Agenda
| Time | Session |
|---|---|
| Sunday, May 17 | |
| 6:00 p.m. | Opening reception and dinner |
| Monday, May 18 | |
| 8:00 a.m. | Breakfast |
| 8:30 | Welcome |
| 8:45 | Policy Session 1: How should the Federal Reserve deal with future financial stresses? In the Federal Reserve Act of 1913, Congress mandated that the central bank mitigate banking panics by "furnishing an elastic currency." The act established the Fed as the lender of last resort, paving the way for unprecedented market interventions during the 2007–08 financial crisis and the 2020 pandemic. To address strains in a significantly evolved financial system, the Fed created new emergency lending and liquidity facilities, and though they proved effective in supporting market functioning, these interventions have been the topic of intense debate. This session will explore how the financial system has changed and how the Fed can best meet its responsibilities when new stresses emerge. Panelist: Charles Evans, Former President and Chief Executive Officer, Federal Reserve Bank of Chicago, Panelist: Randall Kroszner, Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business Panelist: Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University Moderator: Gillian Tett, Provost, King's College, Cambridge |
| 10:00 | Break |
| 10:15 | Research Spotlight 1: Stablecoins Presenter: Francesca Carapella, Principal Economist, Financial Stability Division, Federal Reserve System Board of Governors Moderator: Scott Bauguess, Vice President of Global Regulatory Policy, Coinbase |
| 11:00 | Policy Session 2: Banking in a world with stablecoins and tokenized assets With the passage of the GENIUS Act, the United States has established the regulatory framework for stablecoins—a digital asset designed to keep its value one-for-one with the US dollar and which clears on a digital blockchain. In addition, tokenized money market funds where traditional money markets are tokenized and cleared on a blockchain are now being launched. In this session, the advantages of these bank and nonbank digital assets will be debated in terms of modernizing the payment system, increasing the competition for financial services, and rethinking the bundling of traditional banking credit transformation and money creation with payments. In addition, how will the benefits from the increased competition of nonbank stablecoins be balanced against their impact on financial stability and their runnability? Panelist: Dan Awrey, Beth and Marc Goldberg Professor of Law, Cornell University Panelist: John Schindler, Secretary General, Financial Stability Board Panelist: Carolyn Weinberg, Chief Product and Innovation Officer, BNY Moderator: David Wessel, Director of The Hutchins Center on Fiscal and Monetary Policy, Brookings |
| Box lunch and afternoon on your own (potential activities forthcoming) |
|
| 6:00 | Reception |
| 7:00 | Keynote and dinner Gita Gopinath, Professor of Economics, Harvard University Moderator: Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta |
| Tuesday, May 19 | |
| Breakfast | |
| 9:00 | Welcome |
| 9:05 | Policy Session 3: The evolution of central banking in the digital era Some central banks have embraced emerging financial technologies, proactively integrating them into their operational frameworks. Others have adopted a more cautious approach, preferring to delay implementation until the implications for monetary policy and financial stability become clearer. This panel will explore a broad spectrum of issues surrounding central banks' experiences with adopting and regulating digital innovations in the financial system. Key topics include central bank digital currencies, advancements in cross-border payments, the potential impact of generative artificial intelligence, and the growing role of fintech firms in financial intermediation. Panelist: David Andolfatto, Professor and Economics Department Chair, Miami Herbert Business School, University of Miami Panelist:Andréa M Maechler, Deputy General Manager, Bank for International Settlements Panelist: Kingsley Obiora, Former Deputy Governor (Economic Policy), Central Bank of Nigeria Moderator: Linda Goldberg, Financial Research Advisor, Federal Reserve Bank of New York |
| 10:20 | Break |
| 10:35 |
Research Spotlight 2: The economic value of generative AI Presenter: Gregor Schubert, Assistant Professor of Finance, UCLA Anderson School of Management Moderator: Stephen Cecchetti, Rosen Family Chair of Finance, Brandeis University |
| 11:20 | Keynote Roberto Perli, Manager of the System Open Market Account (SOMA), Federal Reserve Bank of New York Moderator: TBD |
| Noon | Lunch |
| 1:00 p.m. | Policy Session 4: How will AI transform financial markets? The increasing reliance on intelligent algorithms is rapidly changing financial systems. This panel will explore the impact of AI and machine learning on financial markets, highlighting key opportunities and challenges for trading, risk management, regulatory frameworks, and central banking policy. The discussion will address such critical questions as: What are the effects of AI model adoption on overall market stability and systemic risk? How do we balance market efficiency and price discovery with potential volatility? Could common AI models drive new forms of herding? Panelist: Thierry Foucault, Professor of Finance, HEC Paris Panelist: Paul Kedrosky, Venture Capitalist and Research Fellow, MIT Institute for the Digital Economy Panelist: TBD Moderator: Robin Lumsdaine, Crown Prince of Bahrain Professor in International Finance, Kogod School of Business, American University |
| 2:15 | Break and afternoon on your own (potential activities forthcoming) |
| 6:00 | Reception |
| 7:00 | Keynote and Dinner Panelist: Anna Paulson, President and Chief Executive Officer, Federal Reserve Bank of Chicago Panelist: TBD Moderator: Colby Smith, New York Times |
| 7:45 | Closing remarks Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta |
| Wednesday, May 20 | |
| 6:00 a.m. | Breakfast and adjournment (breakfast served through 10 a.m.) |