joe Bonocore, Corporate Treasurer, JPMorgan Chase & Co.
Jeremy C Stein, Moise Y. Safra Professor of Economics, Harvard University
12:15 PM
Luncheon
Introduction
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Speaker
Neel Kashkari, Managing Director, PIMCO and Former Assistant Secretary, U.S. Treasury Department
1:45 PM
Session A
Bank Risk-taking
Moderator
Gene Amromin, Federal Reserve Bank of Chicago
Andrew Ellul, Indiana University
Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies
Vijay Yerramilli, University of Houston
Giovanni DellAriccia, International Monetary Fund
Monetary Policy, Leverage and Bank Risk-taking
Luc Laeven, International Monetary Fund
Robert Marquez, Boston University
Ing-Haw Cheng, University of Michigan
The Hazards of Debt: Rollover Freezes, Incentives and Bailouts
Konstantin Milbradt, Massachusetts Institute of Technology
1:45 PM
Session B
Bank Responses to Government Intervention
Moderator
Sujit (Bob) Chakravorti, The Clearing House Payments Company, L.L.C.
Lammertjan Dam, University of Groningen
Michael Koetter, University of Groningen
Santiago Carbo-Valverde, University of Granada
Edward J Kane, Boston College
Francisco Rodriguez-Fernandez, University of Granada
Aneta Hryckiewicz, Goethe University Frankfurt
1:45 PM

 

 

Last Updated: 05/17/2011


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Hotel & Area Information

InterContinental Hotel
505 N Michigan Ave
Chicago ,  IL   60611

Tel: (312) 944-4100

 

The InterContinental Hotel is located in the heart of Chicago's famed Magnificent Mile and is the only downtown Chicago hotel with a front entrance on this world-famous thoroughfare. While enjoying all this 4 diamond hotel offers, you are steps from great dining, shopping and entertainment. Please visit the hotel's website to learn more about its amenities and to take a virtual tour.

 

Please Note: The conference rate is no longer available, and the current hotel rate will prevail. To make a reservation, please call the hotel reservation line at (800) 628-2112, or you may also register online.

 

If you have questions or trouble reserving a room, please contact Sandy Schneider via e-mail or at (312) 322-8203.

Parking and Transportation Information

Parking

Parking is available via valet at the Michigan Ave entrance of the InterContinental Hotel. Fee is $53 a day, with unlimited in and out privileges.

Airport Transportation

Shuttles

Shuttles are available from both O'Hare and Midway Airports to the InterContinental Hotel.
GO Airport Express, (888) 284-3826 or book via their website for discount coupons.
Shuttles depart every 15 minutes from either airport; return trip requires 24 hour advance notice. Credit cards accepted.
O'Hare: Check website for current fare.
Midway: Single rate: Check website for current fare.

 
Taxis

Yellow and Checker Cab, (312) 829-4222 or visit their website.

O'Hare: about $42.00
Midway: about $36.00  
Please note a $1.00 surcharge may be added to fare for increased fuel costs.


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A Brief History of the Conference

Since the early 1960s the Federal Reserve Bank of Chicago’s Conference on Bank Structure and Competition has served as a forum for academics, regulators and industry participants to debate current issues affecting the financial services industry. Each year the purpose of the conference is to continue that tradition. This retrospective on the history and evolution of the conference reviews the past four decades of conferences.

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