When President Obama, with former Federal Reserve Board Chairman Paul Volcker at his side, announced his intention to seek legislation implementing the “Volcker Rule” he described it as necessary to reduce excessive risk taking by banks. Easier to describe than implement, the Volcker Rule, as incorporated in the Dodd-Frank Act, was envisioned to prohibit the use of insured deposits by commercial banks in their own trading in the markets (so-called “proprietary trading”) or to support various types of investment funds. In practice, the proposed regulation is an incomplete first attempt to give life to the new rule, seeking public input on some 1,400 questions from the public in addition to input on the details of the proposed regulation. Advocates and critics of the rule will discuss the value of the rule itself as well as regulatory efforts to address the details of implementation. Proponents claim that it is necessary for future stability of the banking industry, while critics assert that it will not only harm the industry but industry customers as well. Featuring Mr. Randall D. Guynn of Davis Polk & Wardwell LLP; Ms. Sarah "Sally" Miller of the Institute of International Bankers; Ms. Coryann Stefansson of PricewaterhouseCoopers LLP; Mr. Mark E. Van Der Weide of the Division of the Board of Governors of the Federal Reserve System; and Ms. Hester Pierce of the Mercatus Center as the moderator.

With a recently appointed director, the new Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act, will swing into action. Among other issues, the speakers will discuss the structure, authority and potential effectiveness of the new bureau and will take questions from callers. How might the CFPB fulfill its goals of preventing the next financial crisis and protecting consumers? Will consumers and a struggling economic recovery benefit from its actions? Featuring Hon. Wayne Abernathy of the American Bankers Association; Ms. Jo Ann Barefoot of Treliant Risk Advisors; Prof. Arthur Wilmarth of The George Washington University Law School; Prof. Todd Zywicki of George Mason University School of Law; and Mr. Dean A. Reuter, Vice President & Director of Practice Groups at The Federalist Society, as the moderator.

Nicholas Wapshott's book examines the vastly divergent economic philosophies of John Maynard Keynes and Friedrich von Hayek. Messrs. Keynes and Hayek studied the normal course of the capitalist business cycle, especially after World War I, but reached radically different opinions about the role governments should play in regulating and ameliorating the effects of the business cycle. These two gentlemen, two of the most influential economic thinkers of the 20th Century, participated in on-going debates about the respective merits of their own philosophies and the demerits of the other's philosophies. Mr. Wapshott examines these debates and expounds on them in this podcast. Featuring Mr. Nicholas Wapshott, Author of Keynes vs. Hayek: The Clash that Defined Modern Economics, and Mr. James A. Haynes of the Professional Responsibility & Legal Education Practice Group Executive Committee and the Baltimore Lawyers Chapter.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), signed into law by President Obama on July 21, 2010, created a major overhaul of the financial industry. For years, advocates have praised the benefits of financial reform and promoted legislation that would provide such reform. Specifically, these advocates have focused their support on consumer protection legislation. The Act addresses many of these concerns by creating an entirely new regulatory regime with the purpose of “ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.” This paper describes the new regime and its powers and analyzes the effectiveness of the new bureau, which is still in its early stages... [Read more!]