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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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Summary of Discussion

Summary of Discussion

(p.189) Summary of Discussion
New Directions in Financial Services Regulation

Roger B. Porter

Robert R. Glauber

Thomas J. Healey

The MIT Press

This chapter consolidates the insights and findings discussed regarding the implementation of a possible regulatory structure that is fitting for the resolution of the 2008 financial crisis. It discusses remarks on the endorsement of the creation of a resolution authority. It notes concern with resolution authority as well: that it may not be possible to prevent a permanent bailout operation. As an alternative, then, it has been suggested, the U.S. Bankruptcy Code is a better regulatory mechanism, also noting that more transparency should be instilled at the Federal Deposit Insurance Corporation. Also discussed in the chapter is the idea of making the Federal Reserve the regulator of systemic risk, which gathered a variety of responses. Finally, the chapter also summarizes the housing bubble—its decline as well as the possible causes for its downfall.

Keywords:   systemic risk, resolution authority, U.S. Bankruptcy Code, Federal Deposit Insurance Corporation, housing bubble

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