Systemic Risk Council January 23, 2013 Dear Chairman Bernanke, Chairman Gruenberg and Comptroller Curry: The Systemic Risk Council (SRC) is concerned by the recent decisions to weaken and delay global capital and liquidity standards under the Basel III accords. As you know, risk-absorbing capital, particularly when combined with stable liquidity, plays an essential role in […]
Systemic Risk Council January 18, 2013 Dear Financial Stability Oversight Council: The Systemic Risk Council (SRC) is writing to commend and support the FSOC for seeking public comment on proposals to reform money market funds. It has been more than four years of study since taxpayers were forced to guarantee money market funds and the […]
Publication: Yahoo! Finance Author: John Rogers 12/20/2012 —I watched the movie “Contagion” on a recent flight to Asia. It tends to dampen the enthusiasm for culinary adventures. In reality, it’s a lot more likely that our next global contagion will come from financial markets, and not from some butcher shop in Asia. Everything we know about financial systems points […]
Contact: Jeremy Ratner, jratner@pewtrusts.org, (202)540-6507 Washington , D.C. – 12/07/2012 – The Systemic Risk Council1 expressed concern that one of the clearest and most important systemic fixes needed for markets is stuck in political gridlock. SRC Chairman Sheila Bair called for prompt resolution of the funding issues related to market regulators, especially the Securities and Exchange Commission (SEC) […]
Systemic Risk Council November 19, 2012 Dear Chairman Lieberman and Ranking Member Collins: We are writing to thank the Committee for deciding to delay the markup of S. 3468, the “Independent Agency Regulatory Analysis Act of 2012” to allow more time to vet this proposal. We have strong concerns about this legislation, particularly its impact […]
Contact: Jeremy Ratner, jratner@pewtrusts.org, (202)540-6507 Washington , D.C. – 12/07/2012 – Sheila Bair, former chair of the FDIC and current chair of the Systemic Risk Council (SRC) issued the following statement on the Council’s behalf in advance of today’s Senate Banking Committee Hearing “Oversight of Basel III”: “While we commend the financial agencies for seeking public comment […]
Publication: New York Times Author: Edward Wyatt 11/13/2012 – WASHINGTON — A council of top financial regulators, upset with the Securities and Exchange Commission for failing to strengthen rules governing money market mutual funds since the financial crisis, is trying to force the S.E.C. to adopt stricter regulations. The Financial Stability Oversight Council, a group of 10 regulators that includes the S.E.C. chairwoman, […]
Publication: Reuters Author: Ross Kerber 11/01/2012– Former financial regulator Sheila Bair voiced worries about a new industry compromise plan for money market mutual funds, including implementing a fee for withdrawals during times of stress, saying it could worsen a crisis. Fund companies met with regulators last week in Washington, hoping they would accept limited new rules for stabilizing the funds if necessary. But Bair […]
Publication: Yahoo! Finance Author: Simon Johnson 10/24/2012 —Prior to September 2008, few officials focused on “systemic risk” — the idea that a single firm or a particular asset class could create a vulnerability that would bring down the financial system and do great damage to the real economy. Then Lehman Brothers failed and the repercussions threatened to shut down […]
Publication: Financial Times Author: Shahien Nasiripour and Tom Braithwaite 11/13/2012– A group of former senior US financial regulators has urged authorities to drastically cap big banks’ borrowings, adding to a growing chorus of sceptics who are challenging the international response to the financial crisis. In a letter on Thursday, the Systemic Risk Council recommended to US bank regulators that […]