Dr. Gary Stern spoke to the Economic Club about the banking crisis. He said that while reforms are necessary, excessive regulation should be avoided and policymakers should instead focus on limiting "spillovers" between institutions by establishing a process of early identification of exposures likely to bring down an institutition and developing a system of rule-based corrective action and improved communication.
Gary Stern became President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis in March 1985. Stern, a native of Wisconsin, joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, Stern was a partner in a New York-based economic consulting firm. Stern's prior experience includes seven years at the Federal Reserve Bank of New York.
Stern holds an A.B. in economics from Washington University, St. Louis, and a Ph.D. in economics from Rice University, Houston.