BEGIN:VCALENDAR VERSION:2.0 PRODID:-//jEvents 2.0 for Joomla//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VTIMEZONE TZID:America/New_York X-LIC-LOCATION:America/New_York BEGIN:DAYLIGHT TZOFFSETFROM:-0500 TZOFFSETTO:-0400 TZNAME:EDT DTSTART:19700308T020000 RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU END:DAYLIGHT BEGIN:STANDARD TZOFFSETFROM:-0400 TZOFFSETTO:-0500 TZNAME:EST DTSTART:19701101T020000 RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU END:STANDARD END:VTIMEZONE BEGIN:VEVENT UID:0e02e223cbe80db51f81cd69291044f11616 CATEGORIES:Events SUMMARY:Taming the Megabanks: Why We Need a New Glass-Steagall Act with Arthur Wilmarth, ES '72 DESCRIPTION:
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Yale Club of DC Virtual Event
Taming the M egabanks:Why We Need a New Glass-Steag all Actwith Arthur Wilmarth '72
Thursday, Februa ry 4, 2021 6:30-7:30pm This meeting will be conducted on Zoom. Instructions will be provided upon registration | |||||
The Yale Club of Washington, D.C. invites you to join us for a conversation with George Washington University Law School Professor Emeritus Arthur Wilmarth, ES '72, for a discussion about his rec ent book, Taming the Megabanks: Why We Need a New Glass-Steagall Act. In his book, Wilmarth's comprehensive and detailed analysis demonstrates that a new G lass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. Giant universal banks would no lon ger dominate our financial system or receive enormous subsidies. About the Discussion Banks were allowed to enter securities markets and become universal b anks during two periods in the past century - the 1920s and the late 1990s. Both times, universal banks made high-risk loans and packaged them into se curities that were sold as safe investments to poorly-informed investors. B oth times, universal banks promoted unsustainable booms that led to destruc tive busts - the Great Depression of the early 1930s and the Global Financi al Crisis of 2007-09. Both times, governments were forced to arrange costly bailouts of universal banks. Congress passed the Glass-Steagall Ac
t of 1933 in response to the Great Depression. The Act broke up universal b
anks and established a decentralized financial system composed of three sep
arate and independent sectors: banking, securities, and insurance. That sys
tem was stable and successful for over four decades until the big-bank lobb
y persuaded regulators to open loopholes in Glass-Steagall during the 1980s
and convinced Congress to repeal it in 1999. For those who would be interested in
purchasing the book, please see here: Support the Yale Club of Washington, DC< /p> T he Yale Club of Washington, DC offers this event at no cost to our members and alumni. However, we do ask for your support in one or both of the foll owing ways: 1) Please become a member if you are not one already . 2) Donate to the Y ale Club of Washington, DC (see option on registration page). p> Me mbership dues and donations are both critical income sources for the Club, which enable Club operations, programs, and financial viability.
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