Benefits and dangers of equity markets as tools to spur investment and help retirement savers
Friday, April 15, 2016, 9:00 am — 12:30 pm The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave, NW Washington, DC 20036
The financial crisis is now eight years behind us, but its legacy lingers on. Many Americans are concerned about their financial security and are particularly worried about whether they will have enough for retirement. Guaranteed benefit pensions are gradually disappearing, leaving households to save and invest for themselves. What role could equities play for retail investors? Another concern about the lingering impact of the crisis is that business investment and overall economic growth remains weak compared to expectations. Large companies are able to borrow at low interest rates, yet many of them have large cash holdings. However, many small and medium sized enterprises face difficulty funding their growth, paying high risk premiums on their borrowing and, in some cases, being unable to fund investments they would like to make. Equity funding can be an important source of growth financing. On April 15, the Initiative on Business and Public Policy at Brookings will examine what role equity markets can play for individual retirement security, small business investment and whether they can help jumpstart American innovation culture by fostering the transition from startups to billion dollar companies. This event will be live webcast. Join the conversation on Twitter at #EquityMarkets.
Introduction and welcome
Martin Baily, Senior Fellow and Director, Initiative on Business and Public Policy, The Brookings Institution
Richard G. Ketchum, Chairman and CEO, Financial Industry Regulatory Authority
Moderator: Aaron Klein, Fellow, Initiative on Business and Public Policy, The Brookings Institution Tim Cohen, Chief Investment Officer, Fidelity Joshua Gotbaum, Guest Scholar, Brookings; Former Head, Pension Benefit Guaranty Corp Charles Himmelberg, Head of Global Strategy, Goldman Sachs Susan Lund, Partner, McKinsey Global Institute, McKinsey & Company Tom O'Shea, Associate Director, Cerulli Associates
Roger Ferguson, President and CEO, TIAA-CREF Introduction: Martin Baily, Senior Fellow and Director, Initiative on Business and Public Policy, Brookings
I am a Resident Scholar at the American Enterprise Institute in Washington, where my work focuses on Social Security policy. Previously I held several positions within the Social Security Administration, including Deputy Commissioner for Policy and principal Deputy Commissioner. Prior to that I was a Social Security Analyst at the Cato Institute. In 2005 I worked on Social Security reform at the White House National Economic Council, and in 2001 I was on the staff of the President's Commission to Strengthen Social Security. My Bachelor's degree is from the Queen's University of Belfast, Northern Ireland. I have Master's degrees from Cambridge University and the University of London and a Ph.D. from the London School of Economics and Political Science. I can be contacted at andrew.biggs @ aei.org.