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Financial Crisis Inquiry Commission
Announces Forum to Explore the Causes of the Financial Crisis

(Washington, DC) – After hearing public testimony from leaders of both private and public sector entities in January, the Financial Crisis Inquiry Commission (FCIC), the bi-partisan 10-member panel established by Congress to examine the causes of the crisis, today announced it will bring together experts who have researched the financial crisis for a forum in Washington, DC on February 26-27, 2010 at American University Washington College of Law. View the preliminary agenda.

The economists will present working papers to the Commissioners on the key issues and events leading up to the crisis and its underlying causes. The presentations will be followed by discussion with the Commissioners. The forum will also be webcast live.

Press should RSVP to to reserve a spot for the forum. Complimentary parking for press is available upon request.

Friday, February 26, 2010
1:00pm-6:00pm EST

Saturday, February 27, 2010
8:30am-2:45pm EST

American University Washington College of Law
4801 Massachusetts Avenue, NW, Room 603

1:00-3:30pm Introductions and Opening Remarks

Welcome Remarks by Claudio Grossman
Dean, American University Washington College of Law

Session 1: Interconnectedness of Financial Institutions; “Too Big to Fail” (PDF)
Randall Kroszner
Norman R. Bobins Professor of Economics
University of Chicago

Session 2: Macroeconomic Factors and U.S. Monetary Policy (PDF)
Pierre-Olivier Gourinchas
Associate Professor of Economics
University of California, Berkeley
3:45-6:00pm Session 3: Risk Taking and Leverage (PDF)
John Geanakoplos
James Tobin Professor of Economics
Yale University

Session 4: Household Finances and Financial Literacy (PDF)
Annamaria Lusardi
Joel Z. and Susan Hyatt Professor of Economics, Dartmouth University;
Research Associate at the National Bureau of Economic Research

Saturday, February 27, 2010
8:30-10:30am Session 5: Mortgage Lending Practices and Securitization (PDF)
Chris Mayer
Paul Milstein Professor of Real Estate, Columbia University; Visiting
Scholar at the Federal Reserve Bank of New York and Research Associate
at the National Bureau of Economic Research

Session 6: Government-Sponsored Enterprises and Housing Policy (PDF)
Dwight Jaffee
Willis Booth Professor of Banking, Finance, and Real Estate, Co-Chair,
Fisher Center for Real Estate and Urban Economics
University of California, Berkeley
10:45-12:45pm Session 7: Derivatives and Other Complex Financial Instruments (PDF)
Markus Brunnermeier
Edwards S. Sanford Professor of Economics
Princeton University

Session 8: Firm Structure and Risk Management (PDF)
Anil Kashyap
Edward Eagle Brown Professor of Economics and Finance and Richard
N. Rosett Faculty Fellow
University of Chicago
1:30-2:30pm Session 9: Shadow Banking (PDF)
Gary Gorton
Professor of Finance, School of Management
Yale University

This forum is a part of the Commission’s ongoing efforts to hear from academic experts and economists on issues related to the crisis. The Commission has already met with, among others, Martin Baily, Simon Johnson, David Moss, Carmen M. Reinhart, Kenneth T. Rosen, Hal S. Scott, Joseph E. Stiglitz, John B. Taylor, Mark Zandi and Luigi Zingales.

In addition to these efforts, the Commission will hold a series of public hearings throughout the year as part of its inquiry.


About the Financial Crisis Inquiry Commission (FCIC)
The bi-partisan 10-member Financial Crisis Inquiry Commission was created by Congress and is charged with examining the causes of the financial meltdown. It is also examining causes of the collapse of major financial institutions that failed or would likely have failed had they not received exceptional government assistance. The Commission is comprised of Chairman Phil Angelides, Vice Chairman Bill Thomas, and Commissioners Brooksley Born, Byron Georgiou, Robert Graham, Keith Hennessey, Doug Holtz-Eakin, Heather Murren, John W. Thompson, and Peter Wallison. Findings and conclusions are to be presented in a formal report to Congress and the President by December 15, 2010. For more, visit

Media Inquiries:
Tucker Warren 202-292-1346