A Year in Turmoil: An Address By Fed Chairman Ben Bernanke
September 2008 was a month of falling financial market dominoes: the federal take-over of Fannie Mae and Freddie Mac, followed one week later by the Lehman Brothers failure, the Bank of America agreement to save Merrill Lynch, and the first taxpayer lifeline to American International Group (AIG). The expression “systemic risk” became the new clarion call for policy-makers and regulators as they took unprecedented steps to avoid a collapse of the global financial system.
On September 15, one year after the Lehman collapse, the Brookings Institution hosted a forum to explore the tumultuous events of last September, where financial markets stand today and the status of regulatory reforms designed to prevent the next financial crisis. Federal Reserve Chairman Ben Bernanke gave the keynote address, followed by a panel that included Brookings Senior Fellow and Director of the Initiative on Business and Public Policy Martin Baily; Co-director of Economic Studies Ted Gayer; Senior Fellow Eswar Prasad, Glenn Hutchins—co-founder and co-chief executive of Silver Lake; and AEI Resident Scholar Vincent Reinhart.
Brookings President Strobe Talbott gave introductory remarks, and Brookings Vice President and Co-Director of Economic Studies Karen Dynan moderated the panel.
Vice President and Co-Director, Economic Studies
Co-Founder and Co-Chief Executive, Silver Lake Partners
American Enterprise Institute
To subscribe or manage your subscriptions to our top event topic lists, please visit our event topics page.
[On provisions related to cybersecurity in USMCA and a digital trade agreement between the U.S. and Japan] It's about information sharing and so forth, but I think it's clearly the beginning of what I would expect to be a more elaborated set of ways that trade partners can cooperate on cyber issues, because I think this will be an increasingly important part of trade policy going forward.