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Record Nr. |
UNINA9910955292903321 |
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Titolo |
Modernizing financial regulation / / Lawrence P. Cowell, editor |
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Pubbl/distr/stampa |
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New York, : Nova Science Publishers, Inc., c2010 |
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ISBN |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (195 p.) |
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Collana |
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Financial institutions and services |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Financial services industry - United States |
Financial institutions - Law and legislation - United States |
Banking law |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Intro -- MODERNIZING FINANCIAL REGULATION -- MODERNIZING FINANCIAL REGULATION -- CONTENTS -- PREFACE -- FEDERAL FINANCIAL SERVICES REGULATORY CONSOLIDATION: AN OVERVIEW -- SUMMARY -- INTRODUCTION -- THE MAJOR FINANCIAL SERVICES REGULATORS -- SAFETY AND SOUNDNESS REGULATIONS -- BACKGROUND -- U.S. FUNCTIONAL AND COMPETITIVE REGULATORY STRUCTURE -- Regulatory Competition in Banking -- Regulatory Competition in Insurance -- Regulatory Competition in Securities -- Regulatory Competition in Commodity Futures and Options -- THE PROBLEM OF REGULATING IN THE CURRENT ENVIRONMENT -- PROPOSED CONSOLIDATION SOLUTIONS -- Banking -- Insurance -- Securities -- Consolidation in Other Countries -- Financial Services Authority of the United Kingdom -- The Financial Services Agency of Japan -- The Federal Financial Supervisory Authority (BaFin) -- U.S. REGULATORS ARE TRYING TO SPEAK WITH ONE VOICE -- SOME IMPLICATIONS -- End Notes -- FINANCIAL REGULATION: INDUSTRY TRENDS CONTINUE TO CHALLENGE THE FEDERAL REGULATORY STRUCTURE -- WHY GAO DID THIS STUDY -- WHAT GAO RECOMMENDS -- WHAT GAO FOUND -- ABBREVIATIONS -- RESULTS IN BRIEF -- BACKGROUND -- MEASURING THE COSTS AND BENEFITS OF REGULATION HAS BEEN DIFFICULT, COMPLICATING EFFORTS TO REDUCE REGULATORY BURDEN -- Regulators and the Financial |
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Services Industry Face Challenges Measuring Regulatory Costs and Benefits -- Concerns Exist that Regulation Could Hinder Market Efficiency -- U.S. Regulators Have Reviewed Existing Regulations -- Forum Participants Shared Concerns Regarding Regulatory Burden -- We Have Recommended Improved Review of Regulations -- DEVELOPMENTS IN A DYNAMIC FINANCIAL INDUSTRY ENVIRONMENT POSE CHALLENGES TO THE FEDERAL FINANCIAL REGULATORY STRUCTURE -- Aspects of the Current Regulatory Structure Have Contributed to a Strong Financial System but also Create Challenges. |
Key Trends Have Changed the Financial Services Industry -- Recent Legislative Changes Have Affected the Financial Services Industry -- Recent Industry Changes Demonstrate the Challenges Confronting Financial Regulators -- Consolidated Supervision of Holding Companies -- ILC Holding Company Regulation -- Basel II Implementation -- OCC Preemption and Charter Choice -- SEC and CFTC Joint Jurisdiction over Certain Products -- Regulators Have Often Collaborated to Respond to Regulatory Challenges but More Could be Done -- Accountability for Identifying and Responding to Risks that Span Financial Sectors Is Not Clearly Defined -- OPTIONS TO CHANGE THE FEDERAL FINANCIAL REGULATORY STRUCTURE -- Modernizing the Financial Regulatory System Remains a Challenge -- Some Lessons May Be Learned from the United Kingdom's FSA Model which Emphasizes a Principles-based Approach to Regulation -- Clear, Consistent Regulatory Goals Are Important Steps to Improve Regulatory Effectiveness -- Treasury Has Announced Plans to Consider Regulatory Structure Modernization -- APPENDIX I: PARTICIPANTS IN THE JUNE 11, 2007, COMPTROLLER GENERAL'S FORUM -- APPENDIX II: COMMENTS FROM THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -- APPENDIX III: COMMENTS FROM THE CHAIRMAN OF THE NATIONAL CREDIT UNION ADMINISTRATION -- Related GAO Products -- End Notes -- FINANCIAL REGULATION: A FRAMEWORK FOR CRAFTING AND ASSESSING PROPOSALS TO MODERNIZE THE OUTDATED U.S. FINANCIAL REGULATORY SYSTEM -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- ABBREVIATIONS -- BACKGROUND -- TODAY'S FINANCIAL REGULATORY SYSTEM WAS BUILT OVER MORE THAN A CENTURY, LARGELY IN RESPONSE TO CRISES OR MARKET DEVELOPMENTS -- Banking -- Securities -- Thrifts and Credit Unions -- Futures -- Insurance -- Secondary Mortgage Markets -- Gramm-Leach-Bliley. |
Accounting and Auditing -- Other Financial Institutions -- CHANGES IN FINANCIAL INSTITUTIONS AND THEIR PRODUCTS HAVE SIGNIFICANTLY CHALLENGED THE U.S. FINANCIAL REGULATORY SYSTEM -- Conglomeration and Increased Interconnectedness in Financial Markets Have Created Difficulties for a Regulatory System That Lacks a Systemwide Focus -- Existing Regulatory System Failed to Adequately Address Problems Associated with Less-Regulated Entities That Played Significant Roles in the U.S. Financial System -- Activities of Nonbank Mortgage Lenders Played a Significant Role in Mortgage Crisis but Were Not Adequately Addressed by Existing Regulatory System -- Activities of Hedge Funds Can Pose Systemic Risks not Recognized by Regulatory System -- Credit Rating Agency Activities Also Illustrate the Failure of the Regulatory System to Address Risks Posed by Less-Regulated Entities -- Regulatory System Failed to Identify Risks Associated with Special-Purpose Entities -- CREDIT RATINGS AND THE FINANCIAL CRISIS -- New and Complex Financial Products and Services Also Revealed Limitations in the Regulatory Structure -- New Complex Securitized Products Have Created Difficulties for Institutions and Regulators in Valuing and Assessing Their Risks -- Growth in OTC |
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Derivatives Markets, Which Feature Complex Products That Are Not Regulated, Raised Regulator Concerns about Systemic Risk and Weak Market Infrastructure -- New Complex Products Have Also Created Challenges for Regulators in Ensuring Adequate Investor and Consumer Protection -- Increased Complexity and Other Factors Have Challenged Accounting Standard Setters and Regulators -- Globalization Will Further Challenge the Existing U.S. Regulatory System -- A FRAMEWORK FOR CRAFTING AND ASSESSING ALTERNATIVES FOR REFORMING THE U.S. FINANCIAL REGULATORY SYSTEM. |
1. Clearly defined regulatory goals. -- 2. Appropriately comprehensive. -- 3. Systemwide focus. -- 4. Flexible and adaptable -- 5. Efficient and effective. -- 6. Consistent consumer and investor protection. -- 7. Regulators provided with independence, prominence, authority, a -- 8. Consistent financial oversight. -- 9. Minimal taxpayer exposure. -- COMMENTS FROM AGENCIES AND OTHER ORGANIZATIONS, AND OUR EVALUATION -- APPENDIX I: SCOPE AND METHODOLOGY -- APPENDIX II: AGENCIES AND OTHER ORGANIZATONS THAT REVIEWD THE DRAFT REPORT -- APPENDIX III: COMMENTS FROM THE AMERICAN BANKERS ASSOCIATION -- APPENDIX IV: COMMENTS FROM THE AMERICAN COUNCIL OF LIFE INSURERS -- APPENDIX V: COMMENTS FROM THE CONFERENCE OF STATE BANK SUPERVISORS -- APPENDIX VI: COMMENTS FROM CONSUMERS UNION -- APPENDIX VII: COMMENTS FROM THE CREDIT UNION NATIONAL ASSOCIATION -- APPENDIX VIII: COMMENTS FROM THE FEDERAL DEPOSIT INSURANCE CORPORATION -- APPENDIX IX: COMMENTS FROM THE MORTGAGE BANKERS ASSOCIATION -- APPENDIX X: COMMENTS FROM THE NATIONAL ASSOCIATION OF FEDERAL CREDIT UNIONS -- APPENDIX XI: COMMENTS FROM THE CENTER FOR RESPONSIBLE LENDING, THE NATIONAL CONSUMER LAW CENTER, AND THE U.S. PIRG -- End Notes -- STATEMENT OF GENE L. DODARO, ACTING COMPTROLLER GENERAL OF THE UNITED STATES, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL ON FINANCIAL REGULATION -- SUMMARY -- TODAY'S FINANCIAL REGULATORY SYSTEM WAS BUILT OVER THE COURSE OF MORE THAN A CENTURY, LARGELY IN RESPONSE TO CRISES OR MARKET DEVELOPMENTS -- CHANGES IN FINANCIAL INSTITUTIONS AND THEIR PRODUCTS HAVE SIGNIFICANTLY CHALLENGED THE U.S. FINANCIAL REGULATORY SYSTEM -- A FRAMEWORK FOR CRAFTING AND ASSESSING ALTERNATIVES FOR REFORMING THE U.S. FINANCIAL REGULATORY SYSTEM -- 1. Clearly defined regulatory goals. -- 2. Appropriately comprehensive -- 3. Systemwide focus. |
4. Flexible and adaptable -- 5. Efficient and effective. -- 6. Consistent consumer and investor protection. -- 7. Regulators provided with independence, prominence, authority, -- 8. Consistent financial oversight. -- APPENDIX I: AGENCIES AND OTHER ORGANIZATIONS THAT REVIEWED THE DRAFT REPORT -- Related GAO Products -- End Notes -- SPEECH BY TIMOTHY F. GEITHNER, PRESIDENT AND CEO, FEDERAL RESERVE BANK OF NEW YORK, AT THE ECONOMIC CLUB OF NEW YORK, JUNE 9, 2008 -- REDUCING SYSTEMIC RISK IN A DYNAMIC FINANCIAL SYSTEM -- Why Was the System so Fragile? -- FIRST REPAIR, THEN REFORM -- What Should Be Done to Reduce These Vulnerabilities? -- REGULATORY POLICY -- REGULATORY STRUCTURE -- CRISIS MANAGEMENT -- CONCLUSION -- CHAPTER SOURCES -- INDEX. |
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Sommario/riassunto |
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Explores a framework for modernising the outdated US financial regulatory system to help policymakers weigh various regulatory reform proposals and consider ways in which the regulatory system could be made more effective and efficient. |
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