1,766 research outputs found
Did We Tame the Beast: Views on the US Financial Reform Bill
Prof. Lawrence Baxter takes a microscope to the âDodd-Frankâ Bill (Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173) finding a veritable âMicrographiaâ of doubt. The Bill was devised to address problems associated with the global financial crisis of 2007-2009. This paper was written in anticipation of the US Financial Reform Billâs passage through Congress. The legislation has since been enacted as Public Law No. 111-203, signed by President Obama on July 21, 2010
Did We Tame the Beast: Views on the US Financial Reform Bill
Prof. Lawrence Baxter takes a microscope to the âDodd-Frankâ Bill (Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173) finding a veritable âMicrographiaâ of doubt. The Bill was devised to address problems associated with the global financial crisis of 2007-2009. This paper was written in anticipation of the US Financial Reform Billâs passage through Congress. The legislation has since been enacted as Public Law No. 111-203, signed by President Obama on July 21, 2010
Understanding Regulatory Capture: An Academic Perspective from the United States
Although it sometimes seems that financial regulatory agencies have been entirely captured by the larger players in the industry they regulate, a closer examination reveals that a variety of factors contribute to policy outcomes in this arena. Agencies have different agendas and stakeholders, and banks often perform quasi-governmental roles that blur the line between the captors and the captured. The real danger is that public policy can be distorted as a result of excessive influence by one set of interests at the expense of others. This danger is best thwarted or at least mitigated through the application of a range of institutions and processes, ranging from external checks on agency action to a strengthening of institutions designed to represent interests that the regulated industry itself is unlikely to promote. Internal checks that might provide incentives for more public-oriented actions on the part of industry participants are also relevant
Fundamental Forces Driving United States and International Financial Regulations Reform
Multiple forces create a systemic crisis of the proportions of the Global Financial Crisis of 2008. Global and domestic financial reform is a difficult and perplexing task, one that is likely to take many years, and one that will surely continue to be shaped by a diverse range of forces. Recent measures remain incomplete and in some cases are even proving to be misdirected. This article considers seven fundamental forces shaping actions on future reform, specifically the (1) long term impact of the Crisis (and all financial crises); (2) increase in the âfinancializationâ of the global economy, seemingly disproportionate to the growth in the real economy; (3) dramatic increase in financial interconnectedness worldwide, accompanied by a growing complexity in financial institutions and the regulatory framework, all of which could be becoming unmanageable; (4) âhuman factorâ in finance, which tends to confound our assumptions about market behavior; (5) growth in the critical yet little understood and regulated âshadow banking system;â (6) deep technology revolution, which continues to transform the dynamics of the global economy; and (7) ânext convergenceâ between Western and âemergingâ economies, which is changing the global economic profile and presenting profound new challenges to financial refor
Fiduciary Issues in Federal Banking Regulation
It is argued that the fiduciary duty being claimed by banking regulators against depository institutions arising out of the S&L scandal is actually a distinct statutory duty
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