Art Wilmarth is Professor Emeritus at The George Washington University Law School and author of 'Taming the Megabanks: Why We Need a New Glass-Steagall Act'. The book traces the evolution of the US banking sector from the late 19th century to today. In this episode, Art makes the case for reestablishing a clear structural separation between banks and the capital markets and for prohibiting nonbanks from issuing short-term financial claims, like money market mutual funds.

Bob Litterman is a founding partner at Kepos Capital, and the chairman of the CFTC’s Climate-Related Market Risk Subcommittee which last month released a report identifying climate change as a systemic risk to the financial system along with presenting policy recommendations, such as the need for an economy wide price on carbon. Bob talks about his background in risk management, how he got interested in climate change, and incentives that are needed to transition to a net-zero emissions economy.

Dick Kovacevich was CEO of Wells Fargo from 1998-2007, during which time he built the company into a banking powerhouse. Dick’s relentless focus on selling Wells Fargo’s customers as many products as possible is what made Wells a widely admired company, but it also sowed the seeds of Wells Fargo's later problems. Dick discusses his philosophy of banking and the fake account scandal that became national news in 2016 with Lee Reiners and special co-host Patrick Rucker from The Capitol Forum.

Climate change poses a "slow motion" systemic threat to the stability of the U.S. financial system requiring urgent action from regulators, including the Federal Reserve and the Securities Exchange Commission. That is one of the findings of a recently released landmark report commissioned by the U.S. CFTC and put together by a panel convened ~10 months ago by CFTC Commissioner Rostin Behnam. Commissioner Behnam discusses the report's recommendations and next steps with Duke Law professor Sarah Bloom Raskin.

Richard Cordray served as the first director of the Consumer Financial Protection Bureau. His book, "Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy," shows how the Bureau became a powerful force, suing big banks for deceiving consumers, putting limits on predatory lenders, simplifying mortgage paperwork, and helping solve problems for individual consumers. Rich shares insights from his book and offers his thoughts on the Supreme Court's Seila Law decision.

Rodney Hood is the first African-American to lead a federal banking regulatory agency, the National Credit Union Administration, which oversees federally insured credit unions. In this role, Chairman Hood has focused on reinforcing places that have fallen behind, like hard-pressed urban areas and rural communities fighting decline. Chairman Hood offers thoughts on how inclusion can be made a priority in the industry and what institutions can do to promote inclusion, opportunities in underserved communities.

Jim Sills, CEO/President of M&F Bank in Durham, discusses the role of Minority Depository Institutions, challenges they are facing during COVID-19, and opportunities presented by renewed support for black owned banks in the wake of George Floyd’s death. M&F Bank was founded in 1907 by nine African American businessmen in Durham in a thriving district that is now known as Black Wall Street. Today, M&F Bank is a $265M state-chartered bank with over 70 employees, serving the five largest urban markets in NC.

Liam Vaughan discusses his new book: “Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History.” The Flash Crash occurred on May 6th, 2010, when the DJIA plunged 9% in minutes only to recover a large part of the loss within half-an-hour. Liam is a senior reporter with Bloomberg and Businessweek magazine in London. Twitter: @liamvaughanBBG. Interested in learning more about issues in financial regulation and policy? Check out the GFMC’s blog, The FinReg Bl

Last Thursday, the Fed released the results of its annual bank stress tests. Due to the pandemic and the economic recession it has caused, there was added attention on this year’s results. Gregg Gelzinis explains what the stress tests reveal, and what risks remain. Gregg is a senior policy analyst for Economic Policy at the Center American Progress. You can learn more about the GFMC by visiting our website: https://law.duke.edu/globalfinancialmarkets/

COVID-19 has upended American capitalism and forced the federal government to spend unprecedented sums to support struggling consumers and businesses. In this episode, Vanguard's global chief economist, Joe Davis, talks about the efficacy of the fiscal policy response and what more can be done. Joe’s blog post on the employment retention tax credit: https://vgi.vg/37DxTz2 You can learn more about the GFMC by visiting our website: https://law.duke.edu/globalfinancialmarkets/