Financial System Regulation

Time to look again at the financial system’s dangerous faultlines

More from SRC Chairman Paul Tucker on the urgency of undertaking steps to address lingering systemic vulnerabilities.  https://www.ft.com/content/0d848d03-7d66-4a76-a4f2-8f09980747fa [Editor’s note: This is behind a password protected firewall.] “The west cannot afford another financial crisis. It would be a disaster in every possible way domestically, and a geopolitical gift to strategic competitors in Beijing and elsewhere.”

STATEMENT BY THE SYSTEMIC RISK COUNCIL ON REIGNITING REFORMS TO ENSURE A RESILIENT AND STABLE FINANCIAL SYSTEM

A decade ago the G20 leaders, supported by their finance ministers and central bank governors, approved a program of reform to restore the resilience and stability of the international financial system in the wake of the 2007-09 crisis. It is timely to think about what was left out or undone in the light of events […]

Bank Dividends in Peril With Crisis Veterans Warning of Trouble

By Lisa Lee and Shahien Nasiripour — Bloomberg A long-running clash over the ability of Wall Street banks to weather hard times and still pay shareholder dividends is gaining urgency as the number of Covid-19 cases ticks up and economic data remain gloomy. Critics, including a number of government and Federal Reserve veterans of the […]

The Fed Has Averted A Systemic Financial Crisis—For Now. Here are 3 Areas To Monitor.

By Reshma KapadiaApril 6, 2020 7:30 am ET Bad news is said to come in threes, but let’s hope full-blown crises don’t. The Covid-19 global health crisis rapidly became a global economic crisis, but, so far, it has not touched off a financial crisis. U.S. banks, for the most part, are in good shape, and central […]

Covid-19: Implications for international financial regulation

Paul Tucker, chair of the Systemic Risk Council and former deputy governor of the Bank of England, joins Mark Sobel, US chairman of OMFIF, to discuss the implications of coronavirus for the world economy. Since the 2008 financial crisis, much has been done to strengthen banks. But in recent years, the financial system has seen […]

SRC Statement on Financial System Actions for Covid-19

STATEMENT BY THE SYSTEMIC RISK COUNCIL ADDRESSED TO G20 FINANCE MINISTERS AND GOVERNORS ON MEASURES TO CONTAIN ECONOMIC AND FINANCIAL CRISIS The Systemic Risk Council (SRC) makes the following statement on the response of the financial and economic authorities to the economic elements of the current pandemic health crisis.  Unlike 2007/08, this is not a […]

Systemic Risk Council Comments on the Treasury Departments June 2017 Report

WASHINGTON, D.C.—On September 19, 2017, the Systemic Risk Council submitted a comment letter to the United States Department of Treasury (UST) on its Report of June 2017 on possible reforms to banking-system regulation. The Council believes that “the UST Report includes a number of worthwhile technical reforms and addresses important issues that are largely incidental […]

Systemic Risk Council Letter to FSOC About Asset Management Products and Activities

On Wednesday, March 25, the Systemic Risk Council responded to a request for comment by the Financial Stability Oversight Council (FSOC) about asset management products and activities. The letter states: “We commend the FSOC for undertaking a comprehensive review of the asset management industry, consistent with its statutory responsibilities to identify and address systemic risks. […]

New Paper Finds Little Progress in Reducing the Complexity of Global Systemically Important Banks

Today, the Systemic Risk Council* released a research paper by Richard Herring and Jacopo Carmassi examining the complexity of the 29 institutions that have been designated as Global Systemically Important Banks (G-SIBs) by the Financial Stability Board in November 2013. Links to the full paper and executive summary are below. The authors found that in 2013 […]