The Financial Regulation Forum
Bank regulation
Snippet: More studies?
17 Mar. When in doubt, conduct a study. That, in short, is the regimen prescribed by both the House and the Senate bills proposing a regulatory overhaul of the banking and financial industries. Rather than immediately putting in place regulatory fixes for some of the problems that contributed to the financial crisis, the two bills [...]
Snippet: Regulation is risky
03 Mar. The Institute of International Finance, a trade association of global banks has found that new proposals to regulate banks should be one of the global economy’s biggest worries. “Uncertainties about the prospects for reform — which have been highlighted by the recent proliferation of national proposals — are thought to pose additional risks [...]
Wall Street elders favour more regulation
The elder statesmen of the financial sector — like George Soros, Nicholas F. Brady, John S. Reed, William H. Donaldson and John C. Bogle — don’t think of themselves as angry Main Streeters. They grew quite wealthy in finance, typically making their fortunes in the ’70s and ’80s when banks and securities firms were considerably [...]
Snippet: The Fed’s newest voice
20 Feb. Narayana Kocherlakota, pictured, became president of the Federal Reserve Bank of Minneapolis last October. He defends the Fed as a regulator, he argues that because the Fed is lender of last resort to banks when they face a cash crunch, it needs to know the health of firms to which it might be [...]
How to watch the banks
Henry M Paulson writes: Sixteen months ago, the US financial system teetered on the brink of collapse. The Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation took actions that were unpopular and previously unthinkable — but absolutely necessary to stave off an economic catastrophe in which unemployment could have exceeded the 25 percent [...]
Global regulatory reform hangs in the balance
Larry Summers, director of the US National Economic Council, was grilled by Charlie Rose, the influential American broadcast star, for a US television show. Unsurprisingly, Summers spent most of the time wailing about the horrors of Wall Street and predatory behaviour of US credit card companies, which “have been preying on the ignorance of their [...]
Book choice: Regulation of Banks and Finance: Theory and Policy after the Credit Crisis
Regulation of Banks and Finance: Theory and Policy after the Credit Crisis by Carlos M. Pelaez and Carlos A. Pelaez As the financial crisis engulfs the world economy, there is an ambitous agenda for regulatory reform. This book provides a comprehensive review of the analysis of finance, economics and the law and economics, illuminating past [...]
From bail-out to bail-in
What should policymakers do when faced with the potential failure of a large bank? In 2008 officials had to choose between taxpayer bail-outs (bad) or systemic financial collapse (probably worse). Various ideas to make finance safer, like contingent capital and living wills, are circulating today. But the central issue of bank resolution, perhaps the most [...]
Snippet: ‘Populist crackdown’ on banks under fire
28 Jan. Global business leaders warned western governments yesterday that a populist crackdown on the financial industry could crimp a fragile recovery from the worst recession since the 1930s. The worried response to Obama’s plans to curb big banks and a British assault on bankers’ pay came as 2500 business leaders and policy makers met [...]
King urges division of global bank empires
Mervyn King, the Governor of the Bank of England, told MPs today that the best way to reform multinational banks was to force them to divide into national subsidiaries that can be shut down in the event of a future failure. Speaking to the Parliamentary Select Committee that is investigating bank failures, he said: ”It [...]
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