Comments by Robert K. Steel
Comments by Robert K. Steel
This chapter gives a response to the financial crisis along a different path to the argument of either more or less regulation. Instead, the chapter decides to focus on effective regulation. Three issues are seen as priorities for progress: systemic risk, prudential regulation and resolution, and the discovery of the proper process for consumer investor protection. The chapter states that the addressing of these three major issues might very well result in a better system. Several suggestions are made by the chapter: one is the need for a systemic risk regulator in the Federal Reserve. Another suggestion is the importance of an advisory council in coordinating efforts of financial regulators and supervisors in Washington. In addressing prudential regulation, the solution given is consolidation. Finally, the chapter states that the introduction of a new board is beneficial in that it brings fresh perspectives and ideas on how the boards should be run.
Keywords: effective regulation, systemic risk, prudential regulation, consumer investor protection, financial regulators, new board
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