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Appointment of Dr Donald Kohn to the Interim Financial Policy Committee

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Appointment of Dr Donald Kohn to the Interim Financial Policy Committee House of Commons Treasury Committee Appointment of Dr Donald Kohn to the interim Financial Policy Committee Thirteenth Report of Session 2010–12 Volume II Oral and written evidence Ordered by the House of Commons to be printed 17 May 2011 HC 1052–II Published on 20 June 2011 by authority of the House of Commons London: The Stationery Office Limited £6.00 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) John Cryer MP (Labour, Leyton and Wanstead) Michael Fallon MP (Conservative, Sevenoaks) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Andrea Leadsom MP (Conservative, South Northamptonshire) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Mr George Mudie MP (Labour, Leeds East) Jesse Norman MP (Conservative, Hereford and South Herefordshire) David Ruffley MP (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Mr Chuka Umunna MP (Labour, Streatham) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at www.parliament.uk/treascom. Committee staff The current staff of the Committee are Chris Stanton (Clerk), David Slater (Second Clerk), Adam Wales, Jay Sheth, Peter Stam and Daniel Fairhead (Committee Specialists), Phil Jones (Senior Committee Assistant), Caroline McElwee (Committee Assistant), Steve Price (Committee Support Assistant) and Nick Davies (Media Officer). Contacts All correspondence should be addressed to the Clerk of the Treasury Committee, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 5768; the Committee’s email address is [email protected] Witness Tuesday 17 May 2011 Page Dr Donald Kohn, member of the interim Financial Policy Committee Ev 1 List of written evidence Page 1 Dr Donald Kohn: Response to Treasury Committee Questionnaire Ev 7 2 Dr Donald Kohn: Curriculum Vitae Ev 9 cobber Pack: U PL: COE1 [SO] Processed: [16-06-2011 09:30] Job: 012364 Unit: PG01 Source: /MILES/PKU/INPUT/012364/012364_w002_MP 02 - Don Kohn - Curriculum Vitae.xml Treasury Committee: Evidence Ev 1 Oral evidence Taken before the Treasury Committee on Tuesday 17 May 2011 Members present: Mr Andrew Tyrie (Chair) Michael Fallon John Thurso Mark Garnier Mr Chuka Umunna ________________ Examination of Witness Witness: Dr Donald Kohn, gave evidence. Q1 Chair: Thank you very much for coming before Dr Kohn: No, I will be in Washington DC at the us today, Dr Kohn. This is a new body and requires, Brookings Institution. I think, a good deal of careful thinking on all our parts, about how it is going to function and how its Q3 Chair: How much time will you be in London? accountability will be adequately put in place; Dr Kohn: I will certainly come here quarterly for the something that we are looking at, in the context of a meetings and probably more frequently. I would wider examination of the accountability of the Bank intend to extend my time in London, at a minimum, of England. on those quarterly visits to have visits with people What lessons have you drawn from the financial in the financial markets and talk to people who have crisis? knowledge and interest in financial stability. Dr Kohn: I have drawn a number of lessons from the financial crisis, particularly relative to what I was Q4 Chair: So that we can get a feel for this, are we thinking, say, four or five years ago before the crisis talking about two or three weeks a year in aggregate, began. One lesson I have drawn is that markets, or are we talking about two or three months a year people in the markets, can become excessively in aggregate? complacent and relaxed about risk; not get adequate Dr Kohn: I would say more like a month to two in compensation. Another lesson I have taken— aggregate—in London you mean? Chair: Sorry, what did you say on compensation? I Chair: Yes. just missed that point. Dr Kohn: Certainly four weeks a year, plus some. Dr Kohn: Not get adequately compensated for the risk they were taking, especially the tail risk, which they Q5 Chair: You also advise Congress, don’t you? You tended to ignore. Another lesson I have taken is that advise through working on the Panel of Economic risks are sometimes not as distributed and dispersed Advisers to the Congressional Budget Office? as they appear to be on the surface. This was certainly Dr Kohn: That is a new position that I haven’t true of both credit risk in the mortgage market in the exercised yet and, in fact, because of the FPC meeting United States and elsewhere. In the United States, too in June, I will not be able to attend my first meeting much of it came to rest on a few monoline insurers— of the CBO. That is an advisory panel on the economy AIG and a few other places. Or liquidity risk, which and on macro-economic developments. ended up resting on the banking system and the banking system wasn’t adequately protected against Q6 Chair: Not related to the issues that the FPC is that. going to be dealing with? Another lesson I have drawn is that incentives matter. Dr Kohn: I would think only indirectly related to the I knew incentives mattered already, but I think that issues that the FPC are going to be dealing with. It is incentives, both in compensation and in the way the more about the macro US economy and the factors originate-to-distribute model worked, were not affecting that economy. sufficient to get people to recognise and take account of the risks. I think transparency is important. To some Q7 Chair: Have you given any consideration, if only extent I knew all these things a few years ago, but I to dismiss it, to the problem that there might be some think they have been driven home by the events of the conflict between these two functions? past few years; there are dangers and risks in obscure Dr Kohn: I don’t think there will be a conflict and non-transparent types of financial instruments between these two functions, Mr Chairman. I think when people start buying and selling and they don’t the CBO function is very focused on the US economy, understand what they have. I think I have learned how it is developing, and the issues there. The quite a few lessons, unfortunately, for the economy, I financial stability of the UK banking system would guess, in the past few years. have—I think at most—an indirect effect on the US economy and what we would be considering for the Q2 Chair: You have a very impressive and full CV. CBO. If I attend a meeting and I think there is any Will you be based in London while you are doing conflict of interest I certainly could and would drop this job? off that committee. cobber Pack: U PL: COE1 [E] Processed: [16-06-2011 09:30] Job: 012364 Unit: PG01 Source: /MILES/PKU/INPUT/012364/012364_w002_MP 02 - Don Kohn - Curriculum Vitae.xml Ev 2 Treasury Committee: Evidence 17 May 2011 Dr Donald Kohn Q8 Chair: You will drop off that committee? risky activities from the safety net. I thought a better Dr Kohn: Yes. way of doing that would be to increase the capital on Chair: If there is a clash of meeting times you will those risky activities. If the increase in the capital drop off that meant that the risky activities were no longer committee? profitable for the banks then they would stop doing Dr Kohn: As I have already, yes. them. If they still remained profitable but weren’t taking advantage of the safety net, I thought that was Q9 Chair: To be clear, the work in the UK is your a more flexible, subtle way of approaching the same priority? thing, rather than trying to draw a divide that I think Dr Kohn: That is correct. will be very difficult to draw. Q10 Chair: I asked about conflict. I have no idea Q13 Chair: Is that still your view? After all, you’ve what goes on in the Panel of Economic Advisers, and got it now. since you haven’t apparently attended any of the Dr Kohn: We need to see how the Volcker Rule is meetings we are both somewhat in the dark. implemented. It is the law of the United States right Dr Kohn: Right. now. I think we need to see how it is going to be Chair: Let us suppose that in one of those meetings implemented to see how the costs and benefits line up. you were asked to comment on a regulatory proposal that the US authorities were considering, which would Q14 Chair: You have said that that line will be very have an impact on regulatory arbitrage, which would difficult to draw. have an impact on the location of business between Dr Kohn: I think it will be. the two main global financial centres, what action Chair: Of course, Sir John Vickers is busying trying would you take when asked that question? to draw one of those too.
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