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The Future of Financial Regulation: Structural Reform or Status Quo?

A Symposium Sponsored by the
Federal Deposit Insurance Corporation

National Press Club, Washington, DC
March 13, 2003

  • Photo Essay

    8:00 AM Registration/Continental Breakfast

    8:30 AM Kickoff Speaker
    Donald E. Powell, Chairman, Federal Deposit Insurance Corporation

    9:00 AM Guest Speaker
    Honorable Michael G. Oxley, Chairman of the Committee on Financial Services, House of Representatives

    9:30 AM

    Panel One - The Roots of Financial Regulation: Needless Duplication or Healthy Competition

    The U.S. system of financial regulation consists of a complex web of agencies with specialized areas of authority and overlapping jurisdictions. It has alternately been attacked as an anachronism and defended for its uniquely American approach to balancing competing goals and constituencies. Panelists will look at the fundamental goals of financial regulation, how the current system evolved to meet those goals - and how well the system works today.

    Moderator: Arthur Murton, Director, Division of Insurance and Research, Federal Deposit Insurance Corporation
    Panelists: John. C. Dugan, Partner, Covington and Burling
    Camden Fine, President and CEO, Midwest Independent Bank
    Rick Lazio, President and CEO, Financial Services Forum
    Robert E. Litan, Vice President and Director of the Economic Studies Program, Brookings Institution

    10:45 AM Break

    11:00 AM

    Panel Two - The Design of Financial Regulation and the Way Forward: Blueprints for Reform, Political Realities, and the Pathway to Change

    The regulatory structure for the financial services industry should promote the key goals of ensuring financial stability, protecting consumers, promoting a vibrant and innovative financial industry, and operating efficiently. Panelists will examine the current system in light of these priorities, and offer ideas on how the financial regulatory structure could be improved. For years, the hopes of regulatory reformers have been dashed - not least perhaps because changes that impact important constituencies cannot be enacted absent a major crisis. Against the backdrop of today's realities, panelists will also consider the prospect for meaningful improvements in our system of financial regulation.

    Moderator: William F. Kroener III, General Counsel
    Federal Deposit Insurance Corporation
    Panelists: Sheila C. Bair, Distinguished Scholar, University of Massachusetts - Amherst
    Eugene A. Ludwig, Managing Partner, Promontory Financial Group
    Cantwell F. Muckenfuss III, Partner, Gibson, Dunn & Crutcher
    Gary H. Stern, President, Federal Reserve Bank of Minneapolis (Invited)
    12:30 PM Break

    12:45 PM Lunch

    1:15 PM Luncheon Keynote Address
    Kenneth D. Lewis, Chairman and CEO Bank of America

  • Last Updated 03/20/2003

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