The Lender of Last Resort: An International Perspective

Featuring keynote remarks by Federal Reserve Vice Chairman Stanley Fischer
February 10, 2016, 9:00am-12:00pm
The Committee on Capital Markets Regulation will host a conference on the role of the lender of last resort in preventing and responding to the system-wide liquidity stress as experienced in 2008. The discussion will take an international perspective, comparing the different powers and practices of the Bank of England, Bank of Japan, European Central Bank, and Federal Reserve.

Attendees will include business leaders, policy analysts, and leading academics. At 9:00 AM, the conference will open with a forty-minute introduction featuring four keynote speakers. The keynotes will be followed by two, one-hour discussion panels.


9:00 AM – Keynote Speakers

Stanley Fischer
Vice Chairman
Federal Reserve Board
of Governors

Hiroshi Nakaso
Deputy Governor
Bank of Japan

Peter Praet
Executive Board Member,
Chief Economist
European Central Bank

Chris Salmon
Executive Director for Markets
Bank of England


9:45 AM – Session 1: Implementation & Operational Aspects of LOLR

Thomas C. Baxter, Jr.
Executive Vice President and General Counsel
Federal Reserve Bank of New York

Michael D. Bordo
Professor of Economics; Director for the Center for Monetary & Financial History
Rutgers University

Mark A. Carlson
Senior Economist
Bank of International Settlements

Dietrich Domanski
Head of Policy Analysis
Bank of International Settlements


11:00 AM – Session 2: LOLR Governance: Accountability & Necessary Powers

Viral V. Acharya
CV Starr Professor of Economics
NYU Stern School of Business

Donald L. Kohn
Former Vice Chairman
Board of Governors
Federal Reserve System

Rosa M. Lastra
Professor of International Financial & Monetary Law
Queen Mary, University of London

Paul Tucker
Former Deputy Governor
Bank of England


* To read Stanley Fischer’s keynote address from the event, click here.