Monday, August 7, 2017

Risk Management Still at the Heart of Financial Regulation

Fed Official Urges a Tiered Risk-Based Calibration of Post-Crisis Reforms

Author: David Schwartz J.D. CPA

In an August 2, 2017 address, President and CEO of the Federal Reserve Bank of Cleveland Loretta J. Mester advocated a fresh risk assessment to recalibrate financial regulations and right-size them to ease the burden on smaller banks. Ms. Mester proposed "tiering of oversight by risk,” thereby relieving community banks from much of the regulation intended for larger banks whose activities present different and larger risks to the greater financial system than those of smaller...

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Categories: All, Change Overview and Rationale, Formal Regulatory Remedies

Tags: Reconsideration

Wednesday, August 2, 2017

Treasury Secretary on the State of the Global Financial System

Mnuchin Briefs Congress on his Marching Orders

Author: David Schwartz J.D. CPA

On July 27, 2017, Treasury Secretary Steven Mnuchin delivered the Department of the Treasury’s annual report on the state of the international financial system. Mnuchin’s testimony covered many topics ranging from the Volcker Rule to tax reform and China equity caps. The hearing was sometimes contentious, with Rep. Maxine Waters (D-CA) sparring with Secretary Mnuchin over his apparent failure to respond to letters of inquiry from Waters. Despite the fireworks, Mnuchin laid out...

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Categories: All, Change Overview and Rationale, Formal Regulatory Remedies

Tags: Reconsideration

Friday, July 28, 2017

Fed Nominee Favors Regulatory Refinement and Transparency

Randal Quarles says “some refinements” are in order.

Author: David Schwartz J.D. CPA

At his July 27, 2017 confirmation hearing before the Senate Banking Committee, Randal Quarles testified that if confirmed he would advocate not for a rollback, but a reexamination of post-crisis reforms. He also advocated for better transparency on the part of regulators, and promised to approach the position with an open mind and in cooperation with the members of the Committee.

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Categories: All, Formal Regulatory Remedies

Tags: Reconsideration

Wednesday, July 26, 2017

There is No Room for Complacency

French Central Banker Outlines Priorities to Complete Post-Crisis Reform

Author: David Schwartz J.D. CPA

In a July 12, 2017 address before the Paris Europlace International Financial Forum, François Villeroy de Galhau, Governor of the Banque de France, outlined what he sees is necessary to complete the work of financial regulatory reform. Noting that resilience of the global financial system has significantly improved in eight years as a result of sweeping regulatory changes, de Galhau urged regulators and central bankers not to be complacent. There is work yet to finish on the new...

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Categories: All, Change Overview and Rationale, Formal Regulatory Remedies

Tags: Reconsideration

Wednesday, July 19, 2017

Regulatory Actions Drive Lasting Change

New SEC Chairman Sets Out His Regulatory Vision

Author: David Schwartz J.D. CPA

In his first address as Chairman of the Securities and Exchange Commission, Jay Clayton reaffirmed his dedication to the Commission’s guiding principles and historic approach to regulation. At the same time, however, Chairman Clayton said he sees areas where the SEC’s regulations need to evolve to "reflect the realities of our capital markets.” One of these realities is that implementing regulatory change has costs, and over time cumulative regulation and the...

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Categories: All, Disclosure Regimes, Formal Regulatory Remedies

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Commentary

Risk Management Still at the Heart of Financial Regulation

Fed Official Urges a Tiered Risk-Based Calibration of Post-Crisis Reforms

Treasury Secretary on the State of the Global Financial System

Mnuchin Briefs Congress on his Marching Orders

Fed Nominee Favors Regulatory Refinement and Transparency

Randal Quarles says “some refinements” are in order.

There is No Room for Complacency

French Central Banker Outlines Priorities to Complete Post-Crisis Reform

Regulatory Actions Drive Lasting Change

New SEC Chairman Sets Out His Regulatory Vision

Journal Commentaries

Keep Regulation Functional (October 2008)

The Bear Market Posse, or Counterparty Risk Management during the Recent Turmoil (Sept. 2008)

Searching for New Paradigms at BIS (July 2008)

Will Basel II Affect The Competitive Landscape? (September 2003)