Act III. Towards a new balance: The shape of the new economic order
De-brief: Evaluating the results
Greg Ip, US Economics Editor, The Economist
Henry Rodgin Cohen
Henry Rodgin ("Rodge") Cohen is a prominent corporate lawyer whose practice focuses on commercial banking and financial institutions. Following graduation from Harvard College (1965), Harvard Law School (1968) and two years in the U.S. Army, Cohen joined Sullivan & Cromwell LLP in 1970. Cohen served as Sullivan & Cromwell's Chairman from 2000 through the end of 2009.
The Financial Times has called Cohen "one of the biggest players on Wall Street". The Wall Street Journal refers to Cohen as "arguably the country’s leading banking lawyer". He has been called "the trauma surgeon of Wall Street."
Before his appointment as Comptroller, Mr. Dugan was a partner at the law firm of Covington & Burling, where he chaired the firm's Financial Institutions Group and specialized in banking and financial institution regulation.
He served at the U.S. Department of the Treasury from 1989 to 1993 and was appointed Assistant Secretary for Domestic Finance in 1992. While at Treasury, Mr. Dugan had extensive responsibility for policy initiatives involving banks and financial institutions, including the savings and loan cleanup, Glass-Steagall and banking reform, and regulation of government-sponsored enterprises.
In 1991, he oversaw a comprehensive study of the banking industry that formed the basis for the financial modernization legislation proposed by the administration of the first President Bush.
Diana Farrell was a member and one of two Deputy Directors of the United States National Economic Council (NEC) in the administration of President Barack Obama. She was also a member of the Presidential Task Force on the Auto Industry.
On November 22, 2010, Farrell announced that she would be leaving the administration by the end of the year. Lawrence Summers, then the Director of the NEC, who had previously announced that he would return at the end of the year to Harvard University, noted that Farrell had "played a central role" in the efforts of the administration to encourage economic growth, restructure the auto industry, and respond to the housing crisis. Summers further stated: "Her natural talent as a policy maker and her good judgment made her invaluable in setting a course for economic recovery."
Peter R. Fisher was educated at Concord Academy in Massachusetts and then at Harvard College, where he received a B.A. in History in 1980. He graduated from Harvard Law School in 1985 with a J.D.
After law school, Fisher joined the Federal Reserve Bank of New York. During his fifteen years there, he rose to become Executive Vice President and was manager of the Federal Reserve System Open Market Account for the Federal Open Market Committee.
In 2001, President of the United States George W. Bush nominated Fisher as Under Secretary of the Treasury for Domestic Finance. He was confirmed by the United States Senate on August 3, 2001 and sworn into office by United States Secretary of the Treasury Paul O'Neill on August 9, 2001. He held that office until 2004.
Upon leaving government service, Fisher joined BlackRock where he is Head of Fixed Income Portfolio Management Group.
Greg Ip is US economics editor for The Economist, based in Washington D.C. He covers the economy, financial markets, monetary, fiscal and regulatory policy. He contributes to The Economist's blog, Free Exchange, and is a frequent commentator on radio and television. He joined The Economist in July, 2008. From 1996 to 2008 Mr Ip worked for The Wall Street Journal, as a financial markets reporter in New York and chief economics correspondent in Washington.
A native of Canada, Mr. Ip received a bachelor's degree in economics and journalism from Carleton University in Ottawa, Ontario. He is the author of The Little Book of Economics: How the Economy Works in the Real World, published by John Wiley & Sons in 2010. It is layman's guide to economic concepts and trends written with simple language, memorable examples and humorous analogies. USA Today called it a "must-read in economic literacy."
Donald Lewis Kohn (born November 7, 1942) is an American economist who served as the former Vice Chairman of the Board of Governors of the Federal Reserve System. He is considered a moderate dove on fiscal policy. He retired after 40 years at the central bank in September, 2010.
Kohn has written extensively on issues related to monetary policy and its implementation by the Federal Reserve. These works were published in volumes issued by various organizations, including the Federal Reserve System, the Bank of England, the Reserve Bank of Australia, the Bank of Japan, the Bank of Korea, the National Bureau of Economic Research, and the Brookings Institution.
He was awarded the Distinguished Achievement Award from The Money Marketeers of New York University (2002), the Distinguished Alumni Award from the College of Wooster (1998), and the Honorary Degree, Doctor of Laws, from the College of Wooster (2006).
Jerome H. Powell is a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focuses on state and federal fiscal issues. Powell served as undersecretary of the treasury for finance under President George H.W. Bush, with responsibility for policy on financial institutions, the treasury debt market, and related areas.
From 1997 through 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the U.S. Buyout Fund. He worked for many years prior to that as a lawyer and investment banker in New York City.
Powell graduated from Princeton University in 1975 and Georgetown University Law Center in 1979, where he was editor-in-chief of the Georgetown Law Journal.
Lawrence H. Summers
Lawrence Henry Summers (born November 30, 1954) is an American economist. He served as the 71st United States Secretary of the Treasury from 1999 to 2001 under President Bill Clinton. He was Director of the White House United States National Economic Council for President Barack Obama until November 2010.
Summers is the Charles W. Eliot University Professor at Harvard University's Kennedy School of Government. He is the 1993 recipient of the John Bates Clark Medal for his work in several fields of economics.
Economist Larry Summers uses an analogy about refusing to pay a ransom to kidnappers to illustrate the complications of how restricting bailout laws would prove to be inadequate. "Laws that use the phrase 'under no circumstances' have a problematic aspect," says Summers.