Volcker and Antitrust Experts to Discuss Financial Services, Competition and Consumer Protection

Leaders from New York Federal Reserve Bank, Consumer Financial Protection Bureau, DOJ Antitrust Division and FTC also to speak

CHICAGO, May 31, 2012 – Former Federal Reserve Board Chairman Paul A. Volcker Jr. will join current and former government officials, experienced lawyers and leading legal and business scholars at a June 7 symposium in New York to debate the growing importance and proper balance of competition and consumer protection law to the financial services industry.

The economic crisis has underscored some of the critical questions speakers will address: Should the rules of competition be different for financial institutions? Should mergers among financial institutions be subject to greater or fewer limitations? Are antitrust laws being adequately enforced for arrangements among financial firms? How can the various protections for consumers of financial products be reconciled and managed?

Sponsors: _ Section of Antitrust Law and Columbia University Law School.

Date/time/location/media credentialing: Thursday, June 7, 8:45 a.m. to 5 p.m., Columbia Law School Jerome Greene Hall, 435 W. 116th St., New York. For media credentials or other information, contact Ira Pilchen, , .

Speakers: Volcker, who served as chairman of the President’s Economic Recovery Advisory Board, will deliver keynote remarks at lunch. Other speakers include Thomas C. Baxter Jr., New York Federal Reserve Bank general counsel and executive vice president; Leonard J. Kennedy, Consumer Financial Protection Bureau general counsel; Joseph F. Wayland, acting assistant U.S. attorney general (Antitrust Division); and Federal Trade Commissioner Julie S. Brill.

Agenda (for detailed program descriptions, click here):

8:45 – 9 a.m.

Welcome and introductions

9 – 10:30 a.m.

The role of competition in the financial sector in a Dodd-Frank era

Paper prepared by: C. Scott Hemphill, chief of the Antitrust Bureau, New York State Office of the Attorney General


Thomas C. Baxter Jr., general counsel and executive vice president, Federal Reserve Bank of New York

Annette L. Nazareth, Davis Polk & Wardwell, Washington, D.C. (former commissioner, Securities and Exchange Commission)

Yvonne S. Quinn, Sullivan & Cromwell, Washington, D.C.

10:45 a.m. – 12:15 p.m.

Competition in the banking industry, including merger enforcement and the benefits of small institutions

Paper prepared by: F.M. Scherer, Harvard University, John F. Kennedy School of Government


Thomas O. Barnett, Covington & Burling, Washington, D.C. (former head of Antitrust Division, Department of Justice)

Ingo Walter, New York University Stern School of Business

12:30 – 1:40 p.m.

Paul A. Volcker Jr., former chairman of the President’s Economic Recovery Advisory Board and of the Federal Reserve Board

1:45 – 3:15 p.m.

Consumer protection in the financial sector and its implications for competition in this industry

Paper prepared by: Julie S. Brill, commissioner, Federal Trade Commission


Leonard J. Kennedy, general counsel, Consumer Financial Protection Bureau

William E. Kovacic, George Washington Law School, Washington, D.C. (former chairman, Federal Trade Commission)

Todd Zywicki, George Mason University School of Law, Arlington, Va.

3:30 – 5 p.m.

The effectiveness of antitrust enforcement in the financial sector

Paper prepared by: Lawrence J. White, New York University, Leonard N. Stern School of Business

Moderator and discussant: Harvey J. Goldschmid, Columbia Law School


Michael Katz, University of California-Berkeley, Haas School of Business

Richard M. Steuer, Mayer Brown, New York (chair, ABA Section of Antitrust Law)

Joseph F. Wayland, acting assistant attorney general, U.S. Department of Justice, Antitrust Division

5 – 6 p.m.

Cocktail reception

The ABA Section of Antitrust Law is the leading professional organization for those interested in the fields of antitrust and competition law, trade regulation, consumer protection and economics. Its more than 8,000 members include lawyers and nonlawyers from private law firms, in-house counsel, nonprofit organizations, consulting firms, federal and state government agencies, as well as judges, professors and law students.

With nearly 400,000 members, the _ is the world’s largest voluntary professional membership organization. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law.

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