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Minneapolis Fed hosting conference on large bank resiliency and public transparency

Experts agree large banks continue to pose risk to taxpayers

Minneapolis, October 15, 2020

Minneapolis Fed hosting conference on large bank resiliency and public transparency

The Federal Reserve Bank of Minneapolis is hosting “Empowering the public to assess large bank resiliency,” a virtual conference that will bring together leading experts on banking and regulatory policy, including stress testing, to discuss ways to empower the public to make their own assessments of the strength of large banks. The event will take place on Monday, Oct. 19, 2020, from 11:00 a.m. – 1:00 p.m. CT. To register for this important discussion, go to https://frbminneapolis.cvent.com/d/k7q46y.

More than a decade ago, the economy was devasted by the collapse of many of the nation’s largest banks and required a massive bailout funded by taxpayers. Today, as COVID-19 continues to create enormous uncertainty about the path of the economy, the public’s ability to assess the true condition of the nation’s largest banks remains limited.

“Twelve years after one of the country’s worst recessions, banks are still too big to fail and American taxpayers are still at risk,” said Minneapolis Fed President Neel Kashkari. “One way we can ensure that we have appropriate policy toward banks is making the public more informed on their true condition. The need for transparency on banking conditions has never been greater.”

With a keynote address from Sir John Vickers, professor of economics and warden, All Souls College, University of Oxford, and a panel of banking policy experts moderated by Ann Saphir of Reuters, “Empowering the public to assess large bank resiliency” will tackle key questions on this important issue, such as: What tools and information would best equip the public to make these judgments? What government policies could ensure transparency into the financial condition of the largest banks? How can these efforts reduce the chance of future bailouts?

The conference is part of an ongoing effort by the Minneapolis Fed to protect taxpayers by working to ensure that large banks remain resilient. Last month, the Minneapolis Fed launched the COVID-19 stress test tool, which uses publicly available data on the banking system to give the public the ability to assess the financial resilience of the largest banks in the United States.

Confirmed speakers and panelists:

  • Stephen Cecchetti, Professor of Economics, Brandeis University
  • Lisa Donner, Executive Director, Americans for Financial Reform
  • Ron Feldman, First Vice President, Federal Reserve Bank of Minneapolis
  • Beverly Hirtle, Director of Research, Federal Reserve Bank of New York
  • Neel Kashkari, President, Federal Reserve Bank of Minneapolis
  • Deborah Lucas, Professor of Finance, MIT Sloan School of Management
  • Adi Sunderam, Professor of Business Administration, Harvard Business School
  • Sir John Vickers, Professor of Economics and Warden, All Souls College, University of Oxford

The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.