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From Wall Street to Main Street, Can Troubling Financial System Risks be Limited by Government Regulation?

May 09 2008

MEDIA ADVISORY:

FROM WALL STREET TO MAIN STREET, CAN TROUBLING FINANCIAL SYSTEM RISKS BE LIMITED BY GOVERNMENT REGULATION?

Schumer Invites Former Federal Reserve Chairman, Paul Volcker and Other Experts to Discuss Future of Financial System Regulation In Light of the Systemic Problems Shown by the Mortgage Meltdown and Credit Crisis

Joint Economic Committee to Examine Current State of Financial Sector, Its Impact on Broader Economy, and Possible Solutions to Avert Future Market Failures

Washington, D.C. – U.S. Senator Charles E. Schumer (D-NY) will convene a Joint Economic Committee (JEC) hearing to examine the current systemic risk in the U.S. financial system and the possible government and private sector solutions to protect the economy against those ongoing risks.  The hearing, entitled, “Wall Street to Main Street:  Is the Credit Crisis Over and What Can the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?” will be held Wednesday, May 14, 2008 at 9:30 am in Room 216 of the Hart Senate Office Building.  Amidst serious economic troubles, the JEC will hear from the former Chairman of the Federal Reserve Board of Governors, Paul Volcker, and experts including Douglas Elmendorf of the Brookings Institution.  The expert panels will help the committee evaluate the risks posed to the financial systems and offer possible solutions.

WHAT:          Joint Economic Committee Hearing:“Wall Street to main Street: Is the Credit Crisis Over and What Can  the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?”

WHO:       Paul A. Volcker, Former Chairman of the Federal Reserve Board of Governors
                Douglas W. Elmendorf, Senior Economic Fellow, Brookings Institution
                Ellen Seidman, Director, Financial Services and Education Project, New America Foundation
                Alex Pollock, Resident Fellow, American Enterprise Institute


WHEN:          9:30am, Wednesday, May 14, 2008

WHERE:        Hart Senate Office Building, Room 216

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

www.jec.senate.gov

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