DOCSLIB.ORG

Treasury Secretary Lew's Calendar for April 2016 to June 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Treasury Secretary Lew's Calendar for April 2016 to June 2016 Calendar List 4/1/ 2016 - 4/5/2016 Secretary Lew Q) Calendar I Start End Category Description D 8:30 AM 9:00 AM White House Morning Advisors Meeting, Denis McDonough's Office =. 9~ociii~1""·········9~is·M1··························· Meeting with Staff, Secretary's Office 9:05AM 9:15AM 9:30AM lO:OOAM Morning Meeting, Secretary's Small Conference Room 10:15 AM ll:OOAM Meeting with Liu-He, Chinese Minister ofCentral Finance and Economics, Secretary's Small Conference Room 11:30AM 12:00PM Meeting with Staff, Secretary's Large Conference Room l:OOPM 3:46PM Personal Travel 5:00PM 6:00PM REMA1N OVERNIGHT fl 8:00 AM 9:00 AM NO omcIAL SCHEDULE - REMAIN OVERNIGHT Ap< ••••••••••••••••••• ••••••••• ••••••••• ••••••••• ••••••••• ••••••••• ••••• ••••••••• •••••••• ••••••••• ••••••••• ••• ••••••••• •••••••••••••••••••••••••••••••••••• 2016 II 8:00 AM 9:00 AM NO omcIAL SCHEDULE :. 8~45·J\M···········9~iiiil\M···························· Phone Call from JeffZients, Secretary's Residence u 8:30 AM 9:00 AM White House Morning Advisors Meeting, Denis McDonough's Office :. 9~ocil\M···········9j·5·J\M···························· Meeting with Staff, Secretary's Office 9:15AM lO:OOAM Daily Briefing, Secretary's Office 10:30AM ll:OOAM Meeting with Staff, Secretary's Small Conference Room ll:OOAM 11:30AM Morning Meeting, Secretary's Large Conference Room 11:30AM 12:00PM Monthly Meeting with IRS Commissioner John Koskinen 12:00PM 12:15PM Meeting with Staff, Secretary's Office 12:50PM 12:55PM Phone Call from Ted Perez, Secretary's Office 1:15 PM 2:00PM Meeting with Staff, Secretary's Small Conference Room 1:45 PM 2:00PM Phone Call with Health and Human Services Secretary Sylvia Burwell, Secretary's Office 2:00PM 2:30PM 2:40PM 3:40PM 4:02PM 4:12PM Phone Call to Senator Ron Wyden, Secretary's Office 4:30PM 5:00PM 4:35PM 4:45PM Phone Call to Senator Chuck Schumer, Secretary's Office 5:05 PM 5:15 PM Phone Call to Senator Sherrod Brown, Secretary's Office 5:30PM 6:00PM Meeting with Adam Szubin, Secretary's Office d 7:50 AM 8:00 AM Phone Call to JeffZients, Secretary's Office :. 8j.(il\M···········9:oiil\M·························· White House Morning Advisors Meeting, Denis McDonough's Office 9:00AM 9:30AM Huddle with JeffZients, JeffZients Office 9:30AM lO:OOAM Morning Meeting, Secretary's Small Conference Room lO:OOAM 10:15 AM Meeting with Staff, Secretary's Office 10:30AM ll:OOAM Daily Briefing, Secretary's Office ll:OOAM 12:00PM Meeting with David Lipton, Secretary's Office l:OOPM 1:15 PM Meeting with Staff, Secretary's Small Conference Room 1:30PM 1:45PM Phone Call with Acting Social Security Administration Commissioner Carolyn Colvin, Secretary's Office 1:45 PM 2:15 PM Meeting with Staff, Secretary's Small Conference Room 3:00PM 3:05PM C 2016 lotus Developmen1 Co<p. 7127/2016 at 10:26 AM P~1 Calendar List 4/5/2016 - 4/7/2016 Secretary Lew Q) Calendar I Start End Category Description 1:1 3:15 PM 3:45PM Meeting with Staff, Secretary's Small Conference Room :. 3~45.i>'M 4:15 PM Meeting with Staff, Secretary's Small Conference Room 4:30PM 5:30PM Meeting with Staff, Secretary's Small Conference Room 8:00AM 8:45AM Financial Services Forum Meeting, Jefferson Hotel, Gallatin Room, 1200 16th St, NW ................................................................... 201• 9:00AM 9:15AM Meeting with Staff, Secretary's Office 9:30AM lO:OOAM Morning Meeting, Secretary's Small Conference Room lO:OOAM 10:30AM Daily Briefing, Secretary's Office 10:30AM 10:45AM Weekly Meeting with Adam Szubin, Secretary's Office 12:00 PM l:OOPM Weekly Lunch with Fed Chair Janet Yellen, Federal Reserve Board 1:25 PM 1:35 PM Phone Call to JeffZients, Secretary's Office 1:50PM 2:00PM Phone Call to Finance Minister Alfonso Pray-Gay, Secretary's Office 3:25 PM 3:35PM Phone Call to Larry Fink, Secretary's Office 3:30PM 4:00PM Meeting with Staff, Secretary's Small Conference Room 3:50 PM 4:00PM Phone Call from Larry Fink, Secretary's Office 4:30PM 5:00PM Meeting with Staff, Secretary's Small Conference Room 5:30PM 6:00PM Meeting with Staff, Secretary's Small Conference Room 5:40PM 5:55PM Phone Call to Jackie Calmes, NYT, Secretary's Office 5:58 PM 6:08PM 6:30PM 6:45PM Phone Call from White House Staff, Secretary's Office 9:45 PM 9:55PM Phone Call from Senator Chuck Schumer, Secretary's Residence II 8:30 AM 9:00 AM White House Morning Advisors Meeting, Denis McDonough's Office :. 9~ociM1· · · ·· ··· · · · 9~i·s· Mi·· · · ·· ·· ··· · · ·· ·· ··· · · ·· ·· ·· Meeting with Staff, Secretary's Office 9:10AM 9:20AM Phone Call to JeffZients, Secretary's Office 9:30AM lO:OOAM Morning Meeting, Secretary's Small Conference Room 9:45AM 9:55AM Phone Call to Mario Draghi, President European Central Bank, Secretary's Office 10:09AM 10:19 AM Phone Call to IMF Managing Director Christine Lagarde, Secretary's Office 10:30AM 10:40AM Phone Call with Masa Asakawa, Vice Minister for International Affairs, Secretary's Office 10:45AM 10:55AM Phone Call to JeffZients, Secretary's Office ll:OOAM 11:30AM Ceremonial Swearing-In - Sunil Sabharwal, Alt Exec Director USA IMF, Cash Room 11:30AM 12:30PM Office Time 11:45AM 11:55AM Phone Call to Fed ChairJanet Yellen, Secretary's Office 12:20 PM 12:30PM Phone Call from JeffZients, Secretary's Office 12:50PM l:OOPM l:OOPM 1:30PM Interview with Steve Clemons, Atlantic, Secretary's Small Conference Room l:lOPM 1:20PM Phone Call to JeffZients, Secretary's Office 1:50PM 2:05PM Phone Call to Mario Draghi, President European Central Bank, Secretary's Office 2:05 PM 2:20PM Phone Call to Masa Asakawa, Secretary's Office 2:35 PM 2:45 PM Phone Call to Former Secretary Timothy Geithner, Secretary's Office 3:30PM 4:00PM Prep for EU Comissioner Vestager, Secretary's Office 4:00PM 4:45PM Bilat for EU Commissioner Vestager, Secretary's Small Conference Room 4:50PM 5:00PM One-on-One Meeting with EU Commissioner Vestager, Secretary's Office 5:30PM 6:00PM Weekly Meeting with Deputy Secretary Raskin, Secretary's Office C 2016 lotus Oevelopmen1 Co<p. 7127/2016 at 10:26 AM Poge2 Calendar List 4/7 /2016 - 4/13/2016 Secretary Lew Q) Calendar I Start End Category Description II 6:50 PM 7:20 PM Phone Call with DPM Taro Aso, Secretary's Office :0 1;o(ii>M············7;i"Cli>M···························· Phone Call from JeffZients, Secretary's Office 7:30PM 7:40 PM Phone Call to Christine Lagarde, Secretary's Office 7:45 PM 7:55 PM Phone Call from JeffZients, Secretary's Office b 8:50AM 9:20AM Remarks at Ex-Im, Regency Ballroom, Omni Shoreham Hotel, 2500 Calvert St, NW AlK .............................................................. 2016 9:45 AM 10:45 AM myRA Satellite Media Tour, National Press Club, 529 14th St, NW ll:OOAM 11:15 AM Meeting with Staff, Secretary's Office 11:30AM 12:00PM Meeting with Staff, Secretary's Small Conference Room 11:40AM 11:50AM Phone Call to Wolfgang Schauble, Secretary's Office l:OOPM 1:30 PM Meeting with Staff, Secretary's Small Conference Room 2:00 PM 2:15PM Weekly Meeting with Antonio Weiss, Secretary's Office 3:00PM 3:30PM Meeting with Staff, Secretary's Small Conference Room 3:30PM 4:00PM 4:00PM 4:30PM Meeting with Staff, Secretary's Small Conference Room liJI 8:00 AM 9:00 AM NO omcIAL SCHEDULE ""' ............................................................................................................................. 2016 IIiJ 8:30 AM 9:30 AM NO omcIAL SCHEDULE ""' ............................................................... 2016 W 1:45AM 2:15AM Meeting with Staff, Secretary's Small Conference Room Aor ..•.•.•.•....•.•...•.•......•.•.•....•.•.•.•.•.•••.. •.•.•••..• 2016 3:00AM 4:00AM Personal Appointment .................................................................. 8:15AM 9:30AM Foreign Affairs Speech & Moderated Conversation, Council on Foreign Relations, 1777 F St, NW 9:45 AM IO:OOAM Meeting with Staff, Secretary's Office IO:OOAM 10:45AM Daily Briefing, Secretary's Office ll:OOAM 11:30AM Senior StaffMeeting, Secretary's Large Conference Room l:OOPM 1:20PM Interview with Kai Ryssdal, Marketplace, Diplomatic Reception Room ................................................................................................... 2:00 PM 2: 10PM lfj 8:30AM 9:00AM White House Morning Advisors Meeting, Denis McDonough's Office ADI' ••••••••••••••••••••••••••••••••• 2016 9:00AM 9:15AM Meeting with Staff, Secretary's Office 9:30AM IO:OOAM Morning Meeting, Secretary's Small Conference Room IO:OOAM 10:30AM Daily Briefing, Secretary's Office 10:45AM 11:15 AM Meeting with Staff, Secretary's Small Conference Room 12:00 PM 1:00 PM Lunch with Piper Campbell, Secretary's Small Conference Room 12:25 PM 12:35 PM Phone Call from Mario Draghi, Secretary's Office l:lOPM 1:20PM 2:00 PM 2:30PM Moderated Conversation at US Chamber ofCommerce, 1615 H Street, N.W. 3:00PM 3:30PM Meeting with Staff, Secretary's Small Conference Room 4:00PM 4:30PM Meeting with Senators Durbin, Brown and Warren, Room S-521, Capitol 8:00AM 9:00AM Weekly Breakfast with Fed Chair Janet Yellen, Secretary's Small Conference Room AlK . ......... ..... ..... ..... ..... ..... ... 2016 9:00 AM 9:20 AM Meeting with Staff, Secretary's Office 9:30AM IO:OOAM Morning Meeting, Secretary's Small Conference Room C 2016 lotus Developmen1 Co<p. 7127/2016 at 10:26 AM P~3 Calendar List 4/13/2016 - 4/15/2016 Secretary Lew Q) Calendar I start End Category ID 10:25 AM 10:30 AM :. fojo·A:M· ·······1ioo·i>iC.. Let Girls Learn Event with FLOTUS, World Bank Atrium, 1818 H Street, NW 12:30 PM 1:00 PM Bilat with PBOC Governor Xiaochuan Zhou, IMF HQ1, 13-319 (U.S. ED's Conference Room) 1:15 PM 1:45 PM Meeting with Staff, Secretary's Small Conference Room 2 :00 PM 2 :30 PM CNBC Interview with Sara Eisen, Diplomatic Reception Room 3:30 PM 3:40 PM Phone Call to Senator Debbie Stabenow, Secretary's Office 3:50 PM 5:10 PM 5:30 PM 6:1 5 PM 6:1 5 PM 6:45PM Bilat with French Finance Minister Michel Sapin, Secretary's Small Conference Room m8:50AM 9:20AM Bilat with Chinese Finance Minister Lou Jiwei, Grant Room., MT :.
Load more

Recommended publications
  • The Value of Connections in Turbulent Times: Evidence from the United States
    The Value of Connections In Turbulent Times: Evidence from the United States Daron Acemoglu Simon Johnson Amir Kermani MIT and NBER MIT and NBER MIT James Kwak Todd Mitton University of Connecticut BYU First Version: May 2009 This Version: May 2013 Abstract The announcement of Tim Geithner as President-elect Obama’snominee for Treasury Sec- retary in November 2008 produced a cumulative abnormal return for …nancial …rms with which he had a personal connection. This return was around 15 percent from day 0 through day 10, relative to other comparable …nancial …rms. This result holds across a range of robustness checks and regardless of whether we measure connections in terms of …rms with headquar- ters in New York City, meetings he had in 2007-08, or non-pro…t board memberships he shared with …nancial services executives. There were subsequently abnormal negative returns for connected …rms when news broke that Geithner’s con…rmation might be derailed by tax issues. Roughly in line with market expectations, the Obama administration hired people from Geithner-connected …rms into top level …nancial policy positions. Geithner’s policies proved supportive of large …nancial …rms’executives, shareholders, and creditors –including for Citigroup, with which he had the strongest prior connections. But the market-perceived quantitative value of connections is broader than just for the “too big to fail” category. We argue that this value of connections re‡ects the perceived impact of relying on the advice of a small network of …nancial sector executives during a time of acute crisis and heightened policy discretion. Keywords: cultural capture, political connections, economic crises, institutions JEL Classi…cation: G01, G14, G21, G28 For helpful comments we thank seminar participants at MIT, Harvard Business School, the International Monetary Fund, the University of Alberta, BYU, and the 2012 Econometric Society meetings.
    [Show full text]
  • Download PDF (2.5
    INTERNATIONAL MONETARY FUND DAVID LIPTON Can Globalization Still Deliver? The Challenge of Convergence in the 21st Century 16th Annual Stavros Niarchos Foundation Lecture INTRODUCTION BY LAWRENCE SUMMERS Peterson Institute for International Economics Washington, DC • May 24, 2016 ©International Monetary Fund. Not for Redistribution Convergence_LiptonSpeech_Eng_R6.indd 18-19 7/7/16 6:09 PM Mr. David Lipton assumed the position of First Deputy Managing Director of the International Monetary Fund on September 1, 2011. On March 28, 2016, Mr. Lipton was reappointed for a second five-year term beginning September 1, 2016. Before coming to the Fund, Mr. Lipton was Special Assistant to the President, and served as Senior Director for International Economic Affairs at the National Economic Council and National Security Council at the White House. Previously, Lipton was a Managing Director at Citi, where he was Head of Global Country Risk Management. In that capacity, he chaired Citi’s Country Risk Committee, worked for the Senior Risk Officer, and advised senior management on global risk issues. Prior to joining Citi in May 2005, he spent five David Lipton years at Moore Capital Management, a global hedge IMF First Deputy Managing Director David Lipton delivered this speech fund and, before that, a year at the Carnegie Endow- ment for International Peace. at the 16th Annual Stavros Niarchos Foundation Lecture series at the Peterson Institute for International Economics in Washington, D.C., on May 24, 2016, where he was Lipton served in the Clinton administration at the introduced by former U.S. Secretary of the Treasury Lawrence Summers. Treasury Department from 1993 to 1998.
    [Show full text]
  • ML Strategies Update Financial Services Legislative and Regulatory Update
    ML Strategies Update Jason Rosenstock [email protected] ML Strategies, LLC 701 Pennsylvania Avenue, N.W. Abby Matousek Washington, DC 20004 USA [email protected] 202 296 3622 202 434 7400 fax Follow us on Twitter: @MLSFinRegUpdate www.mlstrategies.com JANUARY 14‚ 2013 Financial Services Legislative and Regulatory Update Leading the Past Week As was widely anticipated, President Obama announced that he was nominating Jack Lew to succeed Treasury Secretary Geithner. With Lew having already gone through the confirmation process twice before, it is expected that he will sail through. However, it does seem that he has some detractors, and that there could be opposition based more on policy than personality. And of course, there is “serious” concern about how his unique signature would appear on the nation’s currency. The Congressional recess last week didn’t prevent the CFPB from rolling out its much anticipated qualified mortgage, or “QM” standard, which was included as part of a larger “ability to repay rule”. This new rule, along with the continued announcements of additional settlements between lenders and their regulators, the latest one dealing with questionable foreclosure practices, is seen by some as necessary to turn the page on the core causes of the financial crisis. Similarly, in international news, the Basel Committee finalized recommendations for liquidity standards and risk reporting, with the former offering concessions to the industry. Legislative Branch Senate Senate Confirms Berner to Head Office of Financial Research On January 1st, following the release of a hold by Senator Charles Grassley (R-IA), the Senate confirmed Richard Berner to head the Treasury Department’s Office of Financial Research (OFR).
    [Show full text]
  • OFFICIAL MEETINGS P2 PRESS BRIEFINGS P12 SEMINARS CULTURAL EVENTS
    OFFICIAL MEETINGS p2 PRESS BRIEFINGS p12 SEMINARS p22 CULTURAL EVENTS p28 1 8,800 Participants 3,664 Delegates 544 Observers 776 Press 590 CSO Total events 859 2 I would like to thank all of the participants who came from around the world to attend the 2016 Spring Meetings. During the week of April 11–17, we welcomed thousands of Finance Ministers, Central Bank Governors, and many other official delegates to Washington, DC, where they were joined by representatives of other international organizations, the private sector, media, civil society organizations, member country parliaments, academia, and think tanks. Together we collectively confronted a range of pressing global economic issues and challenges, in a secure and inclusive environment. I hope it was a pleasant and productive experience for all involved. This publication provides a sampling of the more than 300 meetings, seminars, press conferences, and other major events which took place during the Spring Meetings. For more information, including a complete collection of documents, videos and photos, please go to the IMF Connect website (www.imfconnect.org). Jianhai Lin, Secretary International Monetary Fund 1 official meetings 2 INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE PLENARY SESSION Attendance: IMFC Members, Alternates, and Observers This meeting of the 24 member International Monetary and Financial Committee featured a presentation by the Managing Director, followed by a discussion on matters of concern affecting the global economy. The Committee’s discussion served to provide guidance for the IMF’s work program. The present Chairman of the Committee is Agustín Carstens, Governor of the Bank of Mexico. The event began with a family photo and concluded with a press conference.
    [Show full text]
  • Congress Underestimated: the Case of the World Bank
    University of Michigan Law School University of Michigan Law School Scholarship Repository Articles Faculty Scholarship 2013 Congress Underestimated: The aC se of the World Bank Kristina Daugirdas University of Michigan Law School, [email protected] Available at: https://repository.law.umich.edu/articles/625 Follow this and additional works at: https://repository.law.umich.edu/articles Part of the Constitutional Law Commons, Legislation Commons, Organizations Law Commons, and the President/Executive Department Commons Recommended Citation Daugirdas, Kristina. "Congress Underestimated: The asC e of the World Bank." Am. J. Int'l L. 107, no. 3 (2013): 517-62. This Article is brought to you for free and open access by the Faculty Scholarship at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Articles by an authorized administrator of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. This article is reproduced with permission from the July 2013 issue of the American Journal of International Law © 2013 American Society of International Law. All rights reserved. CONGRESS UNDERESTIMATED: THE CASE OF THE WORLD BANK By Kristina Daugirdas* International organizations undermine democracy, or so their critics charge: not only do international organizations themselves operate undemocratically,1 but they undercut demo- cratic governance within their member states. In particular, when states participate in inter- national organizations, they lose control over policy outcomes because each state must share decision-making authority with other member states.2 And within member states, national legislatures—the bodies specifically designed to be responsive to popular control—are margin- alized.3 Legislatures lack direct influence over international organizations and also have little influence over the executive branch’s interactions with such organizations.4 * Assistant Professor of Law, University of Michigan Law School.
    [Show full text]
  • Ukraine NATO and the Geithner Doctrine
    Ukraine, NATO Enlargement, and the Geithner Doctrine Clifford G. Gaddy and Barry W. Ickes* “[T]he central paradox of financial crises is that what feels just and fair is the opposite of what’s required for a just and fair outcome.” — Former U.S. Treasury Secretary Timothy Geithner, The New York Times, November 5, 2011 Sober analysis of the current stand-off over Ukraine tells us we are in a deep mess, worse than people tend to recognize. The events playing out now are bigger than Ukraine (even though, as we explain elsewhere, Ukraine is important to Russia). Both Russia and the West are deeply committed to broader objectives that seem fundamentally irreconcilable. There are no easy solutions to the crisis. Finding a way out is going to be long, costly, and messy, and the best final outcome is likely to feel unsatisfactory. In this regard, the remarks by Timothy Geithner quoted above are relevant. They are even more appropriate because Russia, through its current actions in Ukraine, has exposed the post-Cold War order in Europe as the geopolitical equivalent of a financial bubble. We have enjoyed two decades of benefits from this order. But we did so under the illusion that it was nearly costless. Now we are finding out that there is a bill to pay. To understand this metaphor, we need to examine how the crisis developed. The Missing Quadrant We can explain by using a simple framework that we first developed in 2008 after the Georgia crisis. Imagine a matrix with two columns, one labelled “Strong Russia” and the other “Weak Russia,” and two rows, one for “Good Russia” and the other for “Bad Russia.” Into the quadrants of this matrix we place the various “future Russias” as they were envisioned by most Western policymakers in the early 1990s after the collapse of the Soviet Union.
    [Show full text]
  • Resolution of Failed Financial Institutions: Orderly Liquidation Authority and a New Chapter 14
    RESOLUTION OF FAILED FINANCIAL INSTITUTIONS: ORDERLY LIQUIDATION AUTHORITY AND A NEW CHAPTER 14 Studies by the Resolution Project at Stanford University's Hoover Institution Working Group on Economic Policy By Thomas H. Jackson Kenneth E. Scott Kimberly Anne Summe John B. Taylor Resolution Project Members Andrew Crockett, Darrell Duffie, Richard J. Herring, Thomas H. Jackson, William F. Kroener, Kenneth E. Scott, David Skeel, George P. Shultz, Kimberly Anne Summe, John B. Taylor April 25, 2011 CONTENTS Preface JOHN B. TAYLOR 1. A Guide to the Resolution of Failed Financial Institutions: Dodd-Frank Title II and Proposed Chapter 14 KENNETH E. SCOTT 2. Bankruptcy Code Chapter 14: A Proposal THOMAS H. JACKSON 3. An Examination of Lehman Brothers' Derivatives Portfolio Post-Bankruptcy and Whether Dodd-Frank Would Have Made Any Difference KIMBERLY ANNE SUMME 4. Dodd-Frank: Resolution or Expropriation? KENNETH E. SCOTT page I. PREFACE By John B. Taylor Let's write Chapter 14 into the law so that we have a credible alternative to bailouts in practice. We can then be ready to use a rules-based bankruptcy process to allow financial firms to fail without causing financial disruption --George P. Shultz foot note 1 "A Conversation About Key Conclusions," in Ending Government Bailouts As We Know Them, Kenneth E. Scott, George P. Shultz, John B. Taylor (Eds.), Hoover Press, 2009, p. 287. end of foot note. The purpose of this short collection of papers is to demonstrate why the "orderly liquidation authority" in Title II of the Dodd-Frank bill "Wall Street Reform and Consumer Protection Act of 2010" should be supplemented with a new and more predictable bankruptcy process designed specifically for large financial institutions.
    [Show full text]
  • A Minsky Meltdown: Lessons for Central Bankers1
    Presentation to the 18th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies—“Meeting the Challenges of the Financial Crisis” Organized by the Levy Economics Institute of Bard College New York City By Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco For delivery on April 16, 2009, 8:00 PM Eastern Time, 5:00 PM Pacific A Minsky Meltdown: Lessons for Central Bankers1 It’s a great pleasure to speak to this distinguished group at a conference named for Hyman P. Minsky. My last talk here took place 13 years ago when I served on the Fed’s Board of Governors. My topic then was “The ‘New’ Science of Credit Risk Management at Financial Institutions.” It described innovations that I expected to improve the measurement and management of risk. My talk today is titled “A Minsky Meltdown: Lessons for Central Bankers.” I won’t dwell on the irony of that. Suffice it to say that, with the financial world in turmoil, Minsky’s work has become required reading. It is getting the recognition it richly deserves. The dramatic events of the past year and a half are a classic case of the kind of systemic breakdown that he—and relatively few others—envisioned. Central to Minsky’s view of how financial meltdowns occur, of course, are “asset price bubbles.” This evening I will revisit the ongoing debate over whether central banks should act to counter such bubbles and discuss “lessons learned.” This issue seems especially compelling now that it’s evident that episodes of exuberance, like the ones that led to our bond and house price bubbles, can be time bombs that cause catastrophic damage to the economy when they explode.
    [Show full text]
  • “Paulson Put,” Presidential Politics, and the Global Financial Meltdown Part I: from Shadow Financial System to Shadow Bailout
    International Journal of Political Economy, vol. 38, no. 1, Spring 2009, pp. 3–34. © 2009 M.E. Sharpe, Inc. All rights reserved. ISSN 0891–1916/2009 $9.50 + 0.00. DOI 10.2753/IJP0891-1916380101 THOMAS FERGUSON AND ROBER T JOHNSON Too Big to Bail: The “Paulson Put,” Presidential Politics, and the Global Financial Meltdown Part I: From Shadow Financial System to Shadow Bailout Abstract: This paper analyzes how a world financial meltdown developed out of U.S. subprime mortgage markets. It outlines how deregulatory initiatives allowed Wall Street to build an entire line of new, risky financial products out of raw ma- terials the mortgage markets supplied. We show how further bipartisan regulatory failures allowed these same firms to take on extreme amounts of leverage, which guaranteed that when a crisis hit, it would be severe. A principle focus is the “Paulson Put”—the effort by the U.S. Treasury secretary to stave off high-profile public financial bailouts until after the 2008 presidential election. The paper shows how the Federal Home Loan Bank System and other government agencies were successfully pressed into service for this purpose—for a while. Keywords: bank regulation, financial crisis, investment banks, political economy In 2008, a strong whiff of millenarianism crept into American public life. As voters flocked to the primaries in startling numbers, many Democrats became convinced that the Second Coming lay just around the corner. By contrast, sentiment among Thomas Ferguson is a professor of political science at the University of Massachusetts, Boston. Robert Johnson was managing director at Soros Funds Management and chief economist of the U.S.
    [Show full text]
  • March 25, 2009 the Honorable Timothy Geithner Secretary United States Department of the Treasury 1500 Pennsylvania Avenue, NW W
    March 25, 2009 The Honorable Timothy Geithner Secretary United States Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 The Honorable Lawrence Summers Director National Economic Council 1600 Pennsylvania Ave. NW Washington, DC 20500 Honorable Shaun Donovan Secretary U.S. Department of Housing and Urban Development 451 7th Street S.W. Washington, DC 20410 Dear Secretary Geithner, Secretary Donovan, and Director Summers, The undersigned organizations request the opportunity to meet with you to discuss the Treasury Department’s loan modification program. Our organizations represent the people and communities hardest hit by the current economic crisis, and we have been working on the frontlines to provide assistance to distressed homeowners. We have seen how the stated policies of loan servicers are implemented on the ground, and understand the kinds of loan modifications that do and don’t offer long-term sustainability. The Administration’s new Home Affordable Modification Program (“HAMP”) is a significant step toward sustaining communities by providing homeowners with affordable loans. We applaud the Administration’s efforts to develop a program focused on the needs of homeowners. Among its strengths, we are especially pleased that the program: • Supports affordable loan modifications based on modest debt-to-income ratios with substantial decreases in payments and interest rates; • Stops foreclosures while loan modification analyses are occurring; • Requires participating institutions to apply the program to all loans they own, in whole or in part, and/or service and to take reasonable steps to secure additional authority where needed; • Waives any partial prepayment penalties when principal is modified; and • Permits more aggressive modifications when appropriate to achieve affordability and sustainability.
    [Show full text]
  • The Ben Bernanke and Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM
    The Ben Bernanke And Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM The Ben Bernanke And Janet Yellen Investment Portfolios "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years" - Warren Buffett When it comes to financial security, one could argue that the chairman of the Federal Reserve Board of Governors would be a great role model to emulate. As an obligation of duty, the chairman and all members of the board are required to disclose their assets and income to the U.S. Office of Government Ethics. U.S. President Barack Obama made it clear that when Ben Bernanke's second term expires on 1-31-2014, there will be a new chairman of which current Vice Chairman of the Board of Governors, Janet Yellen, is the current front-runner. By analyzing their respective investment portfolios, one can gain insight into astute money management techniques as well as their individual stock selections. The Man On February 1, 2006, Ben Bernanke was sworn in as a 14-year term member of the Federal Reserve Board of Governors, as well as Fed Chairman, which was a 4-year term. U.S. President Bush appointed him just before the beginning of the Global Financial Crisis, where Bernanke, along with U.S. Treasury Secretary Henry Paulson and the president of the Federal Reserve Bank of New York Timothy Geithner organized the economic bailout that arguably sidelined a global depression.
    [Show full text]
  • 2015 Financial Crisis Forum Agenda
    Yale Financial Crisis Forum 2015 Agenda Day 1: Lending 8:00am Registration and Breakfast 8:45 am Welcome and Overview 9:00 am Session 1 & 2: Federal Reserve Lending and Credit Programs in the United States Meg McConnell, SVP & Director, Office of Financial Stability & Regulatory Policy, Federal Reserve Board of New York Patricia Mosser, Senior Research Scholar and senior fellow in international finance at Columbia University; Former Deputy Director for Research & Analysis, Office of Financial Research 10:30 am Break 11:00 am Sessions 1 & 2 continued 12:30 pm Lunch 2:00 pm Session Three: Central Bank Lending Programs, Eurozone Ulrich Bindseil, Director of General Market Operations, European Central Bank 3:30 pm Break 4:00 pm Afternoon Speaker Paul Tucker, Senior Fellow at Harvard Kennedy School and Harvard Business School; Former Deputy Governor of the Bank of England 5:00 pm Adjourn Sponsored by Yale Financial Crisis Forum 2015 Agenda Day 2: Guarantees and Capital 8:00 am Registration and Breakfast 8:30 am Keynote Panel, Timothy Geithner, Former President and CEO of Federal Reserve Bank of New York; Former Secretary of the United States Treasury Ben Bernanke, Economist at Brookings Institution; Former Chairman of the Federal Reserve Hank Paulson, Chairman of the Paulson Institute; Former Treasury Secretary; Former Chairman and CEO of Goldman Sachs 10:00 am Break 10:30 am Session 1: Guarantees David Nason, President and CEO of GE Energy Financial Services; Former Assistant Secretary for Financial Institutions under Treasury Secretary Henry
    [Show full text]