US Interest in International Financial Cooperation
The Peterson Institute for International Economics held a major conference on the US interest in international financial cooperation on March 14, 2017. With the impending nomination of a new Federal Reserve Vice Chair for Supervision, and loud skepticism about the Fed’s engagement with international regulatory processes expressed by some on Capitol Hill, the practical benefits to the US economy from such cooperation merit re-examination.
Participants provided analysis and open discussion bringing together perspectives from leaders of the banking and asset management sectors, from former senior officials of the Fed, the International Monetary Fund, and the Treasury, and from Europe and the United States. Nathan Sheets, PIIE's newest visiting fellow, who recently completed service as under secretary of the Treasury for International Affairs, delivered the keynote address on realizing the practical gains to the United States from international cooperation in finance.
There were two substantive expert panel discussions. The first high-level panel discussed practitioners’ post-crisis perspectives on the utility of international financial regulation, featuring Christine Cumming of Rutgers University and former first vice president of the Federal Reserve Bank of New York; Patrick Honohan, PIIE nonresident senior fellow and former governor of the Central Bank of Ireland; and Barbara Novick, vice chairman of BlackRock and chair of the firm’s Public Policy Steering Committee.
The second panel assessed the benefits and shortcomings of international financial regulation, based on fresh PIIE research and analysis. Institute Senior Fellows Anna Gelpern, Simon Johnson, Edwin M. Truman, and Nicolas Véron offered their insights on the functionality and potential of specific aspects of the institutional framework for regulatory and supervisory cooperation across borders.