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Financial regulatory structure and the resolution of conflicting goals

  • Larry D. Wall
  • Robert A. Eisenbeis

The debate over modernizing the financial structure is raising questions about the merits of modernizing the financial regulatory structure. Regulatory structure is important because an almost unavoidable feature of our current system of government is that Congress assigns multiple goals that sometimes have conflicting policy implications to the regulatory agencies. The structure of the agencies is important to the resolution of these conflicts. Responsibility for two or more goals that have conflicting implications may be assigned to a single agency that is likely to resolve the conflict with a consistent set of policies based on the agency's priorities. Alternatively, the goals may be assigned to more than one agency, an action that often results in the conflicts being debated in the public arena but that may also result in the agencies' implementing inconsistent policies. This paper uses the problem of goal conflicts to provide a framework for evaluating alternative regulatory structures.

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Paper provided by Federal Reserve Bank of Atlanta in its series Working Paper with number 99-12.

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Date of creation: 1999
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Handle: RePEc:fip:fedawp:99-12
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  1. Edward J. Kane, 1985. "The Gathering Crisis in Federal Deposit Insurance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262611856, June.
  2. Edward J. Kane, 1997. "Ethical Foundations of Financial Regulation," NBER Working Papers 6020, National Bureau of Economic Research, Inc.
  3. Randall S. Kroszner & Thomas Stratmann, 1996. "Interest Group Competition and the Organization of Congress:Theory And Evidence from Financial Services Political Action Committees," University of Chicago - George G. Stigler Center for Study of Economy and State 126, Chicago - Center for Study of Economy and State.
  4. Becker, Gary S, 1983. "A Theory of Competition among Pressure Groups for Political Influence," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 371-400, August.
  5. Edward J. Kane, 1988. "Changing incentives facing financial-services regulators," Proceedings, Federal Reserve Bank of Cleveland, pages 265-279.
  6. Kane, Edward J., 1980. "Politics and Fed policymaking : The more things change the more they remain the same," Journal of Monetary Economics, Elsevier, vol. 6(2), pages 199-211, April.
  7. Persons, John C., 1997. "Liars Never Prosper? How Management Misrepresentation Reduces Monitoring Costs," Journal of Financial Intermediation, Elsevier, vol. 6(4), pages 269-306, October.
  8. Edward J. Kane, 1984. "Regulatory Structure in Futures Markets: Jurisdictional Competition Among the SEC, the CFTC, and Other Agencies," NBER Working Papers 1331, National Bureau of Economic Research, Inc.
  9. Kane, Edward J, 1996. "De Jure Interstate Banking: Why Only Now?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(2), pages 141-61, May.
  10. Edward J. Kane, 1984. "Regulatory structure in futures markets: Jurisdictional competition between the sec, the cftc, and other agencies," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 4(3), pages 367-384, 09.
  11. R. Alton Gilbert, 1993. "A Comparison of Proposals to Restructure the U.S. Financial System," Economics Working Paper Archive wp_91, Levy Economics Institute.
  12. Alan Greenspan, 1995. "Financial innovations and the supervision of financial institutions," Proceedings 435, Federal Reserve Bank of Chicago.
  13. Larry D. Wall, 1997. "Taking note of the deposit insurance fund: a plan for the FDIC to issue capital notes," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 14-30.
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