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Re-Regulating Financial Markets The View of Labor in the OECD Presentation: John Evans General-Secretary, Trade Union Advisory Committee to the OECD Discussants: David A. Smith Chief Economist, House Financial Services Committee Russell L. Smith Special Counsel, Willkie Farr & Gallagher

Event Description:

The financial turmoil sparked by the sub-prime crisis in the United States has begun to have its impact on growth and employment prospects worldwide. TUAC has called for coordinated international action to avoid the crisis spiraling out of control. However, unions have also said that the lessons must be learnt for regulating the financial markets in the future. Over the past year TUAC has been leading trade unions calls on legislators to develop more effective rules in response to the growing influence of lightly regulated alternative investment vehicles - such as private equity and hedge funds - on the real economy and the workers. This debate has now moved to the cover the issue of sovereign wealth funds. Evans will give the perspective of the labor unions in the OECD countries grouped in TUAC. 

Biographies:

John Evans is General Secretary of the Paris-based Trade Union Advisory Committee to the OECD (TUAC). Mr. Evans is a British national. Prior to joining TUAC, his previous appointments have included Research Officer at the European Trade Union Institute (ETUI) in Brussels, Industry Secretary at the International Federation of Commercial, Clerical and Technical Employees (FIET) in Geneva and Economist in the Economic Department of the Trades Union Congress (TUC) in London. Mr. Evans has a degree in Politics, Philosophy and Economics from Oxford University (1973). He is currently a member of the Board of the Global Reporting Initiative, and member of the Helsinki Group.

TUAC was founded in 1948, and following the creation of the OECD, it was recognised as an independent body entitled to represent the views of trade unions vis‑à‑vis the OECD. Along with the International Trade Union Confederation and the Global Union Federations it is a member of the Council of Global Unions and also coordinates union input to the G8 process. It comprises 56 national trade union centres in OECD Member countries, and thus represents some 65 million organised workers.

David A. Smith is the Chief Economist of the House Financial Services Committee.  Smith has experience handling a range of domestic and international issues, with an emphasis on economics.  Most recently, Smith was Senior Fellow at Demos, a think tank focusing on public policy issues such as income inequality and corporate governance. Prior to that, Smith was Director of Public Policy and senior advisor to President John J. Sweeney at the AFL-CIO.  In addition, he has held positions as senior deputy budget director and Commissioner of Business Development for the City of New York, and also served as a Senior Economist at the Joint Economic Committee and as an advisor to Senator Edward Kennedy.  Mr. Smith has also held positions as a fellow at the Century Foundation, and has taught at the University of Massachusetts and the New School.

Russell L. Smith has practiced with the legislative and government relations group at Willkie Farr & Gallagher in Washington, D.C. since February 1989, serving as Special Counsel since 1993.  In that time, and in prior private law practice, he has handled matters involving a wide variety of federal relations areas.  These include Congressional investigations, legislative matters involving environmental law, international trade, consumer products, financial services and financial institutions, foreign investment, nuclear power and defense contracting.  Mr. Smith has also represented clients in administrative proceedings before the Department of Commerce, the Department of Energy, the Federal Trade Commission, the Department of Health and Human Services and other federal agencies.  His clients have included major manufacturing and services corporations, international businesses, associations and prominent individuals.