The Bipartisan Policy Center's (BPC) Financial Regulatory Reform Initiative released a series of reforms today to improve the regulation and supervision of the U.S. financial system in a new report, Responding to Systemic Risk: Restoring the Balance (http://bipartisanpolicy.org/library/report/responding-systemic-risk-restoring-balance). The report, authored by task force members
* Restore the Federal Reserve's ability to make emergency loans to individual non-depository institutions; * Eliminate the Dodd-Frank requirement for the
The Dodd-Frank Act helped make the U.S. financial system safer than it was before the crisis. However, certain provisions of Dodd-Frank go too far and unnecessarily restrict the ability and authority of the Federal Reserve and the
BPC's Financial Regulatory Reform Initiative has spent the last two years analyzing the implementation of Dodd-Frank, while assessing its impact on financial stability, economic growth and consumer protection. This report is the latest in a series of related white papers and recommendations.
Graph omitted. Click here to view: (http://bipartisanpolicy.org/news/press-releases/2014/09/new-reforms-released-today-will-reduce-systemic-risk-and-improve)
Read the report (http://bipartisanpolicy.org/library/report/responding-systemic-risk-restoring-balance)
"During the 2008 crisis, government officials were grateful to have 'break-the-glass-in-an-emergency' authority to address unforeseen problems at individual firms," said
"Liquidity illusion - the belief that we all can withdraw our deposits or sell our securities at the same time - is a pervasive feature of our financial system," said
"For too long, our approach to regulation in this industry has been too bank-centric," said
The initiative held an event today (http://bipartisanpolicy.org/events/2014/09/responding-systemic-risk-restoring-balance) to unveil this report and further a discussion on these important issues.
For more information on this project, please visit http://bipartisanpolicy.org/projects/financial-regulatory-reform-initiative.
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