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May 26, 2021

Focus On…. Taking on the Megabanks: Art Wilmarth

Eminent professor. Legendary banking law scholar. Effective advocate. Encouraging mentor. Courageous speaker of truth to power. These are just a few terms phrases people use when describing Professor Art Wilmarth, who has spent his career calling out the many dangers of megabanks in the U.S and across the globe.

After former Chairman and CEO of Citigroup John Reed gave keynote remarks, Dennis Kelleher talked with him and Professor Wilmarth about megabank regulation during a closing fireside chat Monday as part of a daylong virtual symposium honoring Art and discussing the regulation of the largest financial conglomerates the world has ever seen.

The May 24 event, hosted by the University of Colorado Law School and the University of Colorado Law Review and led by Professor Erik Gerding, honored Professor Wilmarth of the George Washington University Law School, who has devoted his entire scholarly career to this topic and whose book, Taming the Megabanks, was just published by Oxford University Press.

The book is a great read on why the U.S. needs a new Glass-Steagall Act and cites Better Markets’ work on a number of key issues.  The bottom line is that the country needs structural changes to make our financial system more equitable and fair for Main Street Americans, businesses and community banks.

The symposium was star-studded, including many academic luminaries providing insightful commentary on all the critical issues as well an opening keynote address by Sen. Sherrod Brown, Chairman of the U.S. Senate Banking Committee, and closing keynote remarks from John Reed, former Chairman and CEO of Citibank and Citigroup.

See this page which includes video clips of John Reed’s keynote remarks followed by Dennis’s discussion with John and Professor Wilmarth. You can also see this Twitter thread for some of our commentary during the conference.

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