Washington, D.C. — The 2008 financial crisis—which brought on a devastating recession and painful recovery—was in large part a failure of shadow banking credit markets. These credit markets are large and sometimes ill-defined parts of the financial system that connect both borrowers and savers and support real economy credit, similar to a classic bank. But instead of classic banks, with their underwriting practices and Federal Deposit Insurance Corporation-insured deposits, credit markets extend credit through trading markets such as repurchase agreements, commercial paper, and securitizations; are supported by nonbank financial institutions such as asset managers, hedge funds, and insurance companies; and are evaluated by gatekeepers such as credit rating agencies. While the Dodd-Frank Wall Street Reform and Consumer Protection Act has put in place important reforms to strengthen these markets and the financial system as a whole, significant risks remain in shadow banking.
On Tuesday, July 12, the Center for American Progress and Americans for Financial Reform will host Sen. Sherrod Brown (D-OH)—the ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs—and U.S. Federal Reserve Board of Governors Member Daniel Tarullo for an event on shadow banking, the role it plays in the economy, and how to better address the risks it creates. An expert panel will explore the nature of shadow banking, how it has evolved since the financial crisis, the steps taken since the financial crisis to mitigate risks, and the need for additional action to address continuing issues.
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WHO:
Welcoming remarks:
Neera Tanden, President and CEO, Center for American Progress
Lisa Donner, Executive Director, Americans for Financial Reform
Remarks:
Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System
In conversation:
Sen. Sherrod Brown (D-OH)
Marc Jarsulic, Vice President for Economic Policy, Center for American Progress
Distinguished panelists:
Adam Ashcraft, Senior Vice President, Federal Reserve Bank of New York
Bill Harrington, Journalist, DebtWire
Carolyn Sissoko, Fellow, University of Southern California Center for Law and Social Science
Daniel Schwarcz, Julius E. Davis Professor of Law, University of Minnesota Law School
Jennifer Taub, Author, Other People’s Houses
Moderator:
Marcus Stanley, Policy Director, Americans for Financial Reform
WHEN:
Tuesday, July 12, 2016 at 9:00 a.m. ET
WHERE:
Center for American Progress
1333 H Street, NW
10th Floor
Washington, D.C. 20005
For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.