Supervising Large, Complex Financial Institutions - FEDERAL RESERVE BANK of NEW YORK

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Supervising Large, Complex Financial Institutions: Defining Objectives and Measuring Effectiveness

March 18, 2016



Federal Reserve Bank of New York 10th Floor, Benjamin Strong Room

8:30 a.m.	Registration and Continental Breakfast

9:00 a.m.	Welcome and Opening Remarks William C. Dudley President and Chief Executive Officer Federal Reserve Bank of New York

9:15 a.m.	Session 1: The Theory and Practice of Supervision “Supervising Large Complex Financial Institutions: What Do Supervisors Do?” Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, Anna Kovner, David Lucca and Matthew Plosser Presenter: Beverly Hirtle (presentation) Senior Vice President, Research & Statistics Group Federal Reserve Bank of New York “The Economics of Bank Supervision” Thomas Eisenbach, David Lucca and Robert Townsend Presenter: Thomas Eisenbach (presentation) Economist, Research & Statistics Group Federal Reserve Bank of New York Discussant: Douglas W. Diamond (presentation) Merton H. Miller Distinguished Service Professor of Finance The University of Chicago Booth School of Business Discussant: Mark J. Flannery (presentation) Chief Economist and Director of Economic and Risk Analysis Division Securities and Exchange Commission Moderator: Kevin J. Stiroh Executive Vice President, Head of the Supervision Group Federal Reserve Bank of New York


10:30 a.m.	Break


11:00 a.m.	Session 2: Panel Discussion on Defining the Objectives and Goals of Supervision Panelists: Andrew Bailey Deputy Governor for Prudential Regulation and Chief Executive Officer U.K. Prudential Regulation Authority, Bank of England Michael S. Gibson Director, Division of Supervision and Regulation Board of Governors of the Federal Reserve System Thomas M. Hoenig (full text of remarks) Vice Chairman Federal Deposit Insurance Corporation Eric S. Rosengren (full text of remarks) President and Chief Executive Officer Federal Reserve Bank of Boston Chair: James J. McAndrews Executive Vice President, Director of Research & Statistics Group Federal Reserve Bank of New York


12:30 p.m.	Lunch (1st Floor, Liberty Room)


1:45 p.m.	Session 3: Measuring the Impact of Supervision “Parsing the Content of Bank Supervision” Paul Goldsmith-Pinkham, Beverly Hirtle and David Lucca Presenter: Paul Goldsmith-Pinkham (presentation) Economist, Research & Statistics Group Federal Reserve Bank of New York “The Impact of Supervision on Bank Performance” Beverly Hirtle, Anna Kovner and Matthew Plosser Presenter: Matthew Plosser (presentation) Economist, Research & Statistics Group Federal Reserve Bank of New York Discussant: Antoinette Schoar (presentation) Michael Koerner ’49 Professor of Entrepreneurial Finance MIT Sloan School of Management Discussant: Philip E. Strahan (presentation) John L. Collins Chair in Finance Carroll School of Management, Boston College Moderator: Margaret M. McConnell Senior Vice President, Integrated Policy Analysis Group Federal Reserve Bank of New York


3:00 p.m.	Break

3:30 p.m.	Session 4: Panel Discussion on Measuring the Effectiveness of Supervision Panelists: Ron J. Feldman Executive Vice President and Senior Policy Advisor Federal Reserve Bank of Minneapolis Timothy P. Clark Senior Associate Director, Division of Supervision and Regulation Board of Governors of the Federal Reserve System Martin Pfinsgraff Senior Deputy Comptroller for Large Bank Supervision Office of the Comptroller of the Currency Stefan Walter Director General of Micro-prudential Supervision I European Central Bank Chair: Joao Santos Vice President, Research & Statistics Group Federal Reserve Bank of New York


4:45 p.m.	Reception (1st Floor, East Wing)