Experts debate: Will U.S financial reform work?

The effectiveness of a recently passed law that increases regulation of the financial services industry will be the focus of a discussion by three widely respected financial experts on Wednesday, Sept. 15, at Yale.

The experts — Wall Street economist Stephen Roach, Professor Robert Shiller of Yale and Thomas Cooley, former dean of the Stern School of Business at New York University (NYU) — will join Ernesto Zedillo, director of the Yale Center for the Study of Globalization and former president of Mexico, for the free and public program, which will be held at 4 p.m. in the auditorium of Luce Hall.

The discussion — titled “U.S. Financial Reform, The Dodd-Frank Act: Will It Work?” — is sponsored by the Yale Center for the Study of Globalization.

The experts will assess the landmark Dodd-Frank and Consumer Protection Act, which President Obama signed into law on July 21, 2010. The new law affects almost every aspect of the U.S. financial services industry. The objectives ascribed to the act by its proponents in Congress and by the President include restoring public confidence in the financial system, preventing another financial crisis, and allowing any future asset bubble to be detected and deflated before another financial crisis ensues. According to the organizers, the act gives U.S. governmental authorities more funding, more information and more power.

Shiller, the Arthur M. Okun Professsor of Economics at Yale, is widely respected for his pioneering research in financial economics and co-founder of the Case-Shiller Index. His recently edited “Squam Lake Report: Fixing the Financial System” was published in June. Roach chaired Morgan Stanley Asia and is now a senior research fellow at the Jackson Institute for Global Affairs at Yale. Cooley is the Paganelli-Bull Professor of Economics at NYU’s Stern School of Business and, until January of this year, its dean. He is currently editing and writing the book “Regulating Wall Street: The New Architecture of Global Finance.” Zedillo, the panel moderator, is the Frederick Iseman ‘74 Director of the Yale Center for the Study of Globalization. As president of Mexico, Zedillo successfully brought his country out of the peso crisis of 1994.

The Yale Center for the Study of Globalization studies the impact of our increasingly integrated world on individuals, communities and nations, and serves as a link between Yale and the world of public policy. For more information, call 432-1904.

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Dorie Baker: dorie.baker@yale.edu, 203-432-1345