Federal Reserve Reform: A Conversation With Rep. Andy Barr
Federal Reserve Reform: A Conversation With Rep. Andy Barr
Wednesday, June 27, 2018 | 8:30 am - 10:30 pm
AEI, Auditorium, 1789 Massachusetts Avenue NW, Washington, DC 20036
Event Link: www.aei.org/events/federal-reserve-reform-a-conversation-...
Event Video: www.youtube.com/watch?v=mbbGrxoRfPA
Event Summary: Wednesday morning at AEI, Rep. Andy Barr (R-KY) joined AEI’s Paul H. Kupiec to discuss the competency and governance of the Federal Reserve System. They discussed whether an informed citizen has the capacity to understand the Fed’s conduct of monetary policy. Rep. Barr explained a bill he proposed that would require the Fed to better articulate and communicate a monetary policy, which he believes would help community members understand the Fed’s thinking and the future path of monetary policy.
Following their conversation, an expert panel further discussed the problems facing the Fed. Peter Conti-Brown of the Wharton School of the University of Pennsylvania discussed where and how to insert politics into the Fed’s institutional space. He believes the goal should be to maximize economic performance. The Cato Institute’s George Selgin believes that the floor operating system running the Fed must be discussed. Brookings Institution’s Aaron Klein addressed the problem of groupthink within the regional banking system. He discussed trends in the selection of regional banking presidents and showed that the majority have been previously affiliated with the Fed. Alex Pollock of the R Street Institute spoke about the Fed’s inevitable knowledge problem, 2 percent inflation, the expropriation of savers, and the Fed and
Event Description:
Responding to the financial crisis, the Federal Reserve chose to greatly expand its role in the economy. It went from managing the federal funds rate to bailing out the largest financial institutions, pegging short-term rates near zero, and purchasing massive amounts of long-term government bonds and mortgage-backed securities. These policies inflated risky asset prices and exacerbated wealth inequality but failed to generate robust economic growth.
Join AEI, Rep. Andy Barr (R-KY), and a panel of experts as they discuss the national debate on the competency and governance of the Federal Reserve System. Has the Fed become too powerful and unaccountable? Is legislation needed to modify the Fed’s mandate or improve its structure, governance, and accountability?
8:15 AM Registration - 8:30 AM Introduction Paul Kupiec, AEI
8:35 AM Discussion Andy Barr, Chairman of the House Subcommittee on Monetary Policy and Trade (R-KY) Paul Kupiec, AEI
8:50 AM Q&A - 9:00 AM Panel discussion
Moderator: Paul Kupiec, AEI
Participants: Peter Conti-Brown, Wharton School of the University of Pennsylvania;
Aaron Klein, Brookings Institution; Alex Pollock, R Street Institute;
George Selgin, Cato Institute
10:00 AM Q&A - 10:30 AM Adjournment
Speaker Biographies
Andy Barr has served as the US representative for Kentucky’s 6th Congressional District since January 2013. He is a member of the US House of Representatives Committee on Financial Services and chairman of the Subcommittee on Monetary Policy and Trade. He earned his bachelor of arts in government and philosophy from the University of Virginia and his law degree from the University of Kentucky.
Peter Conti-Brown is an assistant professor at the Wharton School of the University of Pennsylvania. A financial historian and a legal scholar, he studies central banking, financial regulation, and public finance, with a particular focus on the history and policies of the US Federal Reserve System. He is the author of the book “The Power and Independence of the Federal Reserve” (Princeton University Press, 2016), the editor of two other books, and author or coauthor of a dozen articles on central banking, financial regulation, and bank corporate governance. He received a law degree from Stanford Law School and a Ph.D. in history from Princeton University. He is currently working on two books, both forthcoming from Harvard University Press. The first is a history of bank supervision in the United States since the Civil War (coauthored with Sean Vanatta), and the second is a comprehensive political and institutional history of the US Federal Reserve System.
Aaron Klein is a fellow in economic studies and policy director of the Center on Regulation and Markets at Brookings Institution. He focuses on financial regulation and technology, macroeconomics, and infrastructure finance and policy. Previously, he directed the Bipartisan Policy Center’s Financial Regulatory Reform Initiative and served at the US Department of Treasury as deputy assistant secretary for economic policy. Before his appointment as deputy assistant secretary in 2009, he served as chief economist of the US Senate Committee on Banking, Housing and Urban Affairs for Chairmen Chris Dodd and Paul Sarbanes. Mr. Klein is coeditor of Thomson Reuters’ FinTech Law Report. He serves as an external economist and consultant for the National Homebuyers Fund and NAFOA. He has recently written papers commissioned by SecureView and provides occasional expert analysis for several groups, including Gerson Lerhman Group, AlphaSights, and Guidepoint. He previously served as an economist for the Dollar Coin Alliance. Mr. Klein is a graduate of Dartmouth College and the Woodrow Wilson School of Public and International Affairs at Princeton University.
Paul H. Kupiec is a resident scholar at AEI, where he studies the management and regulation of banks and financial institutions markets, including issues of systemic risk and the impact of financial regulations on the US economy. Before joining AEI, Dr. Kupiec was director of the Center for Financial Research at the Federal Deposit Insurance Corporation (FDIC) and served as chairman of the Research Task Force at the Basel Committee on Banking Supervision. Before joining the FDIC, he held positions at the International Monetary Fund, Freddie Mac, J. P. Morgan, and the Board of Governors of the Federal Reserve System. Dr. Kupiec has served on the editorial boards of the Journal of Financial Services Research, The Journal of Risk, and the Journal of Investment Management. He was a member of the Shadow Financial Regulatory Committee.
Alex J. Pollock is a distinguished senior fellow at the R Street Institute. He was previously a resident fellow at AEI. Before joining AEI, he was president and CEO of the Federal Home Loan Bank of Chicago from 1991 to 2004. He focuses on financial policy issues, including financial cycles, government-sponsored enterprises, housing finance, banking, central banking, uncertainty and risk, retirement finance, corporate governance, and political responses to financial crises. He is the author of “Boom and Bust: Financial Cycles and Human Prosperity” (AEI Press, 2010), as well as numerous articles and congressional testimonies. Mr. Pollock is a director of CME Group, Great Lakes Higher Education Corporation, and the Great Books Foundation, where he was chairman of the board from 2006 to 2014. He is a former president of the International Union for Housing Finance.
George Selgin is a senior fellow and director of the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia. His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought. He is one of the founders, along with Kevin Dowd and Lawrence H. White, of the Modern Free Banking School. He has written for numerous scholarly journals, including the British Numismatic Journal, The Economic Journal, the Economic History Review, the Journal of Economic Literature, and the Journal of Money, Credit and Banking, and for popular outlets such as the Christian Science Monitor, the Financial Times, and The Wall Street Journal. Dr. Selgin retired from the University of Georgia to join Cato in September 2014. He has also taught at George Mason University, the University of Hong Kong, and West Virginia University. He holds a B.A. in economics and zoology from Drew University and a Ph.D. in economics from New York University.
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