E-alerts & Newsletter

Stay updated with periodic communications from the Pew Financial Reform Project.



Have You Heard?

"We are at a defining moment in the debate about financial reform. It's been two and a half years since the crisis started. It's been nine months since President Obama first laid out a proposal for comprehensive reform. And it's been three months since the House of Representatives passed a major reform bill. This is an enormously complicated issue. We have to get it right."

Source: Treasury Secretary Timothy Geithner

Home / Reform Resources / Selected Works

Selected Works

Date Title Resource Type
Aug 23, 2010 Strengthening the financial system: The benefits outweigh the costs - Stephen Cecchetti and Benjamin H. Cohen, VOXEU

Summary: "The extent of the damage from the global crisis has forced policymakers to rethink how they regulate finance. This column first examines the long-term impact of stronger capital and liquidity requirements and then estimates the transitional economic impact as the new standards are phased in." 		Selected Works
Jul 12, 2010 Skadden, Arps on Dodd-Frank Bill - Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates

Summary: "The Dodd-Frank Act, approved by the U.S. House of Representatives on June 30, 2010, is expected to be approved by the Senate and signed by President Obama shortly. The Act spans over 2,300 pages and affects almost every aspect of the U.S. financial services industry." 		Selected Works
Jul 09, 2010 Shadow Banking - Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky, Federal Reserve Bank of New York

Summary: "The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly." 		Selected Works
Jun 17, 2010 Remarks on "The Squam Lake Report: Fixing the Financial System" - Chairman Ben S. Bernanke

Summary: "The centerpiece of this conference--is a valuable contribution to the ongoing analysis of the causes of the financial crisis and the appropriate policy responses." 		Selected Works
Jun 03, 2010 Side-by-Side Comparison Chart – Key Senate and House Bill Issues - Davis Polk & Wardwell LLP

Summary: "The below link compares the provisions of the Restoring American Financial Stability Act of 2010, passed by the Senate on May 20, 2010, and the Wall Street Reform and Consumer Protection Act of 2009, passed by the House on December 11, 2009." 		Selected Works
Jun 03, 2010 Speech by Richard W. Fisher, President and CEO of the Federal Reserve Bank of Dallas - Financial Reform or Financial Dementia? - Richard W. Fisher, Federal Reserve Bank of Dallas Selected Works
Jun 02, 2010 Wolters Kluwer Analysis of S. 3217 - Updated June 2, 2010 - Wolters Kluwer

Summary: "On May 20, 2010, the U.S. Senate passed legislation to restructure the financial services regulatory system by a vote of 59 to 39. As discussed in this briefing paper, the Restoring American Financial Stability Act of 2010 (S 3217, the Senate version of H.R. 4173) would institute far-reaching reforms, including the creation of an independent Consumer Financial Protection Bureau housed within the Federal Reserve Board and new federal government power to wind down large, failing financial institutions." 		Selected Works
Jun 01, 2010 Blackline Summary of the Restoring American Financial Stability Act, Passed by the Senate on May 20, 2010 - Davis Polk & Wardwell LLP

Summary: "What follows is the summary of the Restoring American Financial Stability Act passed by the Senate on May 20, 2010, blacklined against a summary of the bill passed by the Senate Banking Committee on March 22, 2010." 		Selected Works
Jun 01, 2010 Financial Reform Legislation: Comparison of the Senate and House Bills - Alston and Bird LLP

Summary: "Last week, the Senate passed a financial reform bill, S. 3217, that is similar but not identical to the House of Representatives bill, H.R. 4173, from last December." 		Selected Works
Jun 01, 2010 Summary of the Restoring American Financial Stability Act, Passed by the Senate on May 20, 2010 - Davis Polk & Wardwell LLP

Summary: "On May 20, 2010, the Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate bill” or the “bill”) by a vote of 59 to 39." 		Selected Works
Jun 01, 2010 U.S. Senate Approves Significant Revision of Financial Services Regulation - Sullivan & Cromwell

Summary: "On May 20, 2010, the U.S. Senate approved, by a vote of 59 to 39, a sweeping financial regulatory reform bill, entitled the 'Restoring American Financial Stability Act of 2010' or 'RAFSA.'" 		Selected Works
May 27, 2010 The Restoring American Financial Stability Act of 2010 - Full Bill as Passed by the Senate - US Senate

Summary: "In the Senate of the United States, May 20, 2010. Resolved, That the bill from the House of Representatives (H.R. 4173) entitled 'An Act to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.', do pass with the following..." 		Selected Works
May 25, 2010 An autopsy of the US financial system: Accident, suicide, or negligent homicide? - Ross Levine, VOXEU

Summary: "Many policymakers stress that the global crisis was caused by a series of unforeseen events and 'suicidal' behaviour by market players. This column argues that this is a self-serving narrative. Policymakers designed, implemented, and maintained policies that destabilised the financial system in the decade leading up to 2006 – and were fully aware they were doing so. It is a case of 'negligent homicide'. 		Selected Works
May 24, 2010 IIF Report: A Global Approach to Resolving Failing Financial Firms: An Industry Perspective - The IIF’s Special Committee on Effective Regulation

Summary: "A new international resolution regime is essential to address the critical issue of financial institutions that are seen as 'too big to fail' and which, as a result, may currently require taxpayer funds, states the Institute of International Finance (IIF) in a report to international regulatory authorities today." 		Selected Works
May 11, 2010 Taxing Risk - Narayana R. Kocherlakota - President, Federal Reserve Bank of Minneapolis

Summary: Text of speech given by Narayana R. Kocherlakota, President of the Federal Reserve Bank of Minneapolis to the Economic Club of Minnesota, Minneapolis, Minnesota, May 10, 2010. 		Selected Works
May 06, 2010 Financial Markets Regulation: Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System - GAO

Summary: "In 2009 GAO conducted a study on the role of leverage in the recent financial crisis and federal oversight of leverage, as mandated by the Emergency Economic Stabilization Act. This testimony presents the results of that study, and discusses (1) how leveraging and deleveraging by financial institutions may have contributed to the crisis, (2) how federal financial regulators limit the buildup of leverage; and (3) the limitations the crisis has revealed in regulatory approaches used to restrict leverage and regulatory proposals to address them." 		Selected Works
May 05, 2010 Financial Crisis Inquiry Commission Report: Shadow Banking and the Financial Crisis - Financial Crisis Inquiry Commission

Summary: "The purpose of this preliminary staff report is to describe the nature and scope of the shadow banking system. Section II offers a definition of shadow banking and an overview of its role in the crisis. Section III describes the composition, characteristics, and evolution of the shadow banking system. Section IV explains why the key episodes of the financial crisis have been described as bank‐like 'runs' on shadow banking markets and discusses the vulnerabilities that the crisis revealed in these markets." 		Selected Works
May 04, 2010 Financial regulation: Can we avoid another great recession? - John Van Reenen, VOXEU

Summary: "How can financial regulation be fixed to avoid another global crisis? This column argues that the “heads, I win; tails, society loses” moral hazard in the financial sector has to stop. To do this, policymakers must make bankruptcy credible. If a company has too much debt and becomes insolvent, it should suspend payments and its shareholders and creditors should lose their money." 		Selected Works
Apr 07, 2010 The Derivatives Dealers’ Club and Derivatives Markets Reform: A Guide for Policy Makers, Citizens and Other Interested Parties - Robert Litan, The Brookings Instiution

Summary: "Mention the word "derivative" outside of a narrow circle of Wall Street and Chicago traders and other market participants, and you’re likely to get one or several of the following reactions: fear, anger, or disinterest. Warren Buffett has famously analogized derivatives – financial instruments whose value depends on and thus is “derived” from the value of some other underlying security, such as a stock or a bond or the current price of a commodity – as 'financial weapons of mass destruction.'" 		Selected Works
Mar 31, 2010 Joint Letter from G20 leaders on Financial Reform - Stephen Harper, Lee Myung-Bak, Gordon Brown, Barack Obama, Nicolas Sarkozy

Summary: "In Pittsburgh we committed to make the G20 the premier forum for international economic co-operation. As the past, current, and future chairs of the G20 Leaders’ Summits, we are writing to you today to emphasise the need to implement our commitments to ensure strong macroeconomic policy cooperation and to continue our regulatory reform to strengthen the international financial system." 		Selected Works
Mar 24, 2010 The Dodd bill and US banks: S&P, Moody’s and BarCap weigh in - Stacy-Marie Ishmael, Financial Times' Alphaville

Summary: "Senator Chris Dodd’s 1,366 pages of proposals for overhauling financial regulation in the US whizzed through the committee stage of the legislative process on Monday." 		Selected Works
Mar 23, 2010 An Address by Secretary Timothy Geithner at AEI - Video - AEI, Secretary Geithner

Summary: "With the passage of the House bill and the recent release of Senate Banking Committee chairman Christopher Dodd’s proposed financial regulatory legislation, this AEI event was an opportunity to hear directly from the U.S. treasury secretary." 		Selected Works
Mar 20, 2010 President Obama Weekly Address: President Obama Urges Action on Financial Reform - The White House

Summary: "As a key committee in the Senate takes up reforming the ways of Wall Street, the President lays down a marker: 'I urge those in the Senate who support these reforms to remain strong, to resist the pressure from those who would preserve the status quo, to stand up for their constituents and our country." 		Selected Works
Mar 19, 2010 The $100 Billion Question - Andrew G. Haldane, Bank of England

Summary: "The car industry is a pollutant. Exhaust fumes are a noxious by-product. Motoring benefits those producing and consuming car travel services – the private benefits of motoring. But it also endangers innocent bystanders within the wider community – the social costs of exhaust pollution." 		Selected Works
Mar 16, 2010 A regulatory architecture for cross-border banking groups - Stefano Micossi, VOXEU

Summary: "Policymakers and commentators have suggested that large banks should be broken up. This column argues that such an idea risks the very existence of a global financial system. It outlines an alternative framework in which deposit insurance should be covered by banks not taxpayers, banks should not be guaranteed a bailout, and regulators should be mandated to step in when the warning signs begin." 		Selected Works
Mar 16, 2010 Evaluating Key Aspects of Sen. Dodd's Financial Reform Bill - Douglas J. Elliott, Fellow, Economic Studies, The Brookings Institution

Summary: "Senator Dodd, Chairman of the Senate Banking Committee, released today his much-anticipated revisions to his financial reform bill. The changes, by and large, are an attempt to gain a measure of Republican support without losing a larger number of his fellow Democrats." 		Selected Works
Mar 10, 2010 The Speech For Which We Have Been Waiting - Simon Johnson, Baseline Scenario

Summary: "For nearly two years now we have waited for a speech. We need a simple speech and a direct speech – most of all a political speech – about what exactly happened to our financial system, and therefore to our economy, and what we must do to make sure it can never happen again." 		Selected Works
Mar 09, 2010 The Crisis - Alan Greenspan

Summary: The Brookings Papers on Economic Activity: The Crisis, by former Federal Reserve Chairman Alan Greenspan. 		Selected Works
Feb 27, 2010 Academics on What Caused the Financial Crisis - David Wessel, Wall Street Journal's Real Time Economics Blog

Summary: "Understanding what caused the recent financial crisis is essential to successfully refining the practice of finance to reduce the odds of repeating it. So the Financial Crisis Inquiry Commission on Friday and Saturday heard several academic economists’ take on what led to a near meltdown of the global economy." 		Selected Works
Feb 16, 2010 Over the Years, the Rules Have Changed - The New York Times

Summary: The New York Times traces the evolution of U.S. regulation of brokerage firms and investment advisers. 		Selected Works
Feb 03, 2010 Double targeting for Central Banks with two instruments: Interest rates and aggregate bank equity - Hans Gersbach, VOXEU

Summary: "Should monetary policy and banking regulation be conducted by separate bodies? This column proposes a new policy framework whereby the central bank chooses short-term interest rates and the aggregate equity ratio while banking regulation and supervision, including the determination of bank-specific capital requirements, would be left to separate bank-regulatory authorities." 		Selected Works
Feb 03, 2010 Regulation and Its Discontents - Kevin Warsh, Board of Governors of the Federal Reserve System

Summary: "Thank you to the New York Association for Business Economics for hosting me. We remain in a period of great consequence for the U.S. economy. The policy judgments currently being considered are as significant as those made during the darkest days of the Panic. 		Selected Works
Jan 26, 2010 Too interconnected to fail = too big to fail: What is in a leverage ratio? - Daniel Gros, Vox

Summary: "Did allowing financial institutions to become 'too big' play a role in the financial crisis? This column argues that being 'too interconnected' is also a factor, and that US accounting standards should recognise gross derivatives exposure on the balance sheet to make this interconnectedness, and the resulting exposure, clear." 		Selected Works
Jan 25, 2010 Making sense of Obama’s bank reform plans - Viral Acharya and Matthew Richardson, VOXEU

Summary: "Obama’s sweeping proposal for financial regulation took the world by surprise. Here two of the world’s leading professors of finance explain why it is step in the right direction from the standpoint of addressing systemic risk. They also point out a number of drawbacks that should be fixed." 		Selected Works
Jan 22, 2010 The Road to Financial Regulatory Reform - Roya Wolverson, Council on Foreign Relations

Summary: "Many economists, policymakers, and consumer advocates cite lax government oversight as a major cause of the 2008 global financial crisis." 		Selected Works
Jan 08, 2010 The need for special resolution regimes for financial institutions - Martin Cihák, Erlend W Nier, IMF

Summary: "The global financial crisis forced governments facing failing financial institutions to choose between disorderly bankruptcies and costly injections of public funds. This column argues that special resolution regimes are a better alternative. It analyses their structure and function and argues EU member states ought to introduce and strengthen such regimes." 		Selected Works
Jan 07, 2010 Why Now Is Not the Right Time to Revamp Consumer Financial Protection - David Evans, FinReg21

Summary: "Let’s begin with a puzzle raised by the previous session on who should regulate consumer protection. We heard from a specialist in administrative law that the design of the current method of bank supervision is the worst regulatory system she has ever seen." 		Selected Works
Jan 06, 2010 Reforming Over-the-Counter Derivatives Markets - Gary Gensler Selected Works
Jan 03, 2010 Speech to the American Economic Association: Monetary Policy and the Housing Bubble - Ben Bernanke, Federal Reserve Chairman

Summary: Chairman of the Federal Reserve Ben Bernanke's speech to the American Economic Association, delivered on January 3rd. 		Selected Works
Jan 02, 2010 A Fistful of Dollars: Lobbying and the Financial Crisis - Deniz Igan, Prachi Mishra, and Thierry Tressel, IMF

Summary: "Has lobbying by financial institutions contributed to the financial crisis? This paper uses detailed information on financial institutions’ lobbying and their mortgage lending activities to answer this question." 		Selected Works
Dec 23, 2009 Dodd and Shelby Issue Joint Statement on the Progress of Financial Reform - Office of Senator Chris Dodd

Summary: The following press release was issued by Senator Chris Dodd's office on December 23rd. 		Selected Works
Dec 21, 2009 Financial Reform: Dodd's Even Bigger Government Solution to Financial Risk - The Heritage Foundation

Summary: David John of the Heritage Foundation expresses his views on Senator Dodd's bill to reform the financial regulatory system. 		Selected Works
Dec 18, 2009 Data and the Financial Crisis: How Might We Do Better Next Time? - Karen Dynan, Brookings Institution

Summary: "To set the stage, let me define what I mean by financial-crisis-related data needs. I am referring to the need for data that speak to the following three questions:" 		Selected Works
Dec 17, 2009 Real-time Recommendations for Financial Reform - NYU Stern Working Group on Financial Reform

Summary: "Once again we have assembled a group of our colleagues, each a specialist in a relevant discipline, to assess the strengths and weaknesses of the legislation that is now on the table. At the outset of our debates on the specifics of the legislation we found no consensus but a surprising degree of agreement on its strengths and weaknesses." 		Selected Works
Dec 15, 2009 World Financial Regulation Status by Overhaul Proposal - Gadi Dechter and Alan Katz, Bloomberg

Summary: "The [included] table summarizes the dominant global themes of financial regulation and the status of selected proposals on both sides of the Atlantic." 		Selected Works
Dec 14, 2009 Too Big To Get Wrong: Getting Financial Regulatory Reform Right - Robert E. Diamond, President, Barclays PLC Selected Works
Dec 09, 2009 IIF Releases Report on Reforms in the Financial Services Industry - The Institute of International Finance, Inc.

Summary: "The world’s leading financial services firms are implementing far-reaching operational and governance reforms as they draw key lessons from the financial crisis." 		Selected Works
Dec 07, 2009 Still More Lessons from the Crisis - William C. Dudley, Remarks at the Columbia University World Leaders Forum

Summary: "The actions undertaken by the Federal Reserve over the past two and a half years have been critical to stabilizing the financial system and preventing the extraordinary distress in markets from causing a deeper and more protracted economic downturn." 		Selected Works
Dec 07, 2009 The Importance of Capital Requirements - James Kwak, Baseline Scenario

Summary: "Basically, Kling says that the crisis was composed of the things along the top, which were caused by the things on the left. You can see that he places the blame squarely on poor capital requirements regulations, which gave various banks incentives to (a) originate-to-distribute instead of originate-to-hold; (b) securitize every which way they could; (c) use credit default swaps to reduce capital requirements even further; (d) stuff toxic securities into SIVs; etc." 		Selected Works
Dec 03, 2009 Policy Framework for Effective and Efficient Financial Regulation - Organization for Economic Cooperation Development

Summary: The Organization for Economic Cooperation Development published its recommendations and principles for financial reform and outlined the included factors and considerations surrounding the publication. "The attributes of a well-functioning financial system should be identified, taking into consideration the stages of development of the economy and other relevant country-specific factors....The operations of the financial system should be transparent, permitting the identification and delineation of its features, its operation and their evolutions over time." 		Selected Works
Nov 25, 2009 What Do They Suggest about Regulatory Reform? - Augosto de la Torre and Alain Ize, Crisis Response

Summary: "Why do the managers of financial institutions continue making such commitments while repeatedly failing at honoring them? There are two possible explanations: either they understand the risks and go ahead because it suits them, or they go ahead because they do not understand the risks." 		Selected Works
Nov 24, 2009 Using Bankruptcy and Capital Standards to Address Financial Institutions That Are "Too Big to Fail" - David C. John, The Heritage Foundation

Summary: "The Obama Administration's proposal is unrealistic and would give government regulators almost unlimited powers to take over or micromanage financial institutions. The better choice would be to amend U.S. bankruptcy law to create an open, expedited bankruptcy process." 		Selected Works
Nov 23, 2009 Causes of the Crisis: Key Lessons - G-20 Workshop on the Global Economy Selected Works
Nov 19, 2009 Principles That Should Have Guided TARP - Charles Calomiris

Summary: Charles Calomiris, member of the Pew Financial Reform Task Force, testified before the Congressional Oversight Committee on November 19, 2009 to discuss the topic: "Principles That Should Have Guided TARP." 		Selected Works
Nov 16, 2009 A Regulatory Framework - Lombard Street, Various Authors

Summary: The Pew Financial Reform Project co-edits an issue of the Lombard Street. This issue features an introduction by Charles Taylor and Gordon McDonald and a paper by Pew Financial Reform Task Force Co-Chair Martin Baily and other columns commissioned by the Financial Reform Project discussing the extent to which financial regulation should, or should not, reach. 		Selected Works
Nov 13, 2009 Remarks to the American Bar Association’s Banking Law Committee - Deputy Secretary Neal S. Wolin

Summary: "The progress of recovery must not distract us, however, from the need for reform. Because while responsibility lies in many places, it is clear that the financial crisis and the economic destruction that followed were due, in large measure, to the failure of financial regulation." 		Selected Works
Nov 10, 2009 Fiscal Responsibility Clouds the Future of the United States - Richard A. Posner Selected Works
Nov 09, 2009 Financial Regulation: Past and Future - Governor Daniel K. Tarullo

Summary: "The breadth and depth of the financial breakdown suggest that it has much deeper roots. In many respects, this crisis was the culmination of changes in both the organization and regulation of financial markets that began in the 1970s." 		Selected Works
Oct 30, 2009 Financial Stability Improvement Act: Summary and Comments - Charles Morris and Kenneth Spong, Federal Reserve Bank of Kansas City

Summary: "Summarizes the provisions of the October 27, 2009, draft Financial Stability Improvement Act related to the financial companies whose resolution through the Chapter 11 bankruptcy process could cause instability in the U.S. financial system or economy." 		Selected Works
Oct 29, 2009 Pew Financial Reform Project Task Force Co-Chair Peter Wallison Testifies to House Financial Serivices Committee - Peter Wallison

Summary: Peter Wallison, Co-Chair of the Pew Financial Reform Task Force, testified to the House Financial Services Committee on October 29, 2009 on the topic: "Systemic Regulation, Prudential Matters, Resolution Authority and Securitization." 		Selected Works
Oct 29, 2009 When the Fed Was Boring - Vincent Reinhart, American Enterprise Institute

Summary: "I am sometimes asked if I miss working for the Fed.... when I was at the Fed, we had mundane worries about the size of daily open-market operations, the level of the Fed funds target, and the wording of the Federal Open Market Committee's statement." 		Selected Works
Oct 28, 2009 Draft Legislation to Address Systemic Risk, “Too Big to Fail” Institutions - Financial Services Committee and Treasury Department

Summary: "The House Financial Services Committee and the Treasury Department released draft legislation to address the issue of systemic risk and 'too big to fail' financial institutions." 		Selected Works
Oct 28, 2009 Initial Comments on the Draft House Bill on Systemic Risk and “Too Big to Fail” - Douglas J. Elliott, Brookings Institute

Summary: "The House Financial Services Committee just released a 253-page draft bill proposing changes to financial regulation intended to address systemic risk and the problem of financial institutions that are deemed to be 'Too Big to Fail.' " 		Selected Works
Oct 28, 2009 The Myth of Too Big to Fail - Tim Frenholz, The American Prospect

Summary: Amid last fall's financial chaos, executives from Wachovia, at the time the fourth-largest commercial bank in the country, had bad news for their regulators: They were broke. Federal officials deliberated and decided Wachovia was so important to the economy that the government had to save it." 		Selected Works
Oct 27, 2009 Improving financial regulation and supervision - James Hamilton, Econbrowser

Summary: James Hamilton analyzes the addresses by Federal Reserve Chairman Ben Bernanke and Alan Blinder, a member of the Pew Financial Reform Task Force and Economic professor at Princeton, given at the Federal Reserve Conference in Boston. 		Selected Works
Oct 27, 2009 Reserve accumulation and easy money helped to cause the subprime crisis - Guillermo Calvo, VoxEU blog

Summary: "A view that is gaining popularity as one of the fundamental explanations for the current crisis is that emerging markets’ voracious appetite for international reserves coupled with record-low US policy interest rates and lax financial regulation to produce a frantic 'search for yield,' the creation of fragile financial instruments, and occasionally outright fraud." 		Selected Works
Oct 23, 2009 Financial Regulation and Supervision after the Crisis: The Role of the Federal Reserve - Chairman Ben S. Bernanke

Summary: "Not much more than a year ago, we and our international counterparts faced the most severe financial crisis since the Great Depression. Fortunately, forceful and coordinated policy actions averted a global financial collapse, and since then, aided by a range of government programs, financial conditions have improved considerably." 		Selected Works
Oct 22, 2009 Global Imbalances, National Rebalancing, and the Political Economy of Recovery - Jeffry A. Frieden Selected Works
Oct 20, 2009 Improving Resolution Options for Systemically Relevant Financial Institutions - Squam Lake Working Group on Financial Regulation

Summary: The Squam Lake Working Group on Financial Regulation, comprised of 15 academic experts in the field of economics and finance, present insight into the ongoing debate over institution regulation and possible restructure. 		Selected Works
Oct 20, 2009 Pew Financial Reform Task Force Co-Chair Martin Baily on Bank Size - Martin N. Baily, Brookings Institution

Summary: "Although there is a great deal of debate over whether plans to reform the United States' financial regulation system go far enough to curb institutions that become 'too big to fail,' it is not a good idea to try and limit the size of US banks or other financial institutions, which are in many cases smaller than foreign owned banks." 		Selected Works
Oct 20, 2009 Speech given by Mervyn King, Governor of the Bank of England - Mervyn King

Summary: In a speech given at Scottish business organizations in Edinburgh, Scotland, Mervyn King discusses the effects of the financial crisis on the U.K. 		Selected Works
Oct 19, 2009 Asia and the Global Financial Crisis - Chairman Ben S. Bernanke

Summary: At the Federal Reserve Bank of San Francisco’s Conference on Asia and the Global Financial Crisis, Santa Barbara, California, Chairman of the Federal Reserve Ben Bernancke discusses the effect the recent financial crisis on Asia, a rising global economic force. 		Selected Works
Oct 15, 2009 Press Release: Financial Services Committee Approves Legislation to Regulate Derivatives - House Financial Services Committee

Summary: Taken from a press release dated October 15, 2009: "The House Financial Services Committee today approved legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in response to last year’s financial crisis." 		Selected Works
Oct 15, 2009 The Global Financial Crisis: Causes and Consequences - Alan Greenspan Selected Works
Oct 15, 2009 United States: Finance, Agriculture Provide Proposals To Restructure Over-The-Counter Derivatives Market Regulation - Brenda Hanzl and Kari S. Larson

Summary: "The three current drafts have certain similarities, but key differences could have a large impact on utilities and other energy providers that use hedges as a part of their business to mitigate exposure to price volatility." 		Selected Works
Oct 14, 2009 The Consumer Financial Protection Agency Act: Attempting to Improve Bad Policy - David C. John, The Heritage Foundation

Summary: "During last year's presidential campaign, Barack Obama noted that 'you can put lipstick on a pig, but it's still a pig.' This phrase neatly sums up the ongoing House Financial Services Committee markup of H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act of 2009. Despite honest attempts to improve the bill, the overall concept is still badly flawed, and any result that comes close to the original concept will be a major mistake." 		Selected Works
Oct 13, 2009 Some Lessons from the Crisis - William C. Dudley, President and CEO, Federal Reserve Bank of New York Selected Works
Oct 09, 2009 House Agriculture Committee Releases Discussion Draft on Derivatives - House Agriculture Committee

Summary: On Friday, October 9, House Agriculture Committee Chairman Collin C. Peterson released discussion draft legislation to regulate the market for over-the-counter derivatives. 		Selected Works
Oct 09, 2009 Obama Speech on Consumer Protection, Website on Financial Reform - The White House

Summary: "Today the President pushed one of the core pillars of his vision of a new economic foundation back to the fore. Reforming our financial system and restoring common sense regulation and oversight is the only way to ensure that the economic catastrophe that began a year ago never returns." 		Selected Works
Oct 08, 2009 Forum’s Financial Development Report shows global financial centres’ lead is weakening - World Economic Forum

Summary: "The world’s largest economies took the biggest hit in the World Economic Forum’s second annual Financial Development Report released today. Global financial centres still lead in the report’s Index, but the effects of financial instability have pulled down their scores compared to last year." 		Selected Works
Oct 05, 2009 Capital Market Theory after the Efficient Market Hypothesis - Mark Thoma, Economist View Blog

Summary: "[W]e do not need to abandon the assumption of rational expectations in order to better understand how asset markets function, but we do need to incorporate principal agent problems into asset market models." 		Selected Works
Oct 04, 2009 Recent Congressional Proposals dealing with Corporate Governance - Metropolitan Corporate Council

Summary: The Metropolitan Corporate Council looks at recent proposals from Congress and the SEC dealing with corporate governance. 		Selected Works
Oct 02, 2009 Frank Circulates Discussion Draft of Legislation to Regulate OTC Derivatives - House Financial Services Committee

Summary: From a press release issued by the House Financial Services Committee: "House Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to regulate over-the-counter (OTC) derivatives. Chairman Frank also announced this week that the Committee will hold a hearing on Wednesday, October 7, to discuss the reform of the largely unregulated OTC derivatives market as well as the discussion draft released today." 		Selected Works
Oct 01, 2009 Improving Resolution Options for Systemically Relevant Financial Institutions - The Squam Lake Working Group Selected Works
Sep 29, 2009 Pew Financial Reform Project Task Force Co-Chair Martin Baily Testifies to Senate Banking Committee - Martin N. Baily

Summary: Pew Financial Reform Project Task Force Co-Chair Martin Baily Testified on September 29 to the Senate Committee on Banking, Housing and Urban Issues. The title of the hearing was, "Strengthening and Streamlining Prudential Bank Supervision." 		Selected Works
Sep 28, 2009 Fed Policy in the Financial Crisis: Arresting the Adverse Feedback Loop - Danielle DiMartino Booth and Jessica J. Renier, Federal Reserve Bank of Dallas

Summary: "An adverse feedback loop takes hold when a weakening financial system and a slowing economy feed off each other. A crisis or shock curtails lending, hobbling the real economy; the more production and employment falter, the more lending contracts, causing further harm to the economy. The result is a downward spiral of business and financial activity." 		Selected Works
Sep 28, 2009 Lombard Street Issue 13 Out - Lombard Street, Various Authors

Summary: Lombard Street, the first ever e‐journal focused exclusively on financial services regulation, releases its 13th issue with articles on OTC derivatives regulation and financial innovation. 		Selected Works
Sep 25, 2009 Frank Circulates Discussion Draft of Consumer Financial Protection Agency Bill - House Financial Services Committee

Summary: From a press release issued by the House Financial Services Committee: "Following up on a memo released earlier this week, Financial Services Committee Chairman Barney Frank (D-MA) today circulated a discussion draft of legislation to create the Consumer Financial Protection Agency." 		Selected Works
Sep 25, 2009 Kanjorski Circulates Discussion Draft of Accountability and Transparency in Credit Rating Agencies Act - House Financial Services Committee

Summary: From a press release issued by the House Financial Services Committee: "Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises today circulated a discussion draft of legislation to create the Enhanced Accountability and Transparency in Credit Rating Agencies Act." 		Selected Works
Sep 25, 2009 Kanjorski releases financial reform drafts on Investor Protection, Private Advisor Registration, and Federal Insurance - House Financial Services Committee

Summary: From a press release issued by the House Financial Services Committee: "Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today released discussion drafts of three pieces of legislation aimed at tackling key parts of reforming the regulatory structure of the U.S. financial services industry. The draft bills include the Investor Protection Act, the Private Fund Investment Advisers Registration Act, and the Federal Insurance Office Act." 		Selected Works
Sep 25, 2009 Longer Days, Fewer Weekends - Kevin Warsh

Summary: Kevin Warsh, a member of the Board of Governors of the Federal Reserve System, discusses the federal government's policy strategy over the past year and into the future during his address at the 12th Annual International Banking Conference in Chicago, Illinois. 		Selected Works
Sep 24, 2009 Bank regulation, capital and credit supply: Measuring the Impact of Prudential Standards - William Francis and Matthew Osborne, UK Financial Services Authority

Summary: "The recent market turmoil has highlighted the critical role that the banking industry plays in facilitating credit and economic growth. Indeed, this important link underlies the economic rationale for the stringent set of regulations imposed on the banking industry. These regulations include, among other things, formal capital requirements designed to force banks to internalize costs that they would not otherwise consider in their business practices and risk-taking behaviour." 		Selected Works
Sep 22, 2009 Comprehensive Derivatives Regulation Act of 2009 - Office of Senator Jack Reed

Summary: Senator Jack Reed (D-RI), Chairman of the Banking Subcommittee on Securities, Insurance, and Investment, introduced the Comprehensive Derivatives Regulation Act of 2009 (CDRA). 		Selected Works
Sep 22, 2009 St. Louis Fed Analysis: Systemic Risk and the Financial Crisis - James Bullard, Christopher J. Neely, and David C. Wheelock, St. Louis Federal Reserve

Summary: "As the country marks the one-year milestone of the financial crisis exacerbated by the collapse of Lehman Brothers, the St. Louis Fed has published an article that provides a comprehensive overview of systemic risk and its role in fueling the financial crisis." 		Selected Works
Sep 17, 2009 The Economic Role of Government: Focus on Stability, Not Spending - Karen Campbell, The Heritage Foundation

Summary: "Is there a role for government in the economy? Yes, says Heritage analyst Karen Campbell--but the government must focus on maintaining economic stability. Fiscal responsibility is an important part of that stability." 		Selected Works
Sep 15, 2009 A Year in Turmoil: An Address By Fed Chairman Ben Bernanke - Brookings Institution

Summary: "One year after the Lehman collapse, the Brookings Institution hosted a forum to explore the tumultuous events of last September, where financial markets stand today and the status of regulatory reforms designed to prevent the next financial crisis." 		Selected Works
Sep 15, 2009 Trustee letter to G20 participants - International Accounting Standards Committee Foundation

Summary: "The Trustees of the IASC Foundation today issued a letter to participants of the upcoming G20 meeting on 24-25 September in Pittsburgh, USA." 		Selected Works
Sep 14, 2009 President Obama Delivers Speech on Financial Reform - President Barack Obama, White House Press Office

Summary: President Obama delivers a key speech on financial reform. 		Selected Works
Sep 14, 2009 The Future of Financial Institutions After the Global Financial Crisis - Karen Dynan, Brookings Institution

Summary: "It’s been one year since the economic crisis hit hard with the failure of Lehman Brothers, which reverberated throughout the financial sector and the world. President Obama gave a speech on Wall Street pressing for financial system reforms to prevent a future similar crisis. Vice President and Economic Studies co-director Karen Dynan evaluates the impact of the government’s intervention over the past year and where we go from here." 		Selected Works
Sep 14, 2009 U.S. Shadow Financial Regulatory Committee Releases September Positions on Financial Reform - Shadow Financial Regulatory Committee

Summary: The Shadow Financial Regulatory Committee (SFRC) releases information on their September 14, 2009 meeting, including a joint statement and other positions on financial regulatory reform. 		Selected Works
Sep 12, 2009 Proposed Pay Reform Rules Raise Questions - Joseph E. Bachelder III, The Harvard Law School Forum on Corporate Governance and Financial Regulation

Summary: This column examines both the SEC's proposed changes in proxy statement disclosure rules affecting executive compensation as well as the House's Corporate and Financial Institution Compensation Fairness Act, H.R. 3269. 		Selected Works
Sep 11, 2009 The Gloomy Prospects for World Growth - Steven Dunaway, Adjunct Senior Fellow for International Economics, Council on Foreign Relations Selected Works
Sep 09, 2009 Economic Contractions in the United States: A Failure of Government - Charles Rowley, Nathanael Smith, Institute of Economic Affairs (IEA)

Summary: A 144-page UK publication which argues that President Obama is repeating the mistakes of the Great Depression. 		Selected Works
Sep 09, 2009 The Great Inflation 2.0 Debate - Charles Evans, President and CEO, Federal Reserve Bank of Chicago Selected Works
Sep 08, 2009 How to Protect Consumers in the Financial Marketplace: An Alternate Approach - David C. John, The Heritage Foundation

Summary: "The Treasury Department has proposed consolidating the existing consumer protection divisions of the various federal financial regulatory agencies into a new and powerful Consumer Financial Protection Agency (CFPA)....Creating a new agency would be an enormous mistake that would hurt consumers far more than it would help them." 		Selected Works
Sep 08, 2009 Unregulated Financial Markets and Products - Final Report of the IOSCO Technical Committee Selected Works
Sep 07, 2009 Documents of G20 London Meeting of September 4 and 5 - G20

Summary: The meeting of G20 finance ministers and central-bank governors in London on September 4th and 5th produced important statements on their financial reform priorities. 		Selected Works
Sep 07, 2009 Weathering the Economic Crisis: Lessons From Canada - Woodrow Wilson International Center for Scholars

Summary: "While countries across the globe were hit hard by the global financial crisis and continue to feel its effects, Canada has remained somewhat shielded. Canada was not entirely immune from the economic crisis, but managed to withstand many of its shocks and repercussions." 		Selected Works
Sep 04, 2009 Systemic risk and deposit insurance premiums - Viral Acharya

Summary: Viral Acharya, a professor of finance at NYU's Stern School of Business, analyzes bank deposit insurance schemes and its relation to systemic risk. 		Selected Works
Sep 03, 2009 Administration Principles for Reforming Regulatory Capital Framework - Treasury

Summary: The Admnistration's report, "Principles for Reforming the U.S. and International Regulatory Capital Framework for Banking Firms" 		Selected Works
Sep 03, 2009 Pew Financial Reform Task Force Member Alan Blinder in Foreign Affairs: "The Fed's Political Problem" - Alan Blinder, Foreign Affairs

Summary: Alan Blinder, a member of the Pew Financial Reform Project Task Force, writes a piece in the September/October 2009 edition of Foreign Affairs entitled, "The Fed's Political Problem". 		Selected Works
Sep 03, 2009 Resolution Process for Financial Companies that Pose Systemic Risk - Thomas M. Hoenig, Charles S. Morris and Kenneth Sprong, Federal Reserve Bank of Kansas

Summary: "Although the normal bankruptcy process is a very effective process for non-depository financial institutions that default on their obligations, it is not effective for the largest financial companies whose failure pose systemic risk to the financial system and overall economy." 		Selected Works
Sep 03, 2009 Subsidyscope - The Pew Charitable Trusts

Summary: Subsidyscope, a project of The Pew Charitable Trusts headed by a bipartisian advisory board, aims to raise public awareness about the role of federal subsidies in the economy. Over the next two years, the project will build a subsidy database economic sector by economic sector. 		Selected Works
Sep 03, 2009 US Treasury: Stronger Capital and Liquidity Standards for Banking Firms - US Treasury Department

Summary: Treasury released on September 3rd its central principles towards reforming the "international regulatory capital and liquidity framework to better protect the safety and soundness of individual banking firms and the stability of the global financial system and economy." 		Selected Works
Sep 02, 2009 MBA Offers Proposed Framework for Government Role in Secondary Mortgage Market - Mortgage Bankers Association

Summary: The Mortgage Bankers Association, the national association representing the real estate finance industry released its proposed framework for a refined government role in the secondary mortgage market designed to ensure liquidity for mortgages without presenting unnecessary risks for the taxpayer. 		Selected Works
Sep 02, 2009 The Government Takeover of Fannie Mae and Freddie Mac - Ted Gayer, The Brookings Institute

Summary: "It’s been one year since Fannie Mae and Freddie Mac had to be taken over by the government to prevent their collapse. Economic Studies Co-Director Ted Gayer talks about what went wrong and why these government-sponsored enterprises were treated as 'oo big to fail.'Despite the fact that they keep recording billions of dollars in losses, they continue to play critical roles in the housing market during the recession." 		Selected Works
Aug 31, 2009 Lombard Street Issue 11 Out - Lombard Street, Various Authors

Summary: Lombard Street, the first ever e‐journal focused exclusively on financial services regulation, releases its 11th issue with articles on OTC derivatives regulation and financial innovation. 		Selected Works
Aug 31, 2009 Treasury, Financial System Supervisors and Regulators Issue Financial Sector Self-Assessment Reviews to IMF - US Treasury Department

Summary: "Today the U.S. Department of the Treasury and U.S. financial system supervisors and regulators transmitted new financial sector self-assessment reviews for banking, securities, insurance, and payment systems to the International Monetary Fund (IMF)." 		Selected Works
Aug 29, 2009 A case for (even) more transparency in the OTC markets - Viral Acharya and Robert Engle

Summary: Professors Viral Acharya and Robert Engle of NYU's Stern School of Business argue in this piece that while the administration's proposals to regulate OTC derivatives is definitely a path in the right direction, further transparency in OTC markets than what Treasury has so far proposed is needed. 		Selected Works
Aug 27, 2009 A Critique of the President’s Financial Regulation Reforms - Richard A. Posner

Summary: "If the proposals in the Obama Administration’s report on financial regulatory reform are adopted, the restriction on the size or form of executive compensation on Tier 1 Financial Holding Companies (FHCs) may be the one that most alarms financial enterprises. Let me turn to that issue." 		Selected Works
Aug 26, 2009 Bank-Rolling Congress - Public Citizen

Summary: Public Citizen, a non-profit organization dedicated to promoting consumer rights, recently published a report outlining the political fundraising and campaign contribution activities for the period beginning after the 2008 elections until June 2009. They found that “Lobbyists and PACs of major TARP recipients and their allied trade associations made $6 million in federal campaign contributions” during that time. 		Selected Works
Aug 25, 2009 U.S. Financial Regulatory Reform: The Investors' Reform - Investors' Working Group

Summary: The Investors' Working Group (IWS), an indepedent, non-partisan panel co-sponsored by the Council of Institutional Investors and the CFA Institute Centre for Financial Marketing Integrity, enter the ongoing national debate about overhauling the U.S. financial regulatory system from the investors' viewpoint by recommending consensus reforms for financial market stability and vitality. 		Selected Works
Aug 24, 2009 Federal Reserve Bank of Kansas City Economic Symposium: Jackson Hole, Wyoming - Various Authors

Summary: Since 1978, the Federal Reserve Bank of Kansas City has sponsored a symposium on an important economic issue facing the U.S. and world economies. This year's event, held August 20-22 featured two interesting papers on the financial crisis, "The 'Surprising' Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal", and "Financial Crises and Economic Activity". 		Selected Works
Aug 24, 2009 The "Surprising" Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal - Ricardo J. Caballero and Pablo Kurlat Selected Works
Aug 22, 2009 Credible Alertness Revisited - Jean-Claude Trichet, President of the European Central Bank Selected Works
Aug 21, 2009 Federal Reserve Bank of Cleveland: On Systemically Important Financial Institutions and Progressive Systemic Mitigation - James B. Thomson, Federal Reserve Bank of Cleveland

Summary: James B. Thomson, a vice president in the Office of Policy and Analysis at the Federal Reserve Bank of Cleveland has published a paper that investigates systemically important financial institutions and proposes a framework for identifying and supervising such institutions. 		Selected Works
Aug 21, 2009 Reflections on a Year of Crisis - Ben S. Bernanke, Chairman, Federal Reserve Board Selected Works
Aug 20, 2009 Restoring Oversight and Accountability to the Financial Markets - Americans for Financial Reform

Summary: Americans for Financial Reform, a well-respected coalition of nearly 200 consumer, labor, retiree, investor, community, and civil rights organizations have released a policy platform on various aspects of financial reform. 		Selected Works
Aug 19, 2009 IMF: U.S. Proposal to Extend Financial Regulation Breaks New Ground - International Monetary Fund

Summary: "The proposal by the United States to bring under stronger supervision large, systemically important firms, such as insurance companies and other financial institutions that are not banks, breaks new ground, the IMF said." 		Selected Works
Aug 18, 2009 Preparing for Future Crises - Stanley Fischer, Governor, Bank of Israel Selected Works
Aug 17, 2009 A Challenging Anniversary: The Euro at 10 and the Financial Crisis - Joaquin Almunia, European Commissioner for Economic and Monetary Affairs Selected Works
Aug 17, 2009 The Future of Too Big to Fail and Bailouts - Anthony Randazzo,

Summary: "The role regulation played in the creation and evolution of the recession and financial crisis is a very hot topic. Undoubtedly, regulators helped create the mess, though how and to what degree remains undecided. But everyone agrees that some changes need to be made to the financial sector’s regulatory structure." 		Selected Works
Aug 13, 2009 United States: Impact Of Financial Regulatory Reform On The Insurance Industry: Proposed Legislation To Implement The Regulatory Reform White Paper - Eric A. Arnold

Summary: "At the end of July, the Obama Administration sent to Capitol Hill draft legislation that could have a significant impact on the insurance industry. The Administration's draft legislation is intended to implement the proposals from the so-called Treasury White Paper on financial regulatory reform." 		Selected Works
Aug 12, 2009 Fair Lending: Data Limitations and the Fragmented U.S. Financial Regulatory Structure Challenge Federal Oversight and Enforcement Efforts - GAO

Summary: The GAO released a report on fair lending and found several limitations in the consistency and effectiveness of fair lending oversight that are largely attributable to the fragmented U.S. financial regulatory system 		Selected Works
Aug 11, 2009 Administration’s Regulatory Reform Agenda Reaches New Milestone: Final Piece of Legislative Language Delivered to Capitol Hill - US Treasury Department

Summary: "Acting on its commitment to restoring stability in our financial system, the Administration delivered legislative language to Capitol Hill on August 11, 2009 focusing on the regulatory reform of over-the-counter (OTC) derivatives." 		Selected Works
Aug 06, 2009 Strengthening and Streamlining Prudential Bank Supervision - Martin N. Baily, Pew Financial Reform Task Force Co-Chair

Summary: Martin N. Baily, Co-Chair of the Pew Financial Reform Project's Task Force, writes about reforming bank supervision and ways to strenghten it in part 5 of Brooking's Fixing Finance Series. 		Selected Works
Aug 05, 2009 Treasury's Briefing Packet to Hill Lawmakers for August Recess - US Treasury Department

Summary: Treasury recently sent out a briefing packet to lawmakers in order to drum up support for the administration's economic policies and proposed financial regulation reform. 		Selected Works
Aug 03, 2009 The Regulatory Reform Marathon - Davis Polk

Summary: Law firm Davis Polk provides a comprehensive look at financial regulatory reform proposals. 		Selected Works
Aug 01, 2009 Financial Crises and Economic Activity - Stephen G. Cecchetti, Marion Kohler, and Christian Upper Selected Works
Aug 01, 2009 Regulating the regulators in the US: The conservative proposal of President Obama - Donato Masciandaro and Marc Quintyn

Summary: Donato Masciandaro, Chair in Economics of Financial Regulation at Bocconi University and Marc Quintyn, Division Chief of Africa at the IMF Institute look at the administration's financial regulatory reform proposals. The paper, "[f]ocuses on the proposal’s preference for interagency cooperation over supervisory consolidation and warns that such an approach, while politically expedient, risks worse governance outcomes." 		Selected Works
Jul 31, 2009 Challenges to the Federal Reserve's Independence - Interview with Adam Posen, Peterson Institute for International Economics Selected Works
Jul 30, 2009 Characteristics and Performance of Nonprime Mortgages - GAO

Summary: "The GAO reported Tuesday on trends in subprime and nonprime mortgages. Of the 98 congressional districts where an estimated 25 percent or more of those mortgages are seriously delinquent, 26 are represented by Republicans, mostly from California and Florida. Democrats from those states and the Northeast represent the remainder." 		Selected Works
Jul 29, 2009 House Financial Services Committee on Financial Regulatory Reform - House Financial Services Committee

Summary: Track the House Financial Services Committee as it pieces together financial regulatory reform legislation. 		Selected Works
Jul 29, 2009 Task Force Member Grades Administration Financial Reform Plan - Robert E. Litan

Summary: Task Force member Robert Litan grades the Obama Administration's proposals for financial reform. 		Selected Works
Jul 29, 2009 The Shadow Banking System: Implications for Financial Regulation - Tobias Adrian and Hyun Song Shin, Federal Reserve Bank of New York Selected Works
Jul 23, 2009 Administration National Bank Supervisor and Resolution Authority Reform Proposal - Treasury

Summary: The Administration proposed legislation would create a National Bank Supervisor and consolidate two federal bank regulators. 		Selected Works
Jul 23, 2009 Administration Systemic Risk Reform Proposal - Treasury

Summary: The Administration's proposed legislation would require consolidated supervision and regulation for all financial firms. The legislation also provides a regulatory regime to monitor, mitigate, and respond to risks in the financial system. 		Selected Works
Jul 23, 2009 House Republicans Financial Regulatory Reform Proposal - House Republicans

Summary: House Republicans Financial Regulatory Reform Legislation 		Selected Works
Jul 22, 2009 Administration Credit Rating Agency Reform Proposal - Treasury

Summary: "...proposed legislation to Capitol Hill to increase transparency, tighten oversight, and reduce reliance on credit rating agencies." 		Selected Works
Jul 22, 2009 Financial Markets Regulation: Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System - GAO

Summary: GAO on the issue of leverage in financial institutions. 		Selected Works
Jul 19, 2009 Administration Shareholder Executive Compensation Reform Proposal - Treasury

Summary: .. as part of its push for comprehensive regulatory reform, Treasury delivered draft "say-on-pay" legislation to Congress that would require all publicly traded companies to give shareholders a non-binding vote on executive compensation packages. 		Selected Works
Jul 18, 2009 Administration Compensation Committee Reform Proposal - Treasury

Summary: ..as part of its push for comprehensive regulatory reform, Treasury delivered draft legislation to Congress that would take steps to ensure that compensation committees are independent in fact, not just in name. 		Selected Works
Jul 15, 2009 Administration's Regulatory Reform Agenda Moves Forward: Legislation for the Registration of Hedge Funds Delivered to Capitol Hill - Treasury

Summary: The Administration proposed legislation would require private investment funds to register with the SEC and require increased disclosure requirements, as well as monitoring hedge funds for potential systemic risk. 		Selected Works
Jul 15, 2009 Timeline of the Financial Crisis - The Federal Reserve Bank of St. Louis

Summary: The Federal Reserve Bank of St. Louis maintains a web-based timeline of the financial crisis. 		Selected Works
Jul 01, 2009 Credit Default Swaps, Clearing Houses and Exchanges - Squam Lake Working Group on Financial Regulation Selected Works
Jul 01, 2009 Monitoring Prices, Costs and Volumes of Trading and Non-Trading Services - Oxera Report Prepared for EU Commission Directorate-General on Internal Market and Services Selected Works
Jul 01, 2009 Reforming Financial Markets - UK Treasury

Summary: This document sets out the Government’s analysis of the causes of the financial crisis, the action already taken to restore financial stability and the regulatory reforms necessary to strengthen the financial system for the future, so that consumers, businesses of all sectors and the economy as a whole continue to have access to the stable credit that is so essential to building Britain’s future through growth, investment and innovation. 		Selected Works
Jun 17, 2009 Administration Financial Reform Proposal - Treasury

Summary: Financial Regulatory Reform: A New Foundation 		Selected Works
Jun 15, 2009 Republicans' Financial Regulatory Reform Plan a Good Start - David C. John, The Heritage Foundation

Summary: David C. John is a lead analyst at the Heritage Foundation, a think-tank promoting conservative public policies, and writes on the Republicans’ proposed regulatory financial reform plan. He posits that “While details on the individual parts of the plan are lacking so far, its basic framework is sound and deserves careful consideration.” 		Selected Works
Jun 08, 2009 Financial Systemic Risk Regulators: Congress Is Asking the Wrong Questions - David C. John, The Heritage Foundation

Summary: David C. John is a lead analyst at the Heritage Foundation, a think-tank promoting conservative public policies, and writes on Congress’ approach to the systemic risk regulation in the financial industry. He warns of the dangers in creating a financial regulator as it “runs the risk of failing to prevent future systemic risks” wielding “such wide powers that the agency could intervene in just about any aspect of the financial industry.” 		Selected Works
May 09, 2009 Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges - GAO Selected Works
May 09, 2009 Regulating and Resolving Institutions Considered Too Big to Fail - Martin Baily and Robert Litan, Brookings Institution Selected Works
May 09, 2009 Regulating and Resolving Institutions Considered Too Big to Fail - Peter Wallison, AEI Selected Works
May 01, 2009 A Systemic Regulator for Financial Markets - Squam Lake Working Group on Financial Regulation Selected Works
May 01, 2009 The Global Financial Crisis: A Plan for Recovery and Reform - Committee on Capital Markets Regulation Selected Works
Apr 13, 2009 Policy Letter: Resolute Action to Address the Current Crisis - Institute for International Finance Selected Works
Apr 01, 2009 An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities - Squam Lake Working Group on Financial Regulation Selected Works
Apr 01, 2009 Reforming Capital Requirements for Financial Institutions - Squam Lake Working Group on Financial Regulation Selected Works
Apr 01, 2009 Rethinking the Financial Network - Andrew G. Haldane, Bank of England

Summary: "The macroeconomic impact of Lehman Brothers’ failure will never be known with any certainty. IMF forecasts of global growth for 2009 have been revised down by over 5 percentage points since Lehman’s failure. Yet in the final reckoning, the direct losses from Lehman’s failure seem likely to be relatively modest. Net payouts on Lehman’s CDS contracts amounted to only around $5 billion." 		Selected Works
Apr 01, 2009 The Global Plan for Recovery and Reform - G-20 Selected Works
Mar 01, 2009 The Turner Review: A Regulatory Response to the Global Banking Crisis - UK Financial Services Authority Selected Works
Feb 01, 2009 A New Information Infrastructure for Financial Markets - Squam Lake Working Group on Financial Regulation Selected Works
Feb 01, 2009 De La Rosiere Report - High Level Group on Financial Supervision in the EU Selected Works
Jan 08, 2009 Financial Regulation After the Fall - Robert Kuttner, Demos Selected Works
Jan 01, 2009 Financial Reform: A Framework for Financial Stability - Group of Thirty Selected Works
Jan 01, 2009 Special Report on Regulatory Reform - Congressional Oversight Panel Selected Works
Dec 01, 2008 A Ten Plank Program For Financial Regulatory Reform - Peterson Institute Selected Works
Oct 01, 2008 Financial Stability Report - Bank of England Selected Works
Oct 01, 2008 Progress Update on March Policy Statement and Financial Market Developments - President's Working Group on Financial Markets Selected Works
Oct 01, 2008 The Structure of Financial Supervision: Approaches and Challenges in the Current Marketplace - Group of Thirty Selected Works
Sep 01, 2008 Principles for Sound Liquidity Risk Management and Supervision - Basel Committee on Banking Supervision Selected Works
Sep 01, 2008 Some Investor Perspectives on Financial Regulation Proposals - Council of Institutional Investors Selected Works
Aug 01, 2008 Containing Systemic Risk: The Road to Reform - Counterparty Risk Management Group Selected Works
Jul 01, 2008 Final Report of the IIF Committee on Market Best Practices: Financial Services Industry Response to the Market Turmoil of 2007-2008 - Institute for International Finance Selected Works
Jul 01, 2008 Liquidity and Financial Cycles - Bank for International Settlements Selected Works
Mar 01, 2008 Blueprint for a Modernized Financial Regulatory Structure - U.S. Treasury Department Selected Works
Nov 01, 2007 The Blueprint for U.S. Financial Competitiveness - Financial Services Roundtable Selected Works
Jan 01, 2007 Sustaining New York's and the US's Global Financial Services Leadership - Mayor Michael Bloomberg, Sen. Charles Schumer, McKinsey & Co., New York City Economic Development Corporation Selected Works