What is the government's role in stabilizing the financial system? Academic researchers, practitioners, and policymakers often argue that financial markets require unique forms of government intervention given their importance to the wider economy. Many also believe that government policies designed to reduce financial market instability and the threat of systemic risk are desirable. There is, however, substantial disagreement concerning the appropriate policy tools and their effectiveness. At this conference, experts on financial market regulation will discuss two recent papers that identify possible societal benefits of the current regulatory regime and Fannie Mae's role in that regime. Participants will identify and discuss factors that affect the size of these benefits relative to their costs.