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Covington’s Dugan Speaks At Buttonwood Gathering on Global Imbalances

October 25, 2011

NEW YORK, October 25, 2011 — Covington & Burling’s John Dugan joins a discourse on global finance and the economy at The Economist’s third annual Buttonwood Gathering October 26-27 at the National Museum of the American Indian in New York City.

This year’s event focuses on global imbalances in the aftermath of the 2008 financial crisis and draws upon the expertise of such noted economic leaders as Lawrence H. Summers, the former Treasury Secretary and Harvard University professor; Josef Ackermann, CEO of Deutsche Bank; and former Federal Reserve Chairman Alan Greenspan. A full program and list of speakers can be found at http://buttonwood.economist.com.

Mr. Dugan, the former U.S. Comptroller of the Currency, will address the impact of a global bank failing on a panel that convenes at 4:15 p.m. on Thursday. A partner in Covington’s Washington office, Mr. Dugan chairs the firm’s financial institutions group. He advises clients on a range of legal matters affected by significantly increased regulatory requirements resulting from the financial crisis.

While the worst of the financial crisis seems to have passed, the huge global imbalances that were the backdrop to the financial crisis in 2008 are arguably worse than ever. Countries from America to Japan sag under the weight of enormous debts. In Europe, tension between highly indebted “peripheral” countries and the big European economies that are expected to rescue them threaten the future of the euro itself. Meanwhile, emerging economies from China to Brazil, which have surged in recent years, are battling the growing pains that come with their fast-growing economies — from inflation to widening inequality. Through presentations, panel discussions and a live simulation, The Buttonwood Gathering will examine the implications of the ascendance of emerging economies, the global economy’s many imbalances and the consequences of the rich world’s addiction to debt.

“Our panel will simulate the failure and resolution of a hypothetical, systemically important U.S. bank under the new resolution regime added by the Dodd-Frank Act — the first public forum to attempt this type of “tabletop” exercise,” Mr. Dugan said. “I’m very pleased to play the chairman of the FDIC in this program, which will surface a number of important issues in the new regime, and should lead to a very lively debate as we wrestle with the key decisions that will have to be made in the process.”

For more information on the program, speakers or to register for the event, please go to http://buttonwood.economist.com.

This event is open to press. For media registration, please contact Amy Jaick at amyjaick@economist.com or 212-641-9834.

For interviews with John Dugan, please contact Rebecca Carr at rcarr@cov.com or 202-662-5110.

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