University of St. Thomas Law Journal Spring Symposium

Beyond Crisis-Driven Regulation: Initiatives for Sustainable Financial Regulation

Friday, April 11, 2014, Minneapolis, MN

co-sponsored by the Holloran Center for Ethical Leadership in the Professions

Featuring
Steven L. Schwarcz, Keynote
John C. Coffee, Jr. “A Closer Look at SEC Enforcement” (presented by Wulf Kaal)
Roberta Romano, “Regulating in the Dark”

Financial regulation in the United States is largely a response to financial and economic crises. This symposium brings together some of the nation’s leading experts on securities regulations and corporate governance to discuss possible alternatives to crisis-driven regulation and to evaluate initiatives for sustainable financial regulation.

SCHEDULE

THURSDAY, APRIL 10

6 p.m. PRIVATE DINNER

Steven L. Schwarcz, keynote

FRIDAY, APRIL 11

8:30-8:40 a.m. WELCOME

Wulf Kaal

8:40-9:50 a.m. REGULATING IN THE DARK (70 MINUTES)

Roberta Romano “Regulating in the Dark”
Jennifer Taub (response) “Regulating in the Light: Harnessing the Energy of Political Entrepreneurs with Post-Crisis Sunlight Hearings”

9:50-10 a.m. Coffee Break (10 minutes)

10 a.m.-noon COUNTERCYCLICAL REGULATION (120 minutes)

Patricia McCoy “Countercyclical Regulation and Its Challenges”
Erik Gerding “Enforcement Dilution, Compliance Rot, and Countercyclical Regulator Budgets”
Paul Vaaler “The Impact of Rating Outlooks as a Private Regulatory Mechanism on Excessive Borrowing During Election Years”
Joshua Mitts “Predictive Regulation”

Noon-1 p.m. Lunch

1-2:30 p.m. ENFORCEMENT MEASURES (90 MINUTES)

John C. Coffee, Jr. (PowerPoint by Wulf Kaal) “A Closer Look at SEC Enforcement”
Steven L. Schwarcz (response)
Richard Painter “Extraterritoriality and Probable Cause: Why the Second Circuit may be taking so long to decide Viking v. Porsche”

2:30-2:45 p.m. Break (15 minutes)

2:45-4:45 p.m. PROBLEMS WITH BANK REGULATION (120 MINUTES)

Claire Hill “How do bankers react to law?”
M. Todd Henderson “The Problem with Bank Regulation and how to Address it”
Douglas Branson “A Return to Old-time Religion? The Glass-Steagall Act, the Volcker Rule, Limits on Proprietary Trading, and Sustainability”
Kristin N. Johnson “Sustainability: A New Guiding Principle for Financial Market Regulation”

4:45-5 p.m. CLOSING

SPEAKERS