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News Release

Announcing New Financial Stability Task Force

Convened by the Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution and the Initiative for Global Markets at the University of Chicago Booth School of Business

WASHINGTON, D.C. – The Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution and the Initiative on Global Markets at the University of Chicago Booth School of Business are organizing a Task Force on Financial Stability to review what steps might need to be taken in the U.S. to make the financial system more resilient to adverse developments and to recommend ways to assure that the financial system can support growth during the ups—and, particularly, the downs—of the economy.

The 10-member Task Force is chaired by Glenn Hubbard of Columbia Business School, who was chair of the White House Council Economic Advisers in the George W. Bush administration, and Donald Kohn of Brookings, who is a former vice chair of the Federal Reserve Board.

“Many steps have been taken since the global financial crisis to reduce the vulnerabilities in the financial system,” Hubbard and Kohn said. “But there may be more that needs to be done. The charge to the Task Force is to answer this question: Do U.S. authorities have the tools and processes for deploying them to promote financial stability in the U.S. and reduce the risk of harm to the economy from bouts of financial instability?”

The panel plans to consult a wide range of stakeholders and issue consensus recommendations to regulators and to Congress early in 2021. The full charge to the Task Force can be found here.

“We are very pleased to have assembled an outstanding group of experts with different perspectives and expertise to focus on these critical issues,” Hubbard and Kohn said.

Members of the Task Force include:

Co-chair: Glenn Hubbard, dean emeritus and Russell L. Carson Professor of Finance and Economics, Columbia Business School. Hubbard was chair of the White House Council of Economic Advisers in the George W. Bush administration.

Co-chair: Donald Kohn, Robert V. Roosa Chair in International Economics and a senior fellow in the Brookings Hutchins Center. Kohn was at the Federal Reserve Board from 1983 to 2010, the last several years as vice chair. He is currently a member of the Financial Policy Committee of the Bank of England.

Laurie Goodman, co-director and founder, Housing Finance Policy Center, Urban Institute. Goodman spent 30 years as a mortgage-backed securities analyst and research department manager on Wall Street before joining Urban Institute in 2013.

Kathryn Judge, a professor at Columbia Law School. Judge serves as a co-managing editor of the Journal of Financial Regulation, a research member of the European Corporate Governance Institute, and a member of the Financial Research Advisory Council of the Office of Financial Research.

Anil Kashyap, Stevens Distinguished Service Professor of Economics and Finance at the University of Chicago Booth School of Business. He is also a member of the Bank of England’s Financial Policy Committee.

Ralph Koijen, a professor of finance at the University of Chicago Booth School of Business. In 2019, he was awarded the Fischer Black Prize by the American Finance Association given biennially to the top finance economics scholar under 40.

Nellie Liang, Miriam K. Carliner Senior Fellow, Brookings Hutchins Center. Before joining Brookings in 2017, Liang was the director of the Division of Financial Stability at the Federal Reserve Board. She is also a visiting scholar at the International Monetary Fund and a lecturer at the Yale School of Management.

Blythe Masters, independent. Masters is the former chief executive of Digital Asset Holdings and previously held several senior management posts at JP Morgan Chase.

Sandie O’Connor, independent. O’Connor recently retired as Chief Regulatory Affairs Officer of JP Morgan Chase and previously held several senior management positions at the firm. She is Chair Emeritus of the Federal Reserve’s Alternative Reference Rate Committee and former member of the Treasury Markets Practices Group.

Kara Stein, senior research fellow at the Center of Innovation at UC Hastings School of Law, lecturer at Harvard Law School, and distinguished visiting policy fellow at University of Pennsylvania Law School. She was a member of the Securities and Exchange Commission from 2013 to 2019.

Staff: David Wessel, director, Brookings Hutchins Center. Before joining Brookings in 2014, Wessel spent 30 years as a reporter, editor and columnist at The Wall Street Journal.

The mission of the Hutchins Center at Brookings is to improve the quality and efficacy of fiscal and monetary policies and public understanding of them. The Initiative on Global Markets at Chicago Booth aims to organize Booth faculty efforts to influence public policy and the practice of business around the world.

About Brookings

The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public.

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