Financial Regulatory Reform.
Moyer, Stephen E.
Financial Regulatory Reform. - 1st ed. - 1 online resource (182 pages) - Global Recession - Causes, Impacts and Remedies . - Global Recession - Causes, Impacts and Remedies .
Intro -- FINANCIAL REGULATORY REFORM -- FINANCIAL REGULATORY REFORM -- CONTENTS -- PREFACE -- Chapter 1 FINANCIAL REGULATION: A FRAMEWORK FOR CRAFTING AND ASSESSING PROPOSALS TO MODERNIZE THE OUTDATED U.S. FINANCIAL REGULATORY SYSTEM -- SUMMARY -- TODAY'S FINANCIAL REGULATORY SYSTEM WAS BUILT OVER THE COURSE OF MORE THAN A CENTURY, LARGELY IN RESPONSE TO CRISES OR MARKET DEVELOPMENTS -- CHANGES IN FINANCIAL INSTITUTIONS AND THEIR PRODUCTS HAVE SIGNIFICANTLY CHALLENGED THE U.S. FINANCIAL REGULATORY SYSTEM -- A FRAMEWORK FOR CRAFTING AND ASSESSING ALTERNATIVES FOR REFORMING THE U.S. FINANCIAL REGULATORY SYSTEM -- End Notes -- Chapter 2 SPECIAL REPORT ON REGULATORY REFORM: MODERNIZING THE AMERICAN FINANCIAL REGULATORY SYSTEM: RECOMMENDATIONS FOR IMPROVING OVER-SIGHT, PROTECTING CONSUMERS AND ENSURING STABILITY* -- I. EXECUTIVE SUMMARY -- 1. Lessons from the Past -- 2. Shortcomings of the Present -- 3. Recommendations for the Future -- II. INTRODUCTION -- III. A FRAMEWORK FOR ANALYZING THE FINANCIAL REGULATORY SYSTEM AND ITS EFFECTIVENESS -- 1. The Promise and Perils of Financial Markets -- 2. The Current State of the Regulatory System -- Failure to Effectively Manage Risk -- Failure of private risk management -- Failure of public risk management -- Failure to Require Sufficient Transparency -- Failure to Ensure Fair Dealings -- 3. The Central Importance of Regulatory Philosophy -- IV. CRITICAL PROBLEMS AND RECOMMENDATIONS FOR IMPROVEMENT -- 1. Identify and Regulate Financial Institutions That Pose Systemic Risk -- 2. Limit Excessive Leverage in American Financial Institutions -- Objectives-based capital requirements -- Leverage requirements -- Countercyclical capital requirements -- Liquidity requirements -- 3. Modernize Supervision of Shadow Financial System -- Regulated clearinghouses -- Exchange-traded derivatives. Public reporting requirements -- 4. Create a New System for Federal and State Regulation of Mortgages and Other Consumer Credit Products -- 5. Create Executive Pay Structures That Discourage Excessive Risk Taking -- 6. Reform the Credit Rating System -- 7. Make Establishing a Global Financial Regulatory Floor a U.S. Diplomatic Priority -- 8. Plan for the Next Crisis -- V. ISSUES REQUIRING FURTHER STUDY -- VI. ACKNOWLEDGMENTS -- VII. ABOUT THE CONGRESSIONAL OVERSIGHT PANEL -- VIII. ADDITIONAL VIEWS -- Richard H. Neiman -- Congressman Jeb Hensarling and Former Senator John E. Sununu -- Preface -- Introduction -- Observations on Current State of Financial Regulation -- A brief history of the subprime crisis -- Monetary policy -- Federal policy to expand home ownership -- The GSEs -- Credit rating agencies -- Market behavior -- Recommendations for Federal Regulatory Reform -- 1. Reform the Mortgage Finance System -- 1.1. Re-charter the housing GSEs as mortgage guarantors, removing them from the investment business -- 1.2. Simplify mortgage disclosure -- 1.3. Establish minimum equity requirements for government guaranteed mortgages -- 1.4. Allow Federal Reserve mortgage lending rules to take effect and clarify the enforcement authority for mortgage origination standards -- 1.5. Enhance securitization accountability standards -- 2. Modernize the Regulatory Structure for Financial Institutions -- 2.1. Consolidate federal financial services regulation -- 2.2. Modernize the federal charter for insured depository institutions -- 2.3. Consolidate the SEC and CFTC -- 2.4. Establish an optional federal charter for national insurance firms -- 3. Strengthening Capital Requirements and Improving Risk Management -- 3.1. Strengthen capital requirements for financial institutions -- 3.2. End conduits and off-balance-sheet accounting for bank assets. 3.3. Adjust the application of mark-to-market accounting rules -- 3.4. Eliminate the credit rating agencies' cartel -- 3.5. Establishing a clearinghouse for credit default swaps -- 4. Address Systemic Risk -- 4.1. Consolidate the work of the president's working group and the financial stability oversight board to create a cross-agency panel for identifying and monitoring systemic risk -- Disagreement with Panel Regulatory Recommendations -- APPENDIX: OTHER REPORTS ON FINANCIAL REGULATORY REFORM -- End Notes -- CHAPTER SOURCES -- INDEX -- Blank Page.
9781613246108
Finance -- Government policy -- United States.
Financial services industry -- Government policy -- United States.
Banks and banking -- State supervision -- United States.
Financial services industry -- Law and legislation -- United States.
Electronic books.
HG181 -- .F643453 2010eb
332.10973
Financial Regulatory Reform. - 1st ed. - 1 online resource (182 pages) - Global Recession - Causes, Impacts and Remedies . - Global Recession - Causes, Impacts and Remedies .
Intro -- FINANCIAL REGULATORY REFORM -- FINANCIAL REGULATORY REFORM -- CONTENTS -- PREFACE -- Chapter 1 FINANCIAL REGULATION: A FRAMEWORK FOR CRAFTING AND ASSESSING PROPOSALS TO MODERNIZE THE OUTDATED U.S. FINANCIAL REGULATORY SYSTEM -- SUMMARY -- TODAY'S FINANCIAL REGULATORY SYSTEM WAS BUILT OVER THE COURSE OF MORE THAN A CENTURY, LARGELY IN RESPONSE TO CRISES OR MARKET DEVELOPMENTS -- CHANGES IN FINANCIAL INSTITUTIONS AND THEIR PRODUCTS HAVE SIGNIFICANTLY CHALLENGED THE U.S. FINANCIAL REGULATORY SYSTEM -- A FRAMEWORK FOR CRAFTING AND ASSESSING ALTERNATIVES FOR REFORMING THE U.S. FINANCIAL REGULATORY SYSTEM -- End Notes -- Chapter 2 SPECIAL REPORT ON REGULATORY REFORM: MODERNIZING THE AMERICAN FINANCIAL REGULATORY SYSTEM: RECOMMENDATIONS FOR IMPROVING OVER-SIGHT, PROTECTING CONSUMERS AND ENSURING STABILITY* -- I. EXECUTIVE SUMMARY -- 1. Lessons from the Past -- 2. Shortcomings of the Present -- 3. Recommendations for the Future -- II. INTRODUCTION -- III. A FRAMEWORK FOR ANALYZING THE FINANCIAL REGULATORY SYSTEM AND ITS EFFECTIVENESS -- 1. The Promise and Perils of Financial Markets -- 2. The Current State of the Regulatory System -- Failure to Effectively Manage Risk -- Failure of private risk management -- Failure of public risk management -- Failure to Require Sufficient Transparency -- Failure to Ensure Fair Dealings -- 3. The Central Importance of Regulatory Philosophy -- IV. CRITICAL PROBLEMS AND RECOMMENDATIONS FOR IMPROVEMENT -- 1. Identify and Regulate Financial Institutions That Pose Systemic Risk -- 2. Limit Excessive Leverage in American Financial Institutions -- Objectives-based capital requirements -- Leverage requirements -- Countercyclical capital requirements -- Liquidity requirements -- 3. Modernize Supervision of Shadow Financial System -- Regulated clearinghouses -- Exchange-traded derivatives. Public reporting requirements -- 4. Create a New System for Federal and State Regulation of Mortgages and Other Consumer Credit Products -- 5. Create Executive Pay Structures That Discourage Excessive Risk Taking -- 6. Reform the Credit Rating System -- 7. Make Establishing a Global Financial Regulatory Floor a U.S. Diplomatic Priority -- 8. Plan for the Next Crisis -- V. ISSUES REQUIRING FURTHER STUDY -- VI. ACKNOWLEDGMENTS -- VII. ABOUT THE CONGRESSIONAL OVERSIGHT PANEL -- VIII. ADDITIONAL VIEWS -- Richard H. Neiman -- Congressman Jeb Hensarling and Former Senator John E. Sununu -- Preface -- Introduction -- Observations on Current State of Financial Regulation -- A brief history of the subprime crisis -- Monetary policy -- Federal policy to expand home ownership -- The GSEs -- Credit rating agencies -- Market behavior -- Recommendations for Federal Regulatory Reform -- 1. Reform the Mortgage Finance System -- 1.1. Re-charter the housing GSEs as mortgage guarantors, removing them from the investment business -- 1.2. Simplify mortgage disclosure -- 1.3. Establish minimum equity requirements for government guaranteed mortgages -- 1.4. Allow Federal Reserve mortgage lending rules to take effect and clarify the enforcement authority for mortgage origination standards -- 1.5. Enhance securitization accountability standards -- 2. Modernize the Regulatory Structure for Financial Institutions -- 2.1. Consolidate federal financial services regulation -- 2.2. Modernize the federal charter for insured depository institutions -- 2.3. Consolidate the SEC and CFTC -- 2.4. Establish an optional federal charter for national insurance firms -- 3. Strengthening Capital Requirements and Improving Risk Management -- 3.1. Strengthen capital requirements for financial institutions -- 3.2. End conduits and off-balance-sheet accounting for bank assets. 3.3. Adjust the application of mark-to-market accounting rules -- 3.4. Eliminate the credit rating agencies' cartel -- 3.5. Establishing a clearinghouse for credit default swaps -- 4. Address Systemic Risk -- 4.1. Consolidate the work of the president's working group and the financial stability oversight board to create a cross-agency panel for identifying and monitoring systemic risk -- Disagreement with Panel Regulatory Recommendations -- APPENDIX: OTHER REPORTS ON FINANCIAL REGULATORY REFORM -- End Notes -- CHAPTER SOURCES -- INDEX -- Blank Page.
9781613246108
Finance -- Government policy -- United States.
Financial services industry -- Government policy -- United States.
Banks and banking -- State supervision -- United States.
Financial services industry -- Law and legislation -- United States.
Electronic books.
HG181 -- .F643453 2010eb
332.10973