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Below are statements from the Shadow Committees, in reverse chronological order (jump to a particular month and year). You can also sort the publications listing by:
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The Regulation of Investment Banking
Posted: Monday, September 15, 2008
The Shadow Committee congratulates federal policy makers for not providing direct financial support to assist in the resolution of Lehman Brothers. The Committee believes it is important not to rush to judgment on the need for intervention in many cases, or on the inevitability of tightened Fed regulation of investment banking. There are costs both of Fed intervention and more restrictive regulation that are essential to recognize.
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The Future of the Government-Sponsored Enterprises
Posted: Monday, September 15, 2008
The Shadow Financial Regulatory Committee believes the Treasury Department's establishment of conservatorship for the GSEs must be the beginning and not the end of the reform process. Liquidation offers the most promising future for the enterprises; it allows taxpayers to benefit from whatever value remains in the companies, but minimizes the risk of continuing government involvement with their activities.
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Regulation of Short Selling
Posted: Monday, September 15, 2008
The Committee sees no good reason for the SEC to intensify the regulation of short selling. Short sales play an important role in our stock markets, allowing investors to express legitimate concerns about accounting irregularities and other reasons for the overvaluation of individual firms.
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Reducing Inappropriate Political Pressure on the Federal Reserve
Posted: Monday, May 5, 2008
The current financial turmoil has brought into greater focus the political danger to the Federal Reserve of being responsible both for economic and financial stability and for day-to-day regulation and supervision of financial markets and institutions, including consumer protection.
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Mortgage Delinquencies and Foreclosures
Posted: Monday, May 5, 2008
The Shadow Financial Regulatory Committee briefly outlines a proposed response to the current wave of mortgage delinquencies and foreclosures.
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If Bear Had Been a Bank
Posted: Monday, May 5, 2008
Because Bear Stearns was an investment bank, not a commercial bank, the Federal Reserve faced a limited range of options when it was notified that Bear was experiencing financial difficulties. If Bear Stearns had been a bank, events during the second week of March should have unfolded quite differently.
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Reliance on Third-Party Credit Ratings
Posted: Monday, February 11, 2008
As a result of the subprime mortgage turmoil there has been considerable focus in the last year on the role of credit rating agencies in determining the risk or quality ratings on mortgage-backed securities. In this statement, the Shadow Financial Regulatory Committee examines some of the underlying structural problems of credit rating agencies.
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Industrial Loan Company (ILC) Legislation
Posted: Monday, February 11, 2008
The Shadow Committee argues that the Senate Banking Committee should not pass legislation that continues to restrict the ability of retailers and other nonfinancial companies to acquire or charter Industrial Loan Companies. There is little, if any, evidence that the policy of separating banking and commerce makes economic sense.
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Facilitating Mortgage Renegotiations: The Policy Issues
Posted: Monday, February 11, 2008
The Shadow Financial Regulatory Committee reviews several policies designed to resolve the current home mortgage foreclosure problem and describes six general principles that should guide the development of any mortgage foreclosure initiative.
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| Total Records: 155 |
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