The Global Financial Crisis: A Plan for Regulatory Reform

The Committee on Capital Markets Regulation has issued a comprehensive report on the causes of the financial crisis and recommended regulatory remedies in "The Global Financial Crisis: A Plan for Regulatory Reform." The committee identified four objectives of improved regulation: reducing systemic risk, improving disclosure, unifying the existing regulatory structure, and encouraging international regulatory cooperation. In line with these objectives, the report outlines fifty-seven specific recommendations for restructuring financial regulation, covering such issues as credit default swaps, capital requirements, regulation of nonbank financial institutions, resolution of failed financial institutions, credit rating agencies, and accounting standards.

Hal S. Scott, director of the Committee on Capital Markets Regulation and Nomura Professor and director of the Program on International Financial Systems at Harvard Law School, will present the report's findings. Peter J. Wallison, the Arthur F. Burns Fellow in Financial Policy Studies at AEI, and Douglas J. Elliott, an economic studies fellow at the Brookings Institution, will discuss the feasibility and efficacy of these recommendations. AEI's Alex J. Pollock will moderate.

This event is cosponsored by AEI, the Brookings Institution, and the Committee on Capital Markets Regulation.

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About the Author

 

Peter J.
Wallison

 

Alex J.
Pollock
  • Alex J. Pollock is a resident fellow at the American Enterprise Institute (AEI), where he studies and writes about housing finance; government-sponsored enterprises, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks; retirement finance; and banking and central banks. He also works on corporate governance and accounting standards issues.


    Pollock has had a 35-year career in banking and was president and CEO of the Federal Home Loan Bank of Chicago for more than 12 years immediately before joining AEI. A prolific writer, he has written numerous articles on financial systems and is the author of the book “Boom and Bust: Financial Cycles and Human Prosperity” (AEI Press, 2011). He has also created a one-page mortgage form to help borrowers understand their mortgage obligations.


    The lead director of CME Group, Pollock is also a director of the Great Lakes Higher Education Corporation and the chairman of the board of the Great Books Foundation. He is a past president of the International Union for Housing Finance.


    He has an M.P.A. in international relations from Princeton University, an M.A. in philosophy from the University of Chicago, and a B.A. from Williams College.


  • Phone: 202.862.7190
    Email: apollock@aei.org
  • Assistant Info

    Name: Emily Rapp
    Phone: (202) 419-5212
    Email: emily.rapp@aei.org

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