Lessons from the Debacle of '07-'08 for Financial Regulation and Its Overhaul
AbstractThe financial debacle of 2007-2008 has clearly propelled financial regulation and its overhaul to a must-do topic for the incoming Obama Administration and the 111th Congress. Unfortunately, financial regulation is still arcane. And it is unbelievably complicated. It encompasses a myriad of safety-and-soundness (prudential) regulatory provisions for banks, thrifts, credit unions, insurance companies, pension funds, and money market mutual funds; consumer protection provisions across the same spectrum; information revelation requirements for these institutions; financial statement revelation and corporate governance requirements for publicly traded companies; rules that apply to exchanges and to the financial instruments that are traded on those exchanges; and the list could go on. To paraphrase Rahm Emanuel, never allow a debacle to go to waste.
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Bibliographic InfoPaper provided by Regulation2point0 in its series Working paper with number 565.
Date of creation: Jan 2009
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Web page: http://regulation2point0.org/
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- Lawrence J. White, 2009. "Lessons from the Debacle of '07-'08 for Financial Regulation and Its Overhaul," Working Papers 09-01, New York University, Leonard N. Stern School of Business, Department of Economics.
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