builder of great institutions, visionary leader of a legendary institution, great library made greater a world enriched by the vision yourself have advanced, the dreams you believed in the people you nurtured, the culture that you cared for so men. jim, we thank you for all you have done, but above all we thank you for being the wonderful person that you are. [applause] >> thank you. that was truly moving and i would say worthy perhaps of a world library in its scope and of digitization for posterity. i aim particularly glad we have cameras here. next my previous to produce vartan gregorian, as james said, the one and only. the 12th president of the carnegie corporation of new york, grant-making institution funded by andrew carnegie. he served nine years as president of brown university and before that, from 1981 to 1989 as president of the new york public library. he himself was born in iran to armenian parents and received his elementary education in iran and his secondary education in lebanon. in 1956 he entered stanford university and graduate with honors. a ph.d in hit from stanfo

, how they view the crowd comes of these institutions. as general raiden was saying, about many many folks in this country feel the wind of globalism and other factors in their faces and undermining their ability to achieve what people described as the american dream. i think if those of us who are trying to defend the rule of law don't focus on that then we are not going to be able to defend it effectively over the long one. >> ken you can take the halloween hypothetical if you would like. on the thought you are not probably going to want do do that. we can turn to solutions. the three of you described the undermining of a common understanding of facts and an undermining of the legitimacy of our democratic institutions which is making it impossible for red and blue america to perceive the rule of law in the same way. this group convened to come up with solutions to the threat to the rule of law. you are a prosecutor. you have a jury filled with members who see facts in different ways. how do you speak to them. >> that's the reality. i th

that structure can be extrapolated to financial institution, the financial institutions have this unique feature which is they are in the business of maturity transformation, which means it's very easy for their cash to get depleted. maturity transformation is a process where they take into process from depositors which are short-term obligations of the bank, but then they turned them into long-term assets like real estate mortgages. you will all remember the great scene from the frank capra movie, "it's a wonderful life" where there's a run on the bank. what happens there is the closes, jimmy stewart closes the door and says your money is in that persons house. you don't want to foreclose on their house. the problem is that except for i can institution like the building and loan, you can't do that with the big financial destitution, so what happens to quickly and have to figure out if you're going to do this re-capitalization approach and make the firm continue in business and have private sector absorb the losses, how to do it very fast. how to do it very quickly. so the regulators und

gnu is a research institution that is a big deal for a relatively young institution when we were added to that list. it started as the international rule of law. it was rice threw th right throl and had escalators. they acquired th at the law schl in 1879 and the new building for the law school which is on the other side was dedicated in 1999 just as antonin scully gave the address and in 2006 when we named the law school after him not because he gave the address but some generous donors gave $30 million. the law school has been highly ranked for 18th street years we've been in the u.s. news world report that's pretty good for a young school. they ranked the faculty 19th in the country in terms of scholarly impact based on citations. it reflects the commitment to economics as a background and there is another ranking out there i hadn't heard until a couple of years ago and i'm not very proud of these. we are ranked number eight team law school in the world, 16 in the u.s.. that fits in very nicely with the ranking scholarship. it sounds like an objective high quality study. october was

the problem is that except for a tiny institution you can't do that with a big financial institution. it happens too quickly and you have to figure out if you're gonna do this approach and make the firm continue with the private sector absorbing the loss and how to do it fast and quick. so, the regulators, under title ii of dodd frank, the firms required to do resolution plans under the bankruptcy code under title i of dodd frank, who worked for the last few years to develop a single point of entry approach to resolution. >> the benefit that we have in our structure is the banks have holding companies. holding companies issue equity and depth. if you can take the debt and restructured as equity, you've recapitalize the financial institution and what the chapter fourteen bill does is create a mechanism for doing that by putting the holding company into chapter 11. those debts are suspended as subject to the automatic stay in bankruptcy and the bankruptcy court over a weekend can take stock of the subsidiaries and transfer them to a debt-free holding company. by doing that, you effectiv

a big financial institution. so it happens too quickly, and you have to figure out if you're going to do this recapitalization approach and make the firm continue in business and have the private sector absorb the losses, how to do it very fast. how to do it very quickly. so the regulators under title 2 of dodd/frank, orderly liquidation authority, and the firms who are required to do resolution plans under the bankruptcy code under title 1 of dodd/frank worked for the last few years on developing what's called the single point of entry approach to resolution. i'm almost out of my time. the benefit that we have in our financial structure is that banks have holding companies. and holding companies issue equity and debt. if you can take that debt and restructure it as equity, you effectively recapitalize the financial institution and what the chapter 14 bill does is it creates a mechanism for doing that by putting the holding company into chapter 11. those debts are suspended. they're subject to the automatic bankr

>> let me start with the institutions and then i'll quickly jump to congress. >> again, the institutions have to try to observe their norms. all right? we realize that fixing a norm busting policy by busting your own norms adds to the damage being done to institutions and processes. so you've really got to be careful. this is probably not going to help him since we've got tv cameras rolling here, but i think that dan coates has been masterful the past six to eight months. he doesn't pick a fight, he doesn't beat his chest. he answers questions about issues in a fairly straight forward way and seems to be indifferent whether he's on the same hymnal or not of the folks downtown. the joint chiefs and secretary, i think their response to the transgender ban tweet by the president was about as close to the edge as you can get. and there, the issue was-- describe that for one-- >> sure, the president tweeted from the residence one morning when he was scheduled to get a long briefing on his options with regard to transgender troops, all right, and tweeted it's over, they're done, we're-- they'r

teya lee of the economic policy institute and ms. stephanie segal, senior fellow and deputy director of the simon political economy at center for strategic international studies. i welcome each of you. thank you again for being here. your full written statements will be submitted for the record and i ask you each to talk for five minutes and we can extend some q & a until 4:3 4:30. >> chairman young, and ranking member, thank you for for the economic institutions and u.s. foreign policy. i'm going to skip the portion that i had about the multilateral economic institutions. i think the government witnesses covered it very well, about the reforms that are needed as well as the importance to our national interests. so when thinking about these institutions in terms of our foreign policy, the committee asked in particular about the u.s. relation with china as we heard in the debate earlier and i heard president trump call china a strategic competitor. and the united states has gone further and accused of china being an unfair competitor.

part at the cato institute in washington d.c.. this is an hour. . >> good afternoon i am the director at the center for - - i'm here to welcome you to today's forum with the book borrowed time and then to have our whole panelist freeman immediately to my left and the assistant editor the "wall street journal" editorial page and the author and newsletter and to an attorney and financial analyst and author whose specialty is international central-bank and operations and christie is the associate professor of political and business history at the university of maryland and also love visiting scholar at johns hopkins where she is working on her own book working on flexible finance and the culture of risk. and with the chief executive officer for the federal reserve bank of minneapolis march of 1985. that is some type of a record. also the co-author of too big to fail. thanks to all of you for taking part in these discussions today. asking any questions of the panel and when we're done discussing the book amongst ourselves and to open

we had the global antitrust institute. they recently held a conference last week on the additional economy. they are operating around the world. our center for the protection of intellectual property is one of the leaders in ip thinking. recently. program the national security security institute was founded and .irected by jamil jaffer: been aportantly, he has clerk twice for neil gorsuch. that, he is now a member of our faculty. that's under his leadership. yesterdayevent here with mark warner talking about security clearance reform. that's enough for me right now. thank you very much for being here. it is an honor to welcome you. over.l turn it thank you very much. [applause] thank you.o: thank you all for coming. the ipo champions for this event. my partner in the last two months, my full-time job is founder and ceo. i thank my team for allowing me to do this. requests, no milkshakes for you today. we are open until 1:00 in the morning. once this all about? the inspiration for this event came to me when i saw my church

the institutions the president is talking about and the institution that you drew on the united nations within the gulf war. this institutions were pretty effective through this man's presidency. did you see that coming? >> i did not. i certainly agree with you and i knew president obama would agree the leadership in the world is absolutely imperative. we had alliances that leveraged the power that we could rely on and of those alliances were evidenced by nato of course and by the security agreements with japan and korea and in the economic sphere the world bank, imf and so forth. those institutions were created by america in order for us to do with the rest of the world needed us to have done. we don't need to denigrate institutions or attack them. do they need some of them reformation, absolutely. as someon someone who spends a f time working with the imf, there is a good one. even nato. they have what they've agreed to pay and we know we shouldn't be required forever to pick up the tab. but these institutions make america stronger and we have got to be running them down. [applause] h

of the in the institutional relations of the european union to cooperate with institutions who are secret and then you come to reste make responsible the only open and transparent institution to be as the others are not sufficiently open and transparent this is unfair and this unfairness i disagree entirely this is unfair which is concerning the yeah i think wonderful work of the overwhelming majority of members of the european i understand in full transparency i understand that so why did fewer and fewer people bother to vote in the e.u. parliamentary elections and try this is a twenty fourteen was the lowest ever there is one thousand that not in my country in my country in germany we don't agree for all overall minor point six percent in my country we increased the turnout. enormously in the last european election that's about across europe across here but europe is not you would need one piece of this twenty eight governments out of the me the question by the term out in the united kingdom was so low meanwhile in germany it was much whining about the average it kept on going down sinc

another multilateral economic institution that affects u.s. foreign policy and workers here at home. those violations include the theft of intellectual property, environmental standards, the chinese government provides subsidized loans for state owned enterprises. these forms use these unfair advantages to shrink market shares. when i was reading the materials for this hearing, it really emphasized the debt trap that china is using as an instrument of foreign policy and it reminded me of a book i read in college called the debt trap. and but this book was about the ims policy 45 years ago and about how we had many loans that went to the elite in developing countries, how the elite banked those funds oversees and how subsequent governments were left in these poor countries to pay the debt leaving them in an extremely vulnerable situation in terms of policies that would affect their citizens versus benefit foreign investors. it's been many, many decades in which the practices are very different but now we have china adopting a debt trap model, a

our institutions are facing the strain. i guess i am still optimistic that over time, one of the great strechxz an open society which i think our adversaries don't appreciate, is how resilient it is. culturally through each individual becoming more skeptical about what they read on the internet and reading before sharing, these kinds of low-level changes across a population of 300 something million people, can over time have an effect. we can develop the antibodies and develop the cultural responses that will help teal with some of these threats and so over time you can mark me down as optimistic about america, despite the incredible challenges that we're facing today. >> great. and the russian example is instructive. jim, a solution? >> i don't know about a solution, but i think people need to reorient themselves away from what is in their own personal interests to what is in the interests of the united states of america. in that sense, they need to put america first. in that sense. the interests of the united states comes

role there about -- one year anniversary of working with the heartland institute based out of chicago. we're national think tank and promote free market solutions to social and economic. >> what's the history of the heartland institute ?jts started in mid-80s focused on illinois but throughout years we've expanded to where we have -- ongoing discussions with legislators in every "state of the union." actually, we're perhaps the most red publications come from the heartland institute read in every state's capitol. >> you also put out the patriots guide and patriots tool box what had is that book? >> that is a -- a continuation of the great ideas between market ideas for state legislators that they can use on ten different issue and formaller state legislator myself -- 14 years in the state senate, and always looking for materials and support and things to put together policy, and great thing at the heartland newt is you've been working 50 states and lose in 49 but you can say we won something, and actually patriots was flashed on floor of the wisconsin state senate. my state senator ru

there's this idea that there is an optimal level for the institution. i am not a director of any of these but if i were i would be pressing the management really hard about what business does it make sense to be in and what geographic region don't make sense and all those kind of questions. if you are an independent director on one of those boards, you should be asking some serious questions. >> by a wrapup question i would like to throw a curveball for summing up the lessons we should draw from citibank what would be the wrong lesson to draw from your book. what might that be and can you warn us against? >> i'm worried that a supervisor or regulator whether it is in the u.s. or elsewhere looks at the centethis and says it is liu we can choose from the various ways to bailout institutions. we can do in a capital program or a whole laundry list as you go through. if you worry tha worried that pt read the book and say it is such a colorful case and so unique because obviously it stands out but that is just citibank and we don't have to worry about other b

bush institute.we recognize the impact you have made through your enduring commitment to supporting america's veterans and caregivers. if my mother were here looking at you, being married as long as you have, she would say no purgatory, straight to heaven. [laughter] [applause] fmr. vp biden: because you understand the sacrifice we ask of our men and women who wear the uniform in the united states, and the toll that it takes on both the servicemembers and their families. i have long said that we have many, many obligations as a country, but we only have in my view -- and i get criticized for saying it -- we only have one one truly sacred up -- obligation. to properly equip those of the center for care for them and their families when they are the void and when they return. it's not as easy as just picking up where you left off. that is why you created the veterans employment transition roadmap customized toolkit to help service members smooth the .eturn that is why you have made it a point to not jus

they held him in an institution. they said, you're incompetent. held him in an institution. and finally, an attorney picked this up and said, wait a minute, you can't just keep him there. the supreme court held that the state of indiana violated the equal protection and due press by indefinitely holding a criminal defendant solely on the basis of his permanent incompetency to stand trial. they said the state must institute civil proceedings, not criminal proceedings for commitment using those standards or they got to release him immediately. he was released immediately. then there's another case here that was the o'conner versus donaldson case, 1975. donaldson was living in florida, 34 years old, married, had three kids. had an accident earlier on in his life in which he had some severe head trauma, and he had episodes of acting out. well, he worked at a defense plant for general electric, so he was a good employee, but he would have these episodes. finally he was hospitalized, with his consent. given shock treatments for his delusion. delusions that people were trying to po

at higher security institutions.inmate at lower security institutions have incentive to get along because we could move them to hire security, and they lose privileges and freedoms the higher up they go. the bigger challenges at the higher security facilities. we have a tremendous staff who do this every day. they work next to those inmates every day and try very hard to make sure they manage in a professional manner to earn the respect of those inmates and make sure we can ensure that the inmates continue to behave. that is partly by disciplining them. we do have restrictive housing. we try to use that only when it is absolutely necessary. we can move them to other units as well. and we work to take away other privileges. visitation,uce which is generally very important to inmates, phone minutes, things like that. but you are right, the higher it gets in the security levels, the harder it is for staff to manage those inmates. those are among the worst inmates in the country, we need to remember. as you pointed out,

there were inefficiencies at female institutions we visited, and the concern from a female institution to a male institution negatively impacted female inmates. our report made ten recommendations and the bop agreed with all of them and is currently moving forward with implementing those recommendations. in many ways, our specific findings with regard to bop's management of its female inmate population were broader challenges facing the bop. the r.g.'s recent list of performance challenges which we issued earlier this month included bop's management of the prison system as one of those challenges. the 2018 report identified several areas of concern, including operating a federal prison system in a resource-challenged environment while maintaining physical security, monitoring the impact of revised doj enforcement policies on the federal prison population, and evaluating the effectiveness of efforts to reduce inmate population and recidivism. while the federal inmate population has been declining in recent years, many bop institutions remain over their rated capacities. they have exceed

and the conversion from a field institution to a male institution negatively impacted female inmates the report made ten recommendations and they have agreed with all of them and is currently moving forward with implementing those recommendations. in many ways our specific findings with the management of this population illustrates a broader challenge facing the recent list of the top management performance challenges which we issued earlier included management of the prison system is one of those challenges the 2018 report identified several areas of concern including a federal prison system and a resource challenge environment monitoring the impact of the enforcement policies with the federal prison population and evaluating thes effectiveness to reduce inmate population in recidivism. the federal inmate population has been declining in recent years many institutions and to exceed capacity by 24 percent on average with high-security institutions and additionally those emerging technologies present with significant concerns at those add to increased risknc of escape and potential vi

one institution. we call northern trust tier two macs were not singling out northern trust. they just happen to be the only entity in tier two. one of the concerns given in the dissent on this was that the law only addressed one that you are 50. the feds tailoring which is consistent with other aspects of dodd-frank but was not part of s2155 dealt with the changes to the institutions over this new magic number of 250 which may be is pulled from the same air as 50, just give only. how -- did that surprise you? do think the feds decision to grant them relief is in the long run best interest of the economy? >> i want to piggyback off the question to ask thoughts on the combined with the frequency of the stress testing. if you move from a one to two-year window, what does that do? not so much from the standpoint of disciplining mechanism for the supervised but from the surveillance perspective of the regulator itself in terms of its own internal information gathering. >> let me just try to answer at least

institutions close to home, those are sports teams, those are good things. but politics cannot serve that very well on a national level without becoming distorting and tribal. and that is a problem. >> so identity politics is the fourth mentioned in your subtitle. as just another word for these three things? >> what they all are is, they are important different manifestations of this underlying phenomenon. right? identity politics is an ancient human understanding. or a way of looking at the world. among the first forms of identitypolitics was aristocracy . ... . >> that says some people simply by accident are better or worthy or worse than other people one of the greatest things of the founding fathers was get rid of titles of nobility so the idea inherent in the founding a fully realized that you should judge people on their own individual merits and take people as you found them. the problem with identity politics that is ancient and reactionary going back to the idea that there are different kinds of people judge differently not for their own merits but

this event was organized by the brookings institution. [inaudible conversations] [inaudible conversations] >> good morning, everyone and welcome to brookings. my name is stephanie aaronson and i am vice president and director of economic studies program here at brookings although to be honest i have only been in the role for three weeks. in fact, you all are the first audience i've had the pleasure of welcoming to brookings in this new capacity, so i'm very grateful to each of you for showing up here this morning. we are here today to discuss the current date of financial regulation, and if you're from the person perhaps best situated to share the latest development developments, federal reserve vice chairman for supervision randy quarles. before joining brookings i, too, was at the federal reserve providing analysis to policy makers on the u.s. economy and labor markets in particular. so i recognize the critical a stable financial system is to our economy and to all who participate in it. in that role i had the pleasure of interacting wi

ladies and gentlemen, the man who runs the hudson institution, john walters -- institute, sorry. [applause] thank you for your kind introduction. my colleagues and i at hudson are proud to be cosponsors of this program and sitting tribute to president reagan and pope john paul ii. throughout the cold war, the hudson institute promoted policies that would win the war through dedicated american leadership. hutson continues the work following these giants. they are very much alive to us and we are grateful for their example and achievement. it is my pleasure to introduce ambassador callista gingrich. she is the u.s. ambassador to the holy see. she has one of the two most difficult jobs in the world. she must explain what is going on in america to the vatican today. and the second-most difficult job is explaining what is going on in the vatican to america. she was confirmed in last year and sworn in by president trump on october 24 and credentialed by pope francis on december 22. she has been serving our country at the holy see ever since. she is a new york times best-selling author.

so religious institutions still matter. these fundamental institutions are the places in which we learn to practice the kinds of things that our democratic way of life needs you could be tweeting nasty stuff but still go to your kids school and help out and people are doing that someone may come out with the study we come out in a month the first part is a series you'll start to see some of that. very much losing confidence in the federal government and then state government as all one - - as well. 75 percent trust local government but like they are less prone to corruption and more transparent but there is a proximity to that. if you are embedded within functioning institutions you can affect and work through and change it's worth that even if they are spending three hours of their day shouting at people on twitter so i do agree it makes identity politics so much easier and so much worse for those other aspects of the life that are driving the dissolutions. >> so the rise of the therapeutic model the birth of modern identi

institutes. lockheed martin was an early advocate for this, that's a place where we can all come together, government, academia, industry, and shape a road map that will lead us all together into that fourth industrial revolution. i think with that overview, i'll pass it on. steve: ok, jeff, thank you very much. there's several things you mention wed can come back and develop in our discussion. i am indeed now going to turn to rolyn, dr. carolyn nuwinski-collins, c.e.o. of u.i. lab the goal of which is oto the transform industries using digital technologies. carolyn will surely explain what u.i. labs is all about but for my enter ducks i'll note that u.i. leads the consortium that was awarded to operate digital manufacturing design and manufacturing industry, dmdi institute as we'll call it here. it's one of the manufacturing innovation institutes of the d.o.d.'s manufacturing technology program. prior to her appointment at u.i. labs, she was vice president for innovation and economic development

. >> the chief operating officer of the hudson institute and the director of the lesson is to program and the program for undergraduates that addresses the holes in education that we have been talking about today. during the bush administration, mister walker served as see rector of the white house for drug policy and as the nations drugs are -- zar. imagine trying to keep bill bennett in order and on time. ladies and gentlemen, the man who runs the hudson institution, john walters. [ applause ] >> thank you peter for your kind introduction. my colleagues and i at hudson are proud to be cosponsors of this program and sitting tribute to president ronald reagan and pope john paul ii. for over 50 years and throughout the cold war, the hudson institute developed and promoted policies that would win the war through dedicated american leadership. hudson continues the work following the example of these giants and facing the threats of today. they are very much alive to us and we are grateful for their example and their achievement in the freedom that we enjoy. it is now my pleasure to intro

network and we're also one of eight institutes that are part of the d.o.d. manufacturing institute. and these institutes are within the office of manufacturing technology within the d.o.d. so the office broadly has the obligation or requirement to maintain u.s. manufacturing capabilities needed for u.s. war fighter readiness, for military preparedness. how do we make sure our manufacturing base has those capabilities to make sure we are the most competitive, that we are the most capable? as part of that mandate, these institutes take on different types of manufacturing capabilities. for us at dmdii we focus on digital manufacturing. as jeff alluded to, this fits nicely into the fourth industrial revolution. the industry movement that's bringing the digital and physical worlds together. within digital manufacturing what we want to do is connect a -- every part of the product lifecycle. we want to use data to create what's called the digital thread, the thread of data from the earliest stages of design through factory operations through making and assembling, through the supply chain

ok these are key institutions in determining macroeconomic policy around the world the u.s. has a veto power over all major decisions and. a small handful of wealthy countries basically control most of the votes the global south which has eighty five percent of the world's population has less than fifty percent of the vote in these key institutions of macro economic governance so even if it even if the majority of the world got together and disagreed with a policy. impose structural adjustments you know privatization whatever it might be they would not be able to resist because that's where these institutions of design there's a kind of a kind of global apartheid that's right at the center of the way that the global economy is organized that we're not actually addressing effectively the same is true of the world trade organization in the world trade organization there's a kind of one country one vote system but in fact in reality countries with larger economies have much more bargaining power and almost always get their way with smaller economy and can do very little to stop

we are also one of eight institutes that are part of the dod manufacturing institute, and these institutesare within the office of manufacturing technology within the dod. so the office broadly has the obligation and the requirement to maintain u.s. manufacturing capabilities needed for u.s. forward fighter readiness, for our military preparedness. so how do we make sure that our manufacturing base has those capabilities to make sure we are the most competitive, that we are the most capable, and so as part of that mandate, these institutes then take on different types of capabilities. for us, in the mdii, we focus on digital manufacturing and as alluded to, it fits very nicely into this fourth industrial revolution, the movement that's bringing the digital and physical worlds together. so within digital manufacturing, what we want to do is we want to connect every part of the product life cycle. we want to create the digital thread, the thread of data from the earliest stages of design through factory operation, through making an assembling through the end of life so there's an incredible