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The Obama Administration and the U.S. Financial Crisis

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  • Rehman Scheherazade S.

    ()
    (The George Washington University)

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    Abstract

    There has been tremendous pressure on the Obama Administration to justify the actions taken with regards to the U.S. financial crisis which has managed to eliminate, overnight, over a quarter of the middle class wealth and leave one in six adults without a job or underemployed, while generating a bailout debt that was unimaginable in scale and scope only five years ago. In response to this public pressure, in mid-June 2009, the Obama Administration issued a white paper titled “Financial Regulatory Reform - A New Foundation: Rebuilding Financial Supervision and Regulation" (published by the U.S. Department of Treasury) covering a wide range of areas of financial regulation that proposed a new architecture for financial supervision. Although the White Paper touches upon many of the Administration's promised responses to the crisis with regards to new financial regulations and supervisory changes, it has been criticized as being too narrow in the scope and breath needed to manage the sheer size and scale of the impact of the U.S. financial crisis. This paper focuses on ten concerns and issues of note with the Obama Administration's actions and responses to date with regards to the U.S. financial/banking crisis and its 2009 White Paper on “Financial Regulatory Reform." They are as follows: (1) No Discussion and Minimal Attempt by the Administration to Relay Their Understanding of and Global Transmission of This Financial Crisis, (2) Proposed Financial Oversight Council, (3) Increased Powers for the Federal Reserve, (4) Most Recommendations Do Not Follow the Trend Toward Supervision Consolidation, (5) Macroeconomic vs. Microeconomic Supervision, (6) Government in the Financial Markets and Industry, (7) No Significant International Standard Setting or Coordination to Date, (8) Issue of Too Big to Fail Still at Large, (9) Obama Administration's PR Debacle, and (10) Something to Show after Spending $1.4 Trillion Plus.

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    Bibliographic Info

    Article provided by De Gruyter in its journal Global Economy Journal.

    Volume (Year): 10 (2010)
    Issue (Month): 1 (February)
    Pages: 1-24

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    Handle: RePEc:bpj:glecon:v:10:y:2010:i:1:n:6

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