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Governor Powell’s remarks

Event Summary

On Thursday, Jay Powell of the Board of Governors of the Federal Reserve System joined AEI’s Stephen D. Oliner to discuss the critical need to reform the housing finance system.

During his prepared remarks, Governor Powell emphasized the potential systemic risk from a housing finance system that continues to be dominated by two large institutions, Fannie Mae and Freddie Mac, both of which remain in conservatorship today. He also argued that the continued limbo status of Fannie and Freddie has stymied innovation in new mortgage products. He identified a set of principles that should guide reforms efforts, without favoring one specific plan over others. Governor Powell concluded by highlighting the need to move forward with the best feasible plan that would draw bipartisan support instead of holding out for the perfect solution.

—Stephen D. Oliner and Benjamin Smith

Event Description

Housing finance reform is vital to the long-term health of our economy. While policymakers and the private sector have strengthened the core of the financial system, the housing sector rests on an uncertain foundation.

Please join AEI as Federal Reserve Governor Jay Powell presents the case for housing reform, laying out lessons learned from work done to reduce risks to the economy from other parts of our financial system.

Join the conversation on social media with @AEI on Twitter and Facebook.

 If you are unable to attend, we welcome you to watch the event live on this page. Full video will be posted within 24 hours.


Agenda

9:45 AM
Registration

10:00 AM
Introduction:
Stephen D. Oliner, AEI; UCLA Ziman Center

10:05 AM
Remarks:
Jay Powell, Board of Governors of the Federal Reserve System, Speech

10:30 AM
Conversation

Participants:
Stephen D. Oliner, AEI; UCLA Ziman Center
Jay Powell, Board of Governors of the Federal Reserve System

10:45 AM
Q&A

11:00 AM
Adjournment


Event Contact Information

For more information, please contact Benji Smith at [email protected], 202.862.4878.


Media Contact Information

For media inquiries, please contact [email protected], 202.862.5829


Speaker Biographies

Jay Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028. Prior to his appointment to the Board of Governors, Mr. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, DC, where he focused on federal and state fiscal issues. From 1997 through 2005, he was a partner at The Carlyle Group. He served as an assistant secretary and as undersecretary of the Treasury under President George H. W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Before joining the administration, he worked as a lawyer and investment banker in New York City. In addition to service on corporate boards, Mr. Powell has served on the boards of charitable and educational institutions, including the Bendheim Center for Finance at Princeton University and The Nature Conservancy of Washington, DC, and Maryland. He received an A.B. in politics from Princeton University in 1975 and a law degree from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.

Stephen D. Oliner is a resident scholar at AEI and codirector of AEI’s International Center on Housing Risk. He is also a senior fellow at the University of California, Los Angeles, Ziman Center for Real Estate. Dr. Oliner joined AEI in 2012 after spending more than 25 years at the Federal Reserve Board as a research economist and officer. He maintains an active research agenda that focuses on real estate issues and the US economy’s growth potential. He holds a Ph.D. in economics from the University of Wisconsin.

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