Publication: New York Times Author: Gretchen Morgenson 1/5/2014 – Regulators made some real progress last year attacking the risks of too-big-to-fail banks. The Volcker Rule and other Dodd-Frank reforms were completed, and, perhaps even more important, three big regulators devised a proposal for tougher capital rules intended to ensure that banks would never require a government bailout when their risky bets […]
Publication: New York Times Author: Simon Johnson 12/19/2013 —In modern American political discourse, it is unusual to see ideas explode before your very eyes. It’s much more typical for bad ideas to drift away quietly – or alternatively to stick around, year after year, despite being completely at odds with the facts. On Dec. 11, at a […]
Publication: Financial Times Author: Paul Volcker and John Reed 12/11/2013 —Much has been written about the degree of progress in continuing financial reform. Too little credit, however, has been given to regulators for their efforts to impose a simple, commonsense, leverage restriction on our largest bank holding companies. Read the full editorial, A Safer Financial System is Now Within […]
On December 2, the Systemic Risk Council sent a letter to the Federal Reserve Board and the FDIC requesting that they take steps to substantially improve the amount and quality of information published in the public sections of “living wills” required by Section 165 of the Dodd-Frank Act. Read the full letter below: SRC letter to […]
On December 2, the Systemic Risk Council sent a letter to the Securities and Exchange Commission to request that the SEC examine the level and quality of disclosures being provided by large complex financial institutions (“LCFIs”) and take steps to strengthen that disclosure. Read the full letter below: SRC letter to SEC re LCFI Public Disclosure 12-02-13
On October 15, the Systemic Risk Council filed a comment letter to bank regulators on the proposed enhanced supplementary leverage ratio for large bank holding companies and their insured depository institution subsidiaries. Read the full letter below: Final SRC Comment Letter re Leverage Ratio 10-15-13
On October 15, the Systemic Risk Council wrote to the Basel Committee on Banking Supervision to strongly support the Committee’s efforts to simplify the Basel capital standards. You can read the full letter below: Final SRC Basel Simplification Letter 10-15-13
Publication: New York Times Author: Floyd Norris 9/19/2013 —Bank regulators around the world are forcing banks to hold more capital than they did before the financial crisis revealed just how inadequate their capital truly was. But one set of American banks appears to be on the verge of keeping the right to have no capital at all. […]
Publication: Bloomberg Author: Dave Michaels 9/18/2013 —Money-market mutual fund providers and the municipalities and corporations relying on them to manage cash are telling U.S. House lawmakers to be wary of new regulation for the $2.6 trillion industry. The groups are using a House Financial Services panel’s hearing in Washington today to kick off a lobbying campaign against a Securities […]
On September 18, Systemic Risk Council chair Sheila Bair testified before the House Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises about money market fund reforms. The full testimony is below: Sheila Bair Testimony House Financial Services Sep 18 13