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New Directions in Financial Services Regulation$
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Roger B. Porter, Robert R. Glauber, and Thomas J. Healey

Print publication date: 2011

Print ISBN-13: 9780262015615

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015615.001.0001

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Reengineering the Financial Regulatory System

Reengineering the Financial Regulatory System

Chapter:
(p.155) Reengineering the Financial Regulatory System
Source:
New Directions in Financial Services Regulation
Author(s):

James D. Cox

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262015615.003.0013

This chapter reviews six areas that are commonly identified as areas that are in need of reform. The process includes the mapping out of some proposed approaches, and at the same time it examines the overarching concerns that each one poses. It looks to London’s regulatory policies, asking if it is smart to ignore the possible wisdom of regulatory consolidation as well as that of a more prudential regulator. The Financial Services Administration, after all, is seen to have obvious efficiencies. The question of adaptation, however, is a question of degree, not an all-or-nothing choice. The chapter also takes on the discussion on the need to reduce if not eliminate the heavy dependence on credit rating agencies and the need to address systemic risk. In the end, however, whatever reforms are implemented, it will take years to assess their effectiveness. If regulation occurs in such a manner that it prevents another credit crisis, however, then it could well be the best of times.

Keywords:   regulatory consolidation, prudential regulator, Financial Services Administration, credit rating agencies, systemic risk, regulation, credit crisis

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