U.S. Senator Charles E. Schumer (D-NY) conviened a Joint Economic Committee (JEC) hearing to examine the current systemic risk in the U.S. financial system and the possible government and private sector solutions to protect the economy against those ongoing risks. The hearing, entitled, “Wall Street to Main Street: Is the Credit Crisis Over and What Can the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?” was held on Wednesday, May 14, 2008 at 9:30 am in Room 216 of the Hart Senate Office Building. Amidst serious economic troubles, the JEC heard from the former Chairman of the Federal Reserve Board of Governors, Paul Volcker, and experts including Douglas Elmendorf of the Brookings Institution. The expert panels helped committee evaluate the risks posed to the financial systems and offer possible solutions.
