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The Systemic Risk Council (SRC or Council) is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to systemic risk in the United States. It has been formed to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability. The goal is to help ensure a financial system in which we can all have confidence.

The Council’s overriding concern stems from the slow progress being made by financial regulators, other policymakers and the financial services industry to address critical issues affecting financial stability, including reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010.

Never again should policymakers be forced to choose between taxpayer bailouts or financial collapse.  We must implement strong and simple reforms now so that our markets can function fairly and freely in good times and in bad.

That concern increases each day that the implementation of significant systemic risk reform languishes. A sense of complacency – which is only magnified by often overwhelming regulatory complexity – has made reforms for effective oversight seem less urgent despite serious and long-identified problems in the global financial system.

It is essential that policymakers show leadership through a strong and coordinated rule-writing process that promotes the development of cohesive, consistent regulations and provides clear and transparent explanations of the reforms in a way that is understandable to the general public. The Systemic Risk Council was created to assist in that effort.

Never again should policymakers be forced to choose between taxpayer bailouts or financial collapse.  We must implement strong and simple reforms now so that our markets can function fairly and freely in good times and in bad.

In Remembrance of The Honorable Harvey Goldschmid

The Systemic Risk Council has issued the following statement upon the passing of Harvey Goldschmid, a member of the Council:

The members and staff of the Systemic Risk Council are deeply saddened by news of the passing of our colleague, Harvey Goldschmid, a member of the Council since its formation and one of its founders.

Sheila Bair, Chair of the Council, stated:  “Harvey was dedicated throughout his career to advancing reforms in corporate governance and in protecting investors, for the benefit of all Americans.  We remember him for his numerous and valuable contributions in these fields as a public servant while General Counsel and later a Commissioner of the Securities and Exchange Commission, and as a brilliant scholar and teacher of generations of students while a professor at Columbia Law School.  His dedication to systemic risk mitigation and investor protection made him a valued member of the Council.  We will miss Harvey’s leadership in championing the mission of the Council, as well as his enduring wisdom and warm friendship.”

The example of Harvey Goldschmid as a scholar and public servant will inspire the continued efforts of the Council to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability.