On March
28, 2007, Fed Chairman Ben Bernanke spoke before a Congressional committee
concerning the "turmoil in the subprime mortgage market." While
recognizing the "severe financial problems" that many
"individuals and families" faced, he noted that, "[a]t this
juncture, however, the impact on the broader economy and financial markets of
the problems in the subprime market seems likely to be
contained." Days later, a leading subprime lender, New Century
Financial Corporation would file for bankruptcy. By summer, with the
downgrading of numerous subprime mortgage-linked securities and the collapse of
two Bear Stearns hedge funds that were invested in such instruments, it became
clear that the crisis was not contained. Ten years later, we continue to
reflect on the profound pain and the tremendous progress. This panel will
assemble a range of academic and policy experts to consider the work completed
and the work ahead. Topics will include the Dodd-Frank Act, bank capital
requirements, systemic risk, consumer financial protection, and the ongoing
race, economic justice, and gender issues associated with the mortgage and
financial crisis. As the conference takes place during the last weeks of
the presidential interregnum, attention will also be paid to what changes a new
administration could bring.
The section held a virtual business meeting in advance of
the Annual Meeting.