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Financial Reform - What Now? Forum Featuring U.S. Rep. Barney Frank, FDIC Chair Sheila Bair, Economic Recovery Board Chair Paul Volcker: at BC Oct. 25

CHESTNUT HILL, Mass. (October 2010) – A panel of key figures in the financial marketplace will assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act - deemed the most comprehensive overhaul of financial rules since the Great Depression – at Boston College's Robsham Theater on Monday, October 25, from 5:00 – 6:30 p.m.

U.S. Representative Barney Frank (D-Mass.), chairman of the House Financial Services Committee and co-sponsor of the reform legislation, will be joined by Sheila Bair, chairman of the Federal Deposit Insurance Corporation, and Paul A. Volcker, chairman of the Obama Administration's Economic Recovery Board and former chairman of the U.S. Federal Reserve System.

Boston College Carroll School of Management Finance Professor Cliff Holderness, an expert on corporate finance and governance, will moderate the discussion, after which participants will take questions from an audience of leading business and financial executives, economists, academics and students.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, approved by Congress and signed into law by President Barack Obama in July, is a sweeping measure that tightens regulations across the financial industry in an effort to prevent a repetition of the fiscal crisis that began in 2007 and is still affecting individuals and industries across the nation.

The October 25 forum will address the effect of the legislation on the financial world both now and in the future. Update: The public event has reached its audience capacity and registration has closed.

U.S. Congressman Barney Frank represents the Fourth District of Massachusetts in the United States House of Representatives, where he has been chairman of the Financial Services Committee since 2007.

In addition to his co-sponsorship of the Dodd-Frank Act, he has been an advocate for numerous efforts to spur recovery from the economic crisis and to provide decent affordable rental housing for low-income families. These efforts include the American Housing Rescue & Foreclosure Prevention Act, intended to protect thousands of homeowners from foreclosure; the Section 202 refinancing program, related to affordable housing for the elderly, and the National Housing Trust Fund, which was created as part of the Housing and Economic Recovery Act of 2008 and was the first affordable housing program to be enacted by the Congress since 1990. He also was instrumental in the passage of the Credit Cardholders' Bill of Rights Act of 2008, a measure that drew praise from consumer advocates.

He began his career in the Massachusetts State House, where he served for eight years before winning a seat in the U.S. Congress in 1980. He has taught at the University of Massachusetts-Boston, the John F. Kennedy School of Government at Harvard University, and at Boston University. He has published numerous articles on politics and public affairs.

In 2010, he was named "the hardest working lawmaker" in the U.S. House of Representatives, and third hardest working in the U.S. Congress, according to a survey of fellow lawmakers, aides and other officials by The Hill, the newspaper for and about Congress.

Sheila C. Bair was appointed the 19th chairman of the Federal Deposit Insurance Corporation (FDIC) in 2006 for a five-year term, and a member of the FDIC Board of Directors through July 2013. As FDIC chairman, she has presided over a tumultuous period in the nation's financial sector. Her work has included programs to provide temporary liquidity guarantees, increases in deposit insurance limits and systematic loan modifications to troubled borrowers.

Prior to her appointment, she was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst, during which time she served on the FDIC's Advisory Committee on Banking Policy. She also has been assistant secretary for financial institutions at the U.S. Department of the Treasury, senior vice president for government relations of the New York Stock Exchange, a commissioner and acting chairman of the Commodity Futures Trading Commission and research director, deputy counsel and counsel to Senate Majority Leader Robert Dole.

In 2009, Ms. Bair was named one of Time Magazine’s “Time 100” most influential people. She has received the John F. Kennedy Profile in Courage Award and the Hubert H. Humphrey Civil Rights Award, and, in 2008, topped the Wall Street Journal’s annual 50 “Women to Watch List.” That same year, Forbes magazine named her the second most powerful woman in the world.

Paul A. Volcker served in the U.S. Federal Government for almost 30 years, culminating in two terms as chairman of the Board of Governors of the Federal Reserve System, following service at the Federal Reserve Bank of New York, the Treasury Department and Chase Manhattan Bank.

He was named chairman of the U.S. Fed by President Jimmy Carter in August 1979, was reappointed by President Ronald Reagan in 1983 and served until August 1987, after which he became chairman of New York investment banking firm J. Rothschild, Wolfensohn & Co.

He subsequently headed a committee formed to determine existing dormant accounts and other assets in Swiss banks of victims of Nazi persecution, served as chairman of the board of trustees of the International Accounting Standards Committee, and as chair of both the independent inquiry into the United Nations Oil-for-Food Program and a panel of experts to review the operations of the Department of Institutional Integrity.

In November 2008, then-President-Elect Barack Obama chose Mr. Volcker to head the President’s Economic Recovery Advisory Board. His proposal to restrict U.S. banks from certain investment activities - known as the "Volcker Rule" – evolved into a component of the Dodd-Frank Act.

Clifford G. Holderness, professor of finance at the Carroll School of Management at Boston College, is widely recognized for this research related corporate governance, corporate finance and shareholder issues. He has published in leading scholarly journals, and received the Brattle Prize for the best paper in corporate finance published in the Journal of Finance.

He also has published in the Journal of Financial Economics, the Journal of Law & Economics, the Journal of Legal Studies, and the Stanford Law Review, and has consulted on a variety of management projects and legal cases addressing corporate governance. 

Prior to becoming an academic, Professor Holderness was an attorney at Washington, D.C. law firm Steptoe & Johnson, where he worked on a range of regulatory and litigation issues. He holds a M.Sc. in Economics from the London School of Economics and a J.D. and A.B. in Economics (with Honors and Distinction), both from Stanford University.