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June 5, 2012

Volcker, Experts to Discuss Competition and Consumer Protection at Antitrust Law Symposium

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

Former Federal Reserve Board Chairman Paul A. Volcker Jr.

Former Federal Reserve Board Chairman Paul A. Volcker Jr.

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 ABA Section of Antitrust Law symposium at Columbia Law School 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?

Volcker, who in addition to serving as Federal Reserve Board chairman headed the President’s Economic Recovery Advisory Board, will deliver keynote remarks. 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.

For detailed program descriptions, and to register for the conference, click here. A list of sessions and speakers follows:

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.

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

Keynote address

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

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.

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
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