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Systemic Risk:  Examining Regulators' Ability to React to Threats in the Financial System
	Tuesday, October 2, 2007, 10:00 a.m., 2128 Rayburn House Office Building
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Financial Services Committee to Hold Hearing on Systemic Risk Committee Will Examine Regulators' Ability to React to Threats in the Financial System Washington, DC – Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced that the committee will hold a hearing entitled, “Systemic Risk:  Examining Regulators' Ability to React to Threats in the Financial System.”  Following up on the Committee’s July hearing with the President’s Working Group on the Financial Markets that looked at lessons from recent market events, this hearing will explore the ability of the current financial regulatory structure to anticipate and manage threats to the financial system.
	Witness List & Prepared Testimony: Mr. Richard Bookstaber, Author, A Demon of Our Own Design -- Markets, Hedge Funds, and the Perils of Financial Innovation Mr. Steven L. Schwarcz, Stanley A. Star Professor of Law & Business, Duke University School of Law Mr. Robert Kuttner, Editor, The American Prospect Mr. Alex J. Pollock, Resident Fellow, American Enterprise Institute http://www.house.gov/apps/list/hearing/financialsvcs_dem/ht1002072.shtml

Athugasemdir

[Baldur Fjölnisson, 6.10.2007 kl. 00:29]

* "Mr. Chairman and members of the committee, I thank you for the opportunity to testify today. My name is Richard Bookstaber. Until this June I ran a quantitative equity hedge fund at FrontPoint Partners. I have also worked extensively in risk management. In the 1990’s I was in charge of market risk management at Morgan Stanley and then oversaw firm-wide risk management at Salomon Brothers. Following that, I oversaw risk management at two buy-side firms, Moore Capital Management and Ziff Brothers Investments. I am also the author of a recently published book, A Demon of Our Own Design – Markets, Hedge Funds, and the Perils of Financial Innovation." * Testimony of Steven L. Schwarcz, Stanley A. Star professor of Law and Business, Duke University and founding director Duke Global Capital Markets Center.

* "Mr. Chairman and members of the Committee: Thank you for this opportunity. My name is Robert Kuttner. I am an economics and financial journalist, author of several books about the economy, a magazine editor, and former investigator for the Senate Banking Committee. I have a book appearing in a few weeks that addresses the systemic risks of financial innovation coupled with deregulation and the moral hazard of periodic bailouts.'

* "Mr. Chairman, Ranking Member Bachus and members of the Committee, thank you for the opportunity to be here today. I am Alex Pollock, a Resident Fellow at the American Enterprise Institute, and these are my personal views. Before joining AEI, I spent 35 years in banking, including twelve years as President and CEO of the Federal Home Loan Bank of Chicago. I am a Past President of the International Union for Housing Finance and a director of three companies in financial businesses."