President Obama signed the financial regulations bill - known as the "Dodd-Frank Act" - into law on July 21, 2010. Today, the Pew Financial Reform Project & New York University's Business School co-hosts a day-long forum on the implementation and impact of that legislation. Kicking off the day, Former Assistant Treasury Secretary for Financial Markets Michael Barr, who worked on the creation of Dodd-Frank, discussed the crafting and implementation of the bill. Barr also went into details about the regulation of “Too Big to Fail” companies.
In panel two was a discussion on how the legislation impacts the Federal Reserve, with remarks by the director of the Fed's Banking Supervision and Regulation Division. The panel also included input from a former Fed Monetary Affairs Director, and a former chief global economist at Citibank.The third panel looked at how that legislation deals with the concept of “Too Big to Fail” financial entities. Speakers include a top advisor to Treasury Secretary Timothy Geithner, as well as the head of the Federal Reserve’s Financial Stability and Research Office.
Also today, a panel discussed regulating the shadow banking system followed by a conversation with former Troubled Asset Relief Program (TARP) Inspector General Neil Barofsky.
The final panel was a discussion on international financial regulations. The panel discussed if there are too many multilateral institutions – the G20 and the IMF to name just two – to be effective to deal with capital requirements, shadow banking and financial oversight.
Do u think it is wise to consider a cap placement on the size of large financial institutions? Similar to sports, by restricting size this could prevent an overgrowth effect which leads to more consistent decisions. Although, I do understand that my statement goes against American capitalism. Maybe considering this idea until the economy regains strength. Just a thought, opinions?
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