Consumer Credit and the American Economy
November 14, 2014
JLEP and the Attorneys General Education Program of the Henry G. Manne Program in Law & Economics Studies co-hosted a symposium for a comprehensive analysis of the history and economics of consumer credit and its regulation in America, with commentary from leading economists, law professors, and policy-makers. Panels focused on policy and contemporary debates as well as economic and legal perspectives. Research papers presented at the conference will be published in a special edition of the George Mason University School of Law Journal of Law, Economics, and Policy. In addition, participants were given a complimentary copy of the forthcoming book Consumer Credit and the American Economy, by Tom Durkin, Gregory Elliehausen, Michael Staten, and Todd Zywicki published by Oxford University Press.
JLEP received approval of Virginia MCLE for this program.
Keynote Address: An Overview of Consumer Credit and the American Economy
Todd J. Zywicki, George Mason University Foundation Professor of Law, George Mason University School of Law
Reading Assignment:
Durkin, Elliehausen, and Zywicki, Consumer Credit and the American Economy: An Overview
Panel 1: Economic Perspectives
Anthony M. Yezer, Professor of Economics, The George Washington University
Thomas W. Miller, Jr., Professor of Finance and Jack R. Lee Chair of Financial Institutions and Consumer Credit, Mississippi State University College of Business
Michael D. Calhoun, President, Center for Responsible Lending
Jim Hill, Chief Executive Officer and President, First Heritage Credit, LLC
Moderator: Janis K. Pappalardo, Assistant Director, Division of Consumer Protection, Bureau of Economics, Federal Trade Commission
Reading Assignment:
Yezer, Comments on Consumer Credit and the American Economy, November 14, 2014
Miller, “Differences in Consumer Credit Choices By Banked and Unbanked Mississippians,” November 6, 2014.
Lacko and Pappalardo, “The Failure and Promise of Mandated Consumer Mortgage Disclosures: Evidence from Qualitative Interviews and a Controlled Experiment with Mortgage Borrowers,” American Economic Review: Papers & Proceedings 100 (May 2010): 516-521.
Panel 2: Legal Perspectives
Jim Hawkins, Associate Professor of Law, University of Houston Law Center
Richard Hynes, Nicholas E. Chimicles Research Professor of Business Law and Regulation and Director, John M. Olin Program in Law and Economics, University of Virginia School of Law
Hilary B. Miller, Chairman of the Board, Consumer Credit Research Foundation
Heidi Mandanis Schooner, Professor of Law, Columbus School of Law, The Catholic University of America
Moderator
J.W. Verret, Chief Economist and Senior Counsel, US House Committee on Financial Services
Reading Assignment:
Fritzdixon, Hawkins, & Skiba, “Dude, Where’s My Car Title?: The Law, Behavior, and Economics of Title Lending Markets.”
Luncheon Address: Consumer Credit and the American Economy as a Research Program: The Economics and Regulation of Consumer Installment Lending
Thomas A. Durkin, Senior Economist (retired), Federal Reserve Board
Reading Assignment:
Durkin, Elliehausen, and Hwang, “Findings from the AFSA Member Survey of Installment Lending,” October 18, 2014
Panel 3: Policy and Contemporary Debates
J. Howard Beales III, Professor of Strategic Management and Public Policy, The George Washington University School of Business
G. Marcus Cole, Wm. Benjamin Scott and Luna M. Scott Professor of Law, Stanford Law School
Jeffrey A. Tassey, Principal, Tassey & Associates
Moderator:
The Honorable Maureen K. Ohlhausen, Commissioner, Federal Trade Commission
Reading Assignment:
Beales, “Competition Protection and Behavioral Economics: To BE or Not to BE?