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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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Concluding Remarks by Thomas J. Healey

Concluding Remarks by Thomas J. Healey

(p.197) Concluding Remarks by Thomas J. Healey
New Directions in Financial Services Regulation

Roger B. Porter

Robert R. Glauber

Thomas J. Healey

The MIT Press

This chapter brings the arguments to a close by first discussing the points to which the participating authors and analysts in this book agreed and disagreed upon. At first, it was predicted that a systemic risk regulator should be in place, however the role and operations of a systemic risk regulator could not even be agreed upon. The Federal Reserve was considered as the de facto regulator, however there were certain disagreements on that point as well, especially since several arguments were put forth indicating the Fed as a principal cause for the crisis. Another argument that is seen to need further discussion and analysis is on the lack of policy clarity that fed the panic. Thus, it is concluded that most people agree that first-order principles are what need to be worked on first and foremost.

Keywords:   systemic risk regulator, Federal Reserve, de facto regulator, policy clarity, first-order principles

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