2002 Annual Report

March 20, 2003

U.S. SHADOW FINANCIAL REGULATORY COMMITTEE

2002 Annual Report

Administrative Office

c/o Professor George G.  Kaufman
Loyola University Chicago
820 N. Michigan Avenue
Chicago, Illinois  60611
312-915-7075

 

In 2002, the U.S. Shadow Financial Regulatory Committee completed its seventeenth year of operation. As in most of its previous years, the Committee meet quarterly. It issued eleven policy statements. The Committee experienced one change in membership during the year. Marshall Blume, the Howard-Butcher Professor of Financial Management and Director of the Rodney White Center for Financial Research at the Wharton School, University of Pennsylvania, joined the Committee. (Current and past members of the Committee are listed in Appendix A.)

In addition to the U.S. Shadow Financial Regulatory Committee, similar committees currently operate in Europe, Japan, and Latin American. Local organizing committees are exploring establishing Shadow Regulatory Committees in East Asia and Canada. The existing four committees operate independently, but keep each other informed of their activities generally meet jointly once a year. In 2002, the four committees met in October in Washington, D.C. The membership and statements of all the committees are posted on the U.S. Committee’s website at the AEI --www.aei.org-- and scroll to Shadow Financial Regulatory Committee.

Meetings

As usual, the Committee met quarterly for two days -- all day Sunday and on Monday morning. The 2002 meeting dates were on Sunday-Monday, February 24-25, May 5-6, September 22-23 and December 8-9. All meetings were at the offices of the American Enterprise Institute in Washington, D.C.
At its February meeting, the Committee discussed proposals for deposit insurance reform, recent costly bank failures, conflicts of interest in banking, the role of bank auditors, and this IMF proposal for sovereign debt default resolution. In May the Committee discussed the implications of Enron, Anderson, and other corporate scandals, terrorism, insurance, Basel’s proposal for bank operational capital regulation, GSE disclosure and regulation, and the IMF sovereign debt bankruptcy proposal. In September, the Committee discussed the recently enacted Sarbanes-Oxley Act, the interest rate risk exposure Fannie Mae, and terrorism insurance. In December, the committee outlined a agenda in financial markets and institutions for the new Congress and discussed large FDIC losses in bank resolutions, the need for better transatlantic securities markets, and the SEC’s proposal for more frequent reporting by mutual funds and for a review of credit rating agencies. At these meetings, the Committee followed its usual practice of devoting part of the session to meeting with guests. Guests are usually representatives of policy-makers, regulatory agencies, financial ser4vices firms, and trade associations. These meetings are private, closed-door exchanges of ideas on issues of current concern to both parties.

In addition, the U.S. Committee met jointly with the European, Japanese, and Latin American Committee at the AEI in Washington on October 5 and 6, 2002. The meeting was well attended. After brief reviews of each committee’s activities during the year, the committees discussed the IMF’s proposal for sovereign debt bankruptcy resolution. Experts in the area representing different views, including from the IMF, were invited as guests to present their positions. After discussion, the committee issued a policy statement entitled "Reforms in the Process of Restructuring International Sovereign Debt." The meeting was followed by the public symposium on the same topic with guest speakers Anne Krueger (IMF), Glenn Hubbard (CEA) and Allan Meltzer (AEI) and a press conference.

Policy Statements 

The Committee continues to serve as a major independent public watchdog for monitoring and evaluating events affecting the efficiency and safety of the financial services industry. The primary means of disseminating its views on these issues is through policy statements adopted at its meetings after thorough discussion. A listing of all policy statements since its establishment in 1986 appears in Appendix B. Through 2002, the Committee has issued 185 policy statements.

Four of the 11 policy statements issued dealt directly or indirectly with legislative and market initiatives in response to the corporate and accounting scandals. Two statements concerned the GSEs and one each focused on bank capital regulation, terrorism insurance, reporting by mutual funds and deposit insurance reform. The last statement outlined a proposed agenda for the incoming Congress on financial markets and institutions. As noted above, the U.S., European, Japan, and Latin American Committees jointly issued a statement on sovereign debt bankruptcy resolution.

Dissemination and Public Service

The Committee seeks both to raise the level of debate on public policy affecting the financial services industry and to improve public policy itself largely through its policy statements and the underlying analytical reasoning. The policy statements are released at a press conference immediately following most quarterly meetings. The press conferences, which are attended by Committee members, serve two purposes. One, they provide the representatives of the media with an opportunity to obtain additional information about the statements, including background information and the underlying reasons through both an introductory briefing and asking questions directly of Committee members. Two, the conferences provide the Committee with an opportunity to educate the press on the underlying economic arguments for each statement and to assist them in formulating appropriate questions. The policy statements and the press conferences receive regular coverage in financial trade publications, such as the daily American Banker and the daily and weekly BNA Banking Reports, and occasional coverage in major national daily and weekly publications, such as the Wall Street Journal and Washington Post. In addition, segments of the press conferences and interviews with Committee members at the conferences have in the past been broadcast on a number of TV and radio stations, including CSPAN, PBS, CNBC and CNN. A

press conference also followed the joint meeting of the four Shadow Committees and the accompanying public conference in October in Washington.
The policy statements are delivered the same day to the appropriate policy-makers, regulatory agencies, and other interested parties. To the extent that the statements pertain to specific issues and proposed regulations on which agencies have requested public comment, they are submitted to the agency. The new as well as all Committee statements along with other information about the Committee are available on the AEI’s website shortly after the press conference. The policy statements are also sent to designated members of the media that do not attend the press conference, policy-makers, regulators, and members of the general public that request to be on the mailing list. In addition, a large number of requests for policy statements and other information were made by telephone and letter through the Committee’s administrative office at Loyola University Chicago.

The other three Shadow Financial Regulatory Committees also met throughout the year and released a number of policy statements. These statements are available on the U.S. Shadow Committee’s AEI website.

Administrative and Financial

The Committee is a tax-exempt 501(c)(3) nonprofit organization. The Committee's administrative office is at Loyola University Chicago.  Beginning in 1999, the Committee has been financially supported entirely by the American Enterprise Institute and has held all of its meetings there, but retains its policy independence.
 
Appendix A: Statement of Purpose and Membership

The Shadow Financial Regulatory Committee is a group of independent experts on the financial services industry and its regulatory structure.

The purpose of the Committee are: (1) to identify and analyze developing trends and ongoing events that promise to affect the efficiency and safe operation of sectors of the financial services industry, (2) to explore the spectrum of short- and long-term implications of emerging problems and policy changes, (3) to help develop appropriate private, regulatory and legislative responses to such problems, and (4) to assess and respond to proposed and actual public policy initiatives with respect to their impact on the public interest.

The results of the Committee's deliberations are intended to increase the awareness and sensitivity of members of the financial services industry, public policy markets, the communications media and the general public to the importance and implications of current problems, events and policy initiatives affecting the industry.

Members of the Shadow Financial Regulatory Committee are drawn from academic institutions and private organizations and reflect a wide range of views.  The Committee is independent of any of the members' affiliated institutions or of sponsoring organizations.  The recommendations of the Committee are its own.  The only common denominators of the members are their public recognition as experts on the industry and their preferences for market solutions to problems and the minimum degree of government regulation consistent with efficiency and safety.

Past and Present Members (1986-2002)

George G. Kaufman, (1986-)
Robert E. Litan, (1996-03)
Richard J. Herring (1990-)
Richard Aspinwall (1986-01)
George J. Benston (1986-)
Marshall Blume (2002-)
Charles Calomiris (1998-)
Lawrence Connell (1986-98)
Kenneth Dam (2003-) 
Neil A. Doherty (1997-98)
Franklin Edwards (1986-)
Robert A. Eisenbeis (1986-96)
Wendy Lee Gramm (1994)
Scott E. Harrington (1998-)
John D. Hawke (1986-95) 
Paul M. Horvitz (1986-)
Edward J. Kane (1986-96)
Randall S. Kroszner (2003-)
Kenneth M. Lehn (2003-)
Jonathan R. Macey (1998-99)
Robert W. Mehle (1986-93)
Allan H. Meltzer (1986-90)
Franco Modigliani (1992-98) 
Roberta Romano (2000-01) 
Hal S. Scott (1998-)
Kenneth E. Scott (1986-)
Peter J. Wallison (1995-)

Loyola University Chicago
Brookings Institution
University of Pennsylvania
Chase Manhattan Bank (retired)
Emory University
University of Pennsylvania
Columbia University
Attorney at Law
University of Chicago
University of Pennsylvania
Columbia University
University of North Carolina
University of Texas at Arlington
University of South Carolina  
Arnold & Porter 
University of Houston
Boston College
University of Chicago
University of Pittsburgh
Cornell Law School
Attorney at Law
Carnegie-Mellon University
Massachusetts Institute of Technology
Yale Law School
Harvard Law School
Stanford Law School
American Enterprise Institute


Appendix B: Policy Statements

1. The Baker Plan and LDC Lending, Feb. 15, 1986
2. Aid to Failing Banks, Feb. 14, 1986
3. Federal Reserve Ruling on Junk Bonds, Feb. 14, 1986
4. Disclosure of Supervisory Actions Examiners' Ratings, June 9, 1986
5. Disclosure by Regulated Financial Institutions, June 9, 1992
6. Proposals for Risk-Related Bank Capital Guidelines, June 9, 1986
7. Capital Forbearance Policy for Agricultural and Energy Banks, June 9, 1986
8. Recapitalizing FSLIC and Zombie S&L's, June 9, 1986
9. Proposal to Facilitate the Interstate Takeover of Failing Depository Institutions, June 9, 1986
10. Federal Home Loan Bank Board (FHLBB) Proposed Rules on Regulatory Capital and Nationwide Lending by Insured Savings and Loan Associations, Aug. 5, 1986
11. Federal Regulation of Activities of State Chartered Financial Institutions, Nov. 17, 1986
12. Conversion of S&Ls from FSLIC to FDIC Insurance Coverage, Nov. 17, 1986
13. Current Bank Holding Company Applications for Increased Securities Activities, Nov. 17, 1986
14. Policies Toward Troubled Depository Institutions, Nov. 17, 1986
15. Proper Financing of Private Party Securities Fully Guaranteed by the Federal Government, Dec. 1, 1986
16. FSLIC Recapitalization, Feb. 9, 1987
17. The Federal Reserve Board's "Source-of-Strength" Policy, May 18, 1987
18. Regulatory Proposals for Risk-Related Capital Standards (Rev.), May 18, 1987
19. Supplementary Statement: Regulatory Proposals for Risk-Related Capital Standards, May 18, 1987
20. Unnecessary Costs of FSLIC Recapitalization Program, Sept. 14, 1987
21. International Debt, Nov. 13, 1987
22. FSLIC Handling of Insolvent Thrift Institutions, Nov. 13, 1987
23. Brady Commissions and Recent Market Events, Nov. 13, 1987
24. The Federal Reserve Board's Request for Comment on the Acquisition of Healthy Thrift Institutions by Bank Holding Companies, Nov. 13, 1987
25. Moratorium on Bank Securities Activities, Feb. 8, 1988
26. Studies of the Stock Market Crash, Feb. 8, 1988
27. Disposal of FDIC Equity Interests in Assisted Banks, Feb. 8, 1988
28. The Southwest Plan for Ailing Thrift Institutions, Feb. 8, 1988
29. Regulatory Proposal for Risk-Related Capital Standards, Feb. 8, 1988
30. Disclosure by Financial Institutions of Financial Assets and Liabilities, Feb. 8, 1988
31. FDIC's New Policy on "Whole Bank" Takeovers, May 16, 1988
32. Proposed FDIC Policy Statements Encouraging Independent Outside Audits of Banks, May 16, 1988
33. Policy Responses to the Stock Market Crash, May 16, 1988
34. FSLIC's Handling of Failed Thrifts, May 16, 1988
35. Need to Make FSLIC and FDIC Assistance Deals Accountable, Sept. 25, 1988
36. The Need to Estimate the True Economic Condition of the FDIC, Dec. 5, 1988
37. Assessing FDIC Premiums Against U.S. Banks' Unsubordinated Debt and Deposits in Foreign Branch Offices, Dec. 5, 1988
38. An Outline of a Program for Deposit Insurance Reform, Dec. 5, 1988
39. The Administration's Plan to Resolve the Thrift Crisis, Feb. 13. 1989
40. Risk-Based Capital and Early Intervention Proposal of Federal Home Loan Bank Board, Feb. 13, 1989
41. An Outline of a Program for Deposit Insurance and Regulatory Reform (Revision of No. 38), Feb. 13, 1989
42. The On-Budget Status of Expenditures to Resolve Thrift Insolvencies, May 15, 1989
43. Financial Institutions Reform, Recovery and Enforcement Act of 1989, May 15 1989
44. The Comptroller of the Currency's Proposal for a Minimum Bank Leverage Ratio, Sept. 18, 1989
45. Federal Reserve Proposal to Modify the Payments System Risk Reduction Programs, Sept. 18, 1989
46. Proposals to Modify Loan Loss Reserves for Third World Debt, Sept. 18, 1989
47. Congressionally-Mandated Accounting for Junk Bond Sales, Sept. 18, 1989
48. The Activities of the Resolution Trust Corporation, Dec. 4, 1989
49. Latin American Debt, Dec. 4, 1989
50. Capital Standards for Member Banks*, Dec. 4, 1989
51. Proposal to Curb Stock Market Volatility, Dec. 4, 1989
52. The FDIC's Proposed Regulation on Purchased Mortgage Servicing Rights, Feb. 26, 1990
53. Subsidized Federal Reserve Assistance, Feb. 26, 1990
54. The Failure of the Treasury's Study of the Federal Deposit Insurance System to Focus on Identifying and Correcting Defects in Government Incentives, Feb. 26, 1990
55. RTC Thrift Resolution Policies, May 7, 1990
56. The Elimination of Restrictions on Bank Securities Activities and Affiliations, May 7, 1990
57. Proposals to Consolidate the SEC and CFTC, May 7, 1990
58. Provision of Seller Financing by RTC in Asset Sales, Sept. 24, 1990
59. Condition of the Bank Insurance Fund, Sept. 24, 1990
60. RTC Property Disposition Policies, Sept. 24, 1990
61. Limiting Taxpayer Loss Exposure in Government-Sponsored Credit Enterprises, Sept. 24, 1990
62. Congressional Intercession with the Financial Regulatory Agencies, Dec. 10, 1990
63. National Branching, Dec. 10, 1990
64. FDIC Ownership of Continental Illinois Stock, Dec. 10, 1990
65. Treasury's Deposit Insurance Reform Recommendations, Feb. 11, 1991
66. Proposals to Inject Additional Funds into the Bank Insurance Fund, Feb. 11, 1991
67. Concerns About the Availability of Bank Credit, Feb. 11, 1991
68. OTS Proposal for Capital Requirement for Interest Rate Risk, Feb. 11, 1991
69. FASB's Proposed Statement of Financial Accounting Standards Concerning "Disclosures About Market Value of Financial Instruments", Feb. 11, 1991
70. Funding of the BIF and Depository Insurance Reform Proposals in H.R. 2094, May 20, 1991
71. Need to Develop a Satisfactory Data Base With Which to Analyze the Economic Condition of Insurance Companies ,May 20, 1991
72. OMB & CBO Statements Calling for More Informative Accounting & Budgeting for Deposit Insurance, Sept. 16, 1991
73. Additional Comments of Deposit Insurance Reform Legislation, Sept. 16, 1991
74. Bank of Credit & Commerce International, Sept. 16, 1991
75. Protecting Taxpayers from Risks of Government Sponsored Enterprises, Sept. 16, 1991
76. FDIC Improvement Act of 1991, Dec. 16, 1991
77. Accounting for Taxpayers' Stake in the FDIC's Bank Insurance Fund, Dec. 16, 1991
78. United States Listing Requirements for Foreign Companies, Dec. 16, 1991
79. Interagency Policy Statement on Commercial Real Estate Loans, Dec. 16, 1991
80. FDIC's Program for "Hospitalizing Sick Banks", Feb. 17, 1992
81. Using Risk-Related Capital Standards to Promote Housing, Feb. 17, 1992
82. Need to Regulate Interest Rate Risk, Feb. 17, 1992
83. The FDIC's Proposed Schedule of Risk-Sensitive Premiums, June 1, 1992
84. Brokered Deposits and Capital Requirements, June 1, 1992
85. The TDPOB's Proposed Early Resolution/Assisted Merger Program, June 1, 1992
86. SEC Listing Requirements for Foreign Securities, June 1, 1992
87. Rule Proposed by Bank Regulators to Control Interest Rate Risk, Sept. 14, 1992
88. Proposed Rule on Interbank Exposure, Sept. 14, 1992
89. Standards for Safety and Soundness, Sept. 14, 1992
90. An Open Letter to President Clinton, Dec. 14,1992
91. Proposed Changes in the FDIC's Risk-Related Premium System, March 1, 1993
92. FDIC Action on Critically Undercapitalized Banks, March 1, 1993
93. Taxpayer Risks in the Pension Benefit Guarantee System, March 1, 1993
94. The Policy of Authorizing "Minimal Documentation" Loans, May 24, 1993
95. "Fair Value" Reporting for Insured Depository Institutions Required Under FDICIA, May 24, 1993
96. Modifying Risk-Based Capital Standards to Account for Interest-Rate Risk, May 24, 1993
97. FDIC Pilot Reinsurance Program, May 24, 1993
98. The New Depositor Preference Legislation, Sept. 20, 1993
99. Proposals to Permit Banks to Branch on an Interstate Basis, Sept. 20, 1993
100. The Proposed Federal Banking Commission, Dec. 13, 1993
101. Safety and Soundness Standards, Dec. 13, 1993
102. Deterioration in the Financial Condition of the Pension Benefit Guarantee Corporation, Dec. 13, 1993
103. Principles of Regulatory Restructuring, Feb. 14, 1994
104. Mutual to Stock Conversions of Thrift Institutions, Feb. 14, 1994
105. Proposed Revisions to Community Reinvestment Regulations, Feb. 14, 1994
106. Proposed Lengthening of Examination Schedules and Required Independent
Audits for Thrift Institutions, May 23, 1994
107. Federal Displacement of State Laws: Fair Credit Reporting and Interstate Branching, May 23, 1994
108. Proposed Increases in FHA Insurance Limits, May 23, 1994
109. Financial Accounting Standard 115, May 23, 1994
110. Final Rules on Incorporating Concentrations of Credit Risks Into Risk-Based Capital Standards, Sept. 26, 1994
111. Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Sept. 26, 1994
112. Regulatory Agency Measurement of Bank Capital for Prompt Corrective Action, Dec. 12, 1994
113. Proposed Community Reinvestment Act Regulations, Dec. 12, 1994
114. FDIC Insurance Assessments, Dec. 12, 1994
115. Repeal of the Bank Holding Company Act and Restrictions on Product Diversification for Banking Organizations, Dec. 12, 1994
116. Open Letter on Financial Reform to the Senate and House Banking Committees, Feb. 13, 1995
117. Emergency Assistance for Mexico, Feb. 13, 1995
118. Principles of Bank Reform: Guidelines for Assessing Pending Legislative Proposals, May 22, 1995
119. Wholesale Banking Proposal Under H.R. 1062, May 22, 1995
120. The Leach Bill, May 22, 1995
121. Proposed Amendments to Part 5 of the Regulations of the Office of the
Comptroller of the Currency, May 22, 1995
122. Federal Reserve Proposal for Pricing Daylight Overdrafts, May 22, 1995
123. Alternatives to Recapitalizing the Savings Association Insurance Fund, May 22, 1995
124. The Banking Agencies' Proposed Interest Rate Risk Capital Standards, September 18, 1995
125. Alternatives to Recapitalizing the Savings Association Insurance Fund and
Defeasing the FICO Bonds, September 18, 1995
126. Values of Bank Capital Tripwires for Prompt Corrective Action and Least
Cost Resolution, December 11, 1995
127. Reduction in Premiums for BIF-Insured Institutions, December 11, 1995
128. Bank Merger Law and Policy, December 11, 1995
129. Ownership of Stock by Bank Directors, December 11, 1995
130. Expansion of Bank Powers by Regulation, February 12, 1996
131. Extending the Credit Reform Act to GSEs, February 12, 1996
132. Disclosure of Examination Reports and Ratings, May 6, 1996
133. Proposed Legislation on Enterprise Resource Banks (The "Baker Bill," H.R. 3167), May 6, 1996
134. A Proposal for Privatization of the Federal Home Loan Bank System, May 6, 1996
135. An Open Letter to President Clinton on Financial Reform, December 9, 1996
136. Recent Fed and OCC Rulings on Permissible Bank Activities, December 9, 1996
137. Bank Activities and the Extension of Bank Subsidies, May 5, 1997
138. Restrictions on Banking-Commerce Affiliations, May 5, 1997
139. H.R. 10 ("Leach Bill") and the Commerce Subcommittee Draft,. September 22, 1997
140. Mortgage Lending by Federal Home Loan Banks, September 22, 1997
141. Strategic Plans of Federal Financial Institution Regulatory Agencies, December 7, 1997
142. Congress and Financial Reform, December 7, 1997
143. Sweep Accounts and the Prohibition on Paying Interest on Reserve, December 7, 1997 Balances and Demand Deposits.
144. Expanded Powers for Federal Home Loan Banks, May 4, 1998
145. International Monetary Fund Assistance and International Crises, May 4, 1998
146. The Credit Union Membership Access Act, H.R. 1151, May 4, 1998
147. Mergers and Acquisitions in the Banking Industry, May 4, 1998
148. Principles for Reforming the "Global Financial Architecture", September 28, 1998
149. The Use of Private Credit Ratings for Determining Capital Requirments, September 28, 1998 for Securitizations
150. The Senate vs. Version of H.R. 10, September 28, 1998
151. The Issues Posed by the Near-Collapse of Long-Term Capital Management, September 28, 1998
152. The G-7's New Precautionary Credit Line Facility for the IMF and Its Use in Brazil, December 7, 1998
153. The Federal Reserve Board and Prudential Supervision, December 7, 1998
154. Revising the Basle Capital Standards, April 26, 1999
155. The Latest Round of Bills on Financial modernization, April 26, 1999
156. The Basel Committee's New Capital Adequacy Framework, September 27, 1999
157. The Failures of BestBank and First National Bank of Keystone, September 27, 1999
158. Proposed Federal Catastrophe Reinsurance, December 13, 1999
159. Federal Home Loan Banks, December 13, 1999
160. Reforming Bank Capital Regulation, March 2, 2000
161. Proposal on Full Cost Pricing of Supervisory and Examination Services by the Federal Banking Agencies, May 8, 2000
162. Proposal to Increase Deposit Insurance coverage to $200,000, May 8, 2000
163. The Regulation of Derivative Instruments, September 25, 2000
164. Privatizing the Housing GSEs, September 25, 2000
165. Deposit Insurance Reform Options, December 4, 2000
166. An Open Letter to the New President and Congress On an Agenda for Financial Reform, December 4, 2000
167. Comptrollers' Proposed Pilot Program Permitting Increased Lending Limits for Community Banks, December 4, 2000
170. Optional Federal Chartering of Insurance Companies, May 7, 2001
171. Assuring Discipline of the Housing GSEs, May 7, 2001
172. Terrorism Insurance, December 3, 2001
173. Predatory Lending, December 3, 2001
174. The Gramm-Leach-Bliley Act, December 3, 2001
175. Deposit Insurance Reform, February 25, 2002
176. Enron and Accounting Issues, February 25, 2002
177. Pension Reform in the Wake of Enron's Collapse, February 25, 2002
178. Statement on Shay-Marky Bill on GSE Disclosure, May 6, 2002
179. The Basel 2 Approach to Bank Operational Risk, May 6, 2002
180. The Responsibility of Independent Auditors to Shareholders of Publicly Traded Corporations, May 6, 2002
181. The Responsibility of Independent Auditors to Shareholders of Publicly Traded Corporations, May 6, 2002
181. Fannie Mae's Duration Gap, September 23, 2002
182. A Proposed Federal Backstop for Terrorism Insurance and Reinsurance, September 23, 2002
183. SEC Standards for Designating Nationally-Recognized Credit Rating Organizations, December 9, 2002
184. Statement on Disclosure of Portfolio Holding of Registered Investment Companies, December 9, 2002
185. A Financial Agenda for the New Congress, December 9, 2002

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