Preface - II. Original introduction - III. Designing an optimal regulatory system - A. Regulatory Objectives - B. Characteristics of an Optimal Regulatory System - C. Regulatory Strategies - D. Organization of the Regulatory System - IV. Canada’s regulatory system - A. Current Structure of Canada’s Regulatory System - B. Comments on Canada’s Regulatory System - V. Comparative analysis of the united kingdom, australia, united states, france, germany, the netherlands, and hong kong - A. The United Kingdom - B. Australia - C. The United States - 1. Current System - 2. Calls for Reform - 3. U.S. Treasury Blueprint for a Modernized Financial Regulatory Structure - a) Market Stability Regulation - b) Prudential Regulation - c) Business Conduct Regulation - D. France - E. Germany - F. Hong ...
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011, including most provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), with respect to financial institutions described in section 504 of the GLB Act. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of rulemaking authority for the privacy provisions of the GLB Act to the Bureau, the Bureau is publishing f...
This article summarizes two key panels from last year's Conference on Bank Structure and Competition -- Reforming Financial Regulation and Responding to the Financial Crisis: Lessons Learned. The theme panel for the conference was moderated by Daniel G. Sullivan, Federal Reserve Bank of Chicago. It featured Raghuram G. Rajan, University of Chicago; Diane Casey-Landry, American Bankers Association; Robert Kuttner, American Prospect; Hal S. Scott, Harvard Law School; and Thomas H. Stanton, Johns Hopkins University. Rajan concentrated on the means to alleviate the problems associated with financial institutions deemed too-systemic-to-fail. Rajan also pointed out problems with subjecting systemically important institutions to higher regulatory capital requirements to cushion them against lo...
[...] governmental attention and legislation came to focus more on bailouts and other means of saving financial institutions to shield the real economy than on the regulation issues. [...] looking backward it became clear that defective regulation was only one cause - perhaps a relatively minor one - compared to overly lenient monetary policy, massive leverage in financial institutions (perhaps even greater in Europe than in the US), coupled with constantiy rising real estate prices and, with the resulting bubble-induced euphoria, overly lenient attitudes of regulators toward enforcing rules that were already on the books.
The revolution in quantitative finance that occurred over the last two decades produced models that enabled the rapid growth of securitization and derivatives. This Article demonstrates that financial regulators delegated or outsourced to these computer-based risk models the responsibility of regulating a wide range of risk transfers in the economy - from consumer finance to global financial markets. These risk models failed spectacularly in the global financial crisis that started in the subprime mortgage market, and this outsourcing of regulation exacerbated the crisis. To understand the crisis, the failure of risk models, and the dangers of regulatory outsourcing, it is helpful to sketch out the system by which mortgages are connected to asset-backed securities, derivatives, and fina...
During the summer of 2008, the House Financial Services Committee held hearings to consider proposals for restructuring financial regulation in the US. A Treasury Department proposal, released in March 2008, played a prominent role in the hearings. Regulatory consolidation, as frequently practiced in those countries that have consolidated, presents a conflict between, on the one hand, achieving the goals of consolidation, and, on the other hand, the effective execution of the lender of last resort function. Government agencies regulate and supervise financial firms to prevent such firms from abusing the taxpayer-provided safety net. The growth of financial conglomerates around the world has led a number of countries to consolidate their financial regulatory agencies. The US is facing th...
Although the enactment of the Sarbanes-Oxley Act (SOX) received nearly unanimous congressional support, only a few years thereafter its wisdom was increasingly questioned and its supporters had to stave off attempts to recraft the legislation. The financial crisis of 2008 has sidelined efforts to alter the legislation's most costly provision, as Congress's attention has turned to overhauling the regulatory regime for financial institutions. There is, nonetheless, much to be learned about financial regulation and SOX's future, from an in-depth examination of the interplay of the government and private commissions created with an eye to revising the legislation, media coverage of those entities, and congressional responses. That interaction provides a map of political fault lines and assi...
[...] policymakers would employ the current and comprehensive data and analysis obtained in these first two steps to determine whether, and how, to reform the institutional structure of financial regulation. First and foremost, it offers a model approach to redesigning the regulation of financial services sector in a coherent and measured way.
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