AEI.Org: Scholar: Peter J. Wallison

The Permanent TARP

Tue, 17 Nov 2009 00:00:00 +0100

Current financial reform proposals would establish "too big to fail" as national policy.

Barney Frank, Predatory Lender

Fri, 16 Oct 2009 00:00:00 +0100

If the financial crisis was caused by subprime mortgages and predatory lending, the government's own policies made it happen.

The Fed Can't Monitor "Systemic Risk"

Wed, 09 Sep 2009 00:00:00 +0100

The centerpiece of the administration's proposal for financial regulatory reforms this year--putting the Fed in charge of regulating or monitoring systemic risk--is a serious error.

Elitist Protection Consumers Don't Need

Mon, 13 Jul 2009 00:00:00 +0100

Conservatives have always argued that liberals are elitists who do not respect ordinary Americans; the proposed Consumer Financial Protection Agency seems to prove it.

Too Big to Fail, or Succeed

Thu, 18 Jun 2009 00:00:00 +0100

Everyone will want to become big enough to enjoy "systemic risk" protection.

Cause and Effect

Mon, 01 Jun 2009 00:00:00 +0100

The current financial crisis is a demonstration that well-intentioned government intervention in the private economy can have devastating consequences.

Credit-Default Swaps Are Not to Blame

Mon, 01 Jun 2009 00:00:00 +0100

A careful look into credit-default swaps shows that they are not only simpler than thought, but also vital to keeping the financial system strong.

Barney Frank Backs Off

Tue, 05 May 2009 00:00:00 +0100

It may be a good sign that Barney Frank is deferring action on a plan to create a government agency to resolve "systemically important" failing financial institutions.

The Fed Fails Upward

Fri, 01 May 2009 00:00:00 +0100

Increasing regulation, and spreading it over the rest of the financial economy, may solve Congress's problem, but it makes everything else worse.

New Plan, Old Fears

Tue, 24 Mar 2009 00:00:00 +0100

The Geithner plan is particularly vulnerable to the kind of criticism that might chase away private investors.

Rare and Effective: The Appropriate Role of Regulation in the Economy

Thu, 19 Mar 2009 00:00:00 +0100

There is no sound policy reason for the federal government to protect the safety and soundness of any financial institution that is not backed in some way by the government.

Congress Is the Real Systemic Risk

Tue, 17 Mar 2009 00:00:00 +0100

An idea gaining strength in Washington is to create a systemic risk regulator, compounding the moral hazard of Fannie Mae and Freddie Mac.

How Geithner Can Price Troubled Bank Assets

Thu, 26 Feb 2009 00:00:00 +0100

Cash flow, not the mark-to-market price, reveals a security's true value.

A Government-Mandated Housing Bubble

Mon, 16 Feb 2009 00:00:00 +0100

Long-term pressure to expand homeownership connects government policies to both the housing bubble and the poor quality of the mortgages on which it is based.

What Got Us Here?

Tue, 09 Dec 2008 00:00:00 +0100

The most persuasive case for the cause of the financial crisis is the U.S. government itself.

Not Everything Can Be Too Big to Fail

Sat, 22 Nov 2008 00:00:00 +0100

The Treasury secretary is currently endorsing a very bad idea.

Relief from Mark-to-Market Accounting

Wed, 05 Nov 2008 00:00:00 +0100

Enormous losses could have been avoidedif the SEC and the FASB had recognized that mark-to-market accounting should not be used when there is no active market.

Worse Than You Think

Mon, 03 Nov 2008 00:00:00 +0100

The government's takeover of Fannie Mae and Freddie Mac is similar to the savings-and-loan collapse of only twenty years ago.

Let's Use Fannie to Clean Up the Mess It Made

Sat, 25 Oct 2008 00:00:00 +0100

The legal authority and funding are already in place.

Obama Voted "Present" on Mortgage Reform

Wed, 15 Oct 2008 00:00:00 +0100

The only banking deregulation in recent years was that of Fannie and Freddie.

Deregulation Not to Blame for Financial Woes

Tue, 30 Sep 2008 00:00:00 +0100

Barack Obama's claim that the financial crisis is due to Republican deregulation depends on ignoring several important facts.

The $700 Billion Man

Thu, 25 Sep 2008 00:00:00 +0100

What should we make of the proposed government bank bailout?

Blame Fannie Mae and Congress for the Credit Mess

Tue, 23 Sep 2008 00:00:00 +0100

Without government encouragement, banks would never have offered such dodgy loans.

How Paulson Would Save Fannie Mae

Fri, 12 Sep 2008 00:00:00 +0100

Treasury Secretary Henry Paulson missed a chance to protect taxpayers via receivership of Fannie Mae and Freddie Mac.

A "Failed Business Model"

Mon, 08 Sep 2008 00:00:00 +0100

Long after Henry Paulson is gone from the Treasury, Washington will be wrestling with the problem of what to do about Fannie and Freddie.

It Isn't a Zero-Sum Game

Sat, 30 Aug 2008 00:00:00 +0100

A Newsweek business roundtable looks at the two faces of globalization and whether the United States can stay ahead.

Failing to Learn the Lessons

Mon, 28 Jul 2008 00:00:00 +0100

Treasury Secretary Henry Paulson's plan alleviates concerns about the potential failure of Fannie and Freddie but does not address the underlying problem with the GSEs.

Bear Necessities?

Thu, 17 Jul 2008 00:00:00 +0100

The rush to regulate the securities industry ignores the lessons of history and might plant the seeds of disaster.

There Is No Reason to Panic

Mon, 14 Jul 2008 00:00:00 +0100

The story of Fannie Maeand Freddie Mac is a cautionary tale about the moral hazard created by government support for private institutions.

The Fed and Investment Banks

Wed, 09 Jul 2008 00:00:00 +0100

Including investment bank regulation and backing in the Fed's portfolio would harm the securities market by introducing moral hazard and compromising market discipline.

Financial Job Flight

Tue, 08 Jul 2008 00:00:00 +0100

The Democrats have been very vocal in opposing free trade agreements but have not paid any attention to the drastic flight of financial markets out of the United States.

Playing Politics with Financial Security

Wed, 02 Jul 2008 00:00:00 +0100

Fannie Mae and Freddie Mac are dangerously weak. So why are House Democrats delaying critical regulatory reforms?

Let's Declare a Truce in the Culture War

Mon, 16 Jun 2008 00:00:00 +0100

Neither faith nor science can answer the most important questions.

Treasury's Plan Gone Awry

Fri, 23 May 2008 00:00:00 +0100

The Treasury's plan for a new financial regulatory structure deserves considerable praise, but the agency did not close the circle that it opened.

Judgment Too Important to Be Left to the Accountants

Thu, 01 May 2008 00:00:00 +0100

Just because fair-value accounting is favored by accountants does not mean that it is ideal.

Collapse Shows Folly of Limiting Ownership

Thu, 27 Mar 2008 01:00:00 +0100

Congress has made a serious error by limiting the control of banks to companies engaged in financial activities. Hopefully the FDIC will not follow suit.

Grading Bernanke: A Symposium

Thu, 27 Mar 2008 01:00:00 +0100

Amid widespread financial turmoil and talk of recession, fivescholars atAEI graded and assessed the Federal Reserve’s recent policy decisions.

Private Profits, Public Risks

Mon, 24 Mar 2008 01:00:00 +0100

The fall in housing prices and mortgage values has exposed a serious flaw in the idea that private, shareholder-owned, government-sponsored enterprises, such as FannieMae and Freddie Mac,can be effective instruments of government policy.

Capital Ideas

Tue, 18 Mar 2008 01:00:00 +0100

Lawmakers should turn their attention to persuading banks and other financial intermediaries to raise more capital.

Obama's Well-Aged Beef

Tue, 04 Mar 2008 00:00:00 +0100

Barack Obama calls for a "movement for change," but he is preaching classic liberal ideals that have been around since the New Deal.

Escape from New York

Wed, 20 Feb 2008 00:00:00 +0100

U.S. public securities markets are losing their competitive edge due tocurrent litigation policies.

Congress Should Not Authorize Higher Limits for High Cost Areas

Fri, 01 Feb 2008 00:00:00 +0100

Proposals to increase the conforming loan limit are really proposals to take more of these benefits away from the people who actually need the help and give it to people who do not.

Reagan and McCain

Fri, 25 Jan 2008 00:00:00 +0100

The Reagan coalition and the 2008 presidential election.

Don't Bail Out Fannie and Freddie

Thu, 29 Nov 2007 00:00:00 +0100

Government-backed lenders could be a bigger problem than the savings and loan crisis.

Don't Bail Out Fannie and Freddie

Thu, 29 Nov 2007 00:00:00 +0100

Government-backed lenders could be a bigger problem than the savings and loan crisis.

Subprime Superfund

Thu, 18 Oct 2007 00:00:00 +0100

The Treasury Department's "superconduit" is not a bailout. It's a means of price discovery for mortgage- and other asset-backed securities.

Subprime Superfund

Thu, 18 Oct 2007 00:00:00 +0100

The Treasury Department's "superconduit" is not a bailout. It's a means of price discovery for mortgage- and other asset-backed securities.

A Lesson for Our Time

Tue, 09 Oct 2007 00:00:00 +0100

Today, the American party system is facing election challenges like those of Lincoln during the Civil War.

Whose Reagan? An Exchange

Mon, 01 Oct 2007 00:00:00 +0100

A debate on the interpretation of Ronald Reagan's legacy.

Fannie and Freddie's Gambit

Wed, 26 Sep 2007 00:00:00 +0100

Government enterprises do not add capital to the mortgage market.

Fannie and Freddie's Gambit

Wed, 26 Sep 2007 00:00:00 +0100

Government enterprises do not add capital to the mortgage market.

Is the War Lost?

Fri, 27 Jul 2007 00:00:00 +0100

Opponents of the Iraq war can have their say, but they must deal with the inconvenient reality that the United States might well win it.

Mutual Madness

Fri, 06 Jul 2007 00:00:00 +0100

How regulators are dragging downAmericans' 401(k)s.

America Will Prefer to Rely on Rules, Not Principles

Fri, 06 Jul 2007 00:00:00 +0100

American politics, culture, and lawis more receptive to a regulatory regime that operates on rules rather than principles.

Reagan Co-opted

Sun, 01 Jul 2007 00:00:00 +0100

A new book on former president Ronald Reagan is methodologically disappointing, and it ignores Reagan's classical liberal philosophy.

What If . . .

Fri, 29 Jun 2007 00:00:00 +0100

No matter what happens in Iraq, we are still better off with Saddam Hussein out of the picture.

Carveout Reveals ILC Bill's True Nature

Fri, 29 Jun 2007 00:00:00 +0100

A new House Resolution intended to protect the banking industry against competition will ultimately hurt American consumers and banks.

Contagious Liability Would Sicken Our Capital Markets

Thu, 07 Jun 2007 00:00:00 +0100

The Stoneridge case could make nearly anyone liable for securities fraud at public companies.

Should Corporations Be Democracies?

Mon, 14 May 2007 00:00:00 +0100

Absolutely not. But maybe union pension plans should be. . . .

The Mutual Fund Mystery

Sat, 21 Apr 2007 00:00:00 +0100

A regulatory change in the mutual fund systemcould encourage price competition.

You Might Be Paying Too Much for Your Mutual Fund; We Figured Out Why

Tue, 17 Apr 2007 00:00:00 +0100

Why would it be that in the mutual fund industry, the principal players--the investment advisers of mutual funds--refuse to compete on price with one another?

Banking Regulation's Illusive Quest

Wed, 04 Apr 2007 00:00:00 +0100

Far from requiring greater government oversight, U.S. banking’s woes have been the product of regulation.

Capital Complaints

Tue, 20 Mar 2007 01:00:00 +0100

If the financialpower of the United Statesis eroding, as several recent reports contend, what isreally to blame?

Is Wal-Mart Leaving the Money Business? Don't Bank on It

Mon, 19 Mar 2007 01:00:00 +0100

The company's capitulation to federal regulators is less significant thanone mightthink.

Internal Control over Financial Reporting

Fri, 02 Feb 2007 00:00:00 +0100

Proposed rule for Management’s Report on Internal Control over FinancialReporting (File No. S7-24-06).

House Bill to Authorize GSE Portfolio Lid

Fri, 12 Jan 2007 00:00:00 +0100

The legislativecompromise gives the regulator sufficient authority to control or reduce the GSEs' portfolios and makes the bill satisfactory.

A Costly Delay Keeps Firms in the Dark

Fri, 15 Dec 2006 00:00:00 +0100

By putting off a decision on the court ruling in AFSCME v. AIG, the SEC has left corporations in the dark and handed an advanteage to shareholder activists.

Time for Change in the Capital Markets

Fri, 01 Dec 2006 00:00:00 +0100

Bureaucratic hedging in a new blue-ribbon report can't hide the need for fundamental reform.

Shareholder Activists: Premature Elation?

Thu, 16 Nov 2006 00:00:00 +0100

Acontroversial 2003 Securities and Exchange Commission rule, intended to make it easier for shareholders to nominate and elect members of corporate boards, is back on the table.

Capital Punishment

Sat, 04 Nov 2006 00:00:00 +0100

We should not fear, or object to, the competition of foreign markets; in fact, we should welcome it. But we shouldn't impair our own ability to compete with needless and costly regulation.

Facing Facts on Fannie and Freddie

Fri, 15 Sep 2006 00:00:00 +0100

In the year since it was passed by the Senate Banking Committee, legislation to reform the regulation of Fannie Mae and Freddie Mac has languished in the Senate.

Comment on Release No. IC-27395; File No. S7-03-04

Wed, 12 Jul 2006 00:00:00 +0100

The SEC has a statutory obligation to consider efficiency, competition and capital formation when it makes its rules, and it violated the APA by failing to do so.

A Fresh Look at Funds

Mon, 22 May 2006 00:00:00 +0100

While mutual funds are currently the dominant form of investment for the retail investor who is looking for diversification, ETFs and customized portfolios of various kinds are growing faster.

Rude Awakening at the SEC

Mon, 01 May 2006 00:00:00 +0100

Under Christopher Cox, the Securities and Exchange Commission may finally be ready to take control of its enforcement staff.

The Wal-Bank Principle

Tue, 25 Apr 2006 00:00:00 +0100

Banks trying to prevent Wal-Mart from entering their businessshould tell us a lot about what the separation of banking and commerce is really about.

$1.5 Trillion of Debt

Tue, 07 Mar 2006 00:00:00 +0100

The Rudman Report on Fannie Mae recites facts eerily similar to what we now know about Enron.

Higher GSE Limits Would Hit Those Who Need Help

Fri, 03 Mar 2006 00:00:00 +0100

The GSEs are not doing the job they should for low-income homebuyers.

XBRL

Tue, 21 Feb 2006 00:00:00 +0100

WillExtensible Business Reporting Languagethreaten the future of American business competition?

Ironic Coda

Fri, 03 Feb 2006 00:00:00 +0100

Alan Greenspan's support for the separation of banking and commerce is an ironic coda to an extraordinary government career.

Case against Wal-Mart ILC Doesn't Hold Water

Fri, 13 Jan 2006 00:00:00 +0100

Can a separation between banking and commerce be justified?

Why Do We Regulate Banks?

Fri, 13 Jan 2006 00:00:00 +0100

What are the costs of regulation?

Banking and Commerce All in One Bundle

Wed, 11 Jan 2006 00:00:00 +0100

There is no longer any policy basis underlying the principle of separating banking and commerce.

Bad, but Not the Last Straw: Conservatives Have Still Got to Stick with the President

Mon, 17 Oct 2005 00:00:00 +0100

The astonishing thing about President George W. Bush's choice of Harriet Miers for a seat on the Supreme Court is that he made the same mistake that sank his father's presidency.

A Republican Country: Did the 2004 U.S. Election Signal a Party Realignment?

Sat, 01 Oct 2005 00:00:00 +0100

The 2004 election appears to be a contest that was determined by long-term trends, and thus carries important lessons for strategists in both parties.

Assessing the Donaldson Era

Fri, 15 Jul 2005 00:00:00 +0100

Fortunately, new leadership is on the way. Soon, perhaps, investors and shareholders will be allowed to make their own decisions.

A "Common Sense" Dodge

Mon, 06 Jun 2005 00:00:00 +0100

Now that Bill Donaldson will be replaced by Rep. Chris Cox, we can hope for something more substantial.

What Can We Learn from the 2004 U.S. ...

Wed, 18 May 2005 00:00:00 +0100

Various factors suggest that eithera realignment hasoccurred in American politics or that a period of sustained Republican hegemony--the functional equivalent of a realignment--is ahead.

U.S. Banks Have an Incentive to Monitor One Another

Wed, 04 May 2005 00:00:00 +0100

The Pension Benefits Guaranty Corporation'senormous liability is only the latest example of the U.S. government's well-intentioned efforts gone awry.

Addressing the Real Public Risk from Fannie Mae and Freddie Mac

Thu, 14 Apr 2005 00:00:00 +0100

The ability of Fannie Mae and Freddie Mac to hold mortgages and mortgage-backed securities should be curtailed to protect taxpayers and the economy from risks they incur.

Refinancing the Future

Sat, 02 Apr 2005 00:00:00 +0100

Tightening regulation of Fannie Mae and Freddie Mac without reducing the real source of the risks they create would be like bailing furiously while ignoring the hole in the boat.

Donaldson's Folly

Thu, 24 Mar 2005 00:00:00 +0100

With the president's vision of an Ownership Society, it would be ironic if the SECnow extends regulation to NASDAQ--a market that is functioning well withoutSEC intervention.

Don't Tell Investors How Much to Pay for Equities

Wed, 05 Jan 2005 00:00:00 +0100

The SEC should open competition between electronic market centers and the NYSE by eliminating the trade-through rule.

Two Americas

Fri, 12 Nov 2004 00:00:00 +0100

Perhaps, inspired by the wreckage left around them by the GOP victory in 2004, Democrats of the Center will be able to take back their party.

How to Privatize Fannie, Freddie

Fri, 01 Oct 2004 00:00:00 +0100

At a time when new disclosures raise serous doubts about the true financial condition of Fannie Mae, a practical privatization plan may be a better alternative than tighter regulation.

Fannie and Freddie Should Be Privatized

Tue, 28 Sep 2004 00:00:00 +0100

Fannie Mae and Freddie Mac could be privatized, and minor changes in regulation could lead to a mortgage financing system that produces lower rates without government backing.

Beyond Regulation

Wed, 01 Sep 2004 00:00:00 +0100

Quiz Show

Fri, 27 Aug 2004 00:00:00 +0100

Senator John Kerry continues to add nuances to his position on Iraq as he seeks to criticize President George W. Bush's policy.

Ideas Have Consequences

Thu, 01 Jul 2004 00:00:00 +0100

George W. Bush, like Ronald Reagan, understands the power of American ideals.

Candor Requires Secrecy

Fri, 25 Jun 2004 00:00:00 +0100

Vice President Dick Cheney was right to resist disclosure of the documents and discussions associated with his energy-policy task force.

A President's Ideas Helped to Reshape Financial Services

Fri, 25 Jun 2004 00:00:00 +0100

The deregulation plan advanced for the banking industry was part of the U.S. Treasury's contribution to the implementation of President Ronald Reagan's philosophy.

A Man Apart

Sat, 05 Jun 2004 00:00:00 +0100

RonaldReagan was the very embodiment of the best in the people who elected him twice to the country's highest office.

Ominous Signs

Tue, 01 Jun 2004 00:00:00 +0100

After years of muscling and seducing, government-sponsored enterprises Fannie Mae and Freddie Mac are facing some unexpected challenges.

Toward a Reasonable Election Day

Mon, 10 May 2004 00:00:00 +0100

The pundits may not admit it, butPresident George W. Bush'sIraq record is clear.

Don't Write Off Underwriters

Fri, 07 May 2004 00:00:00 +0100

The traditional underwritten public offering better serves the needs of both companies and investors.

Lead, Man!

Tue, 27 Apr 2004 00:00:00 +0100

Did John Kerry lie when he said he threw away his own medals of honor?

A Troubling Requirement

Thu, 01 Apr 2004 00:00:00 +0100

Why should the Federal Accounting Standards Boardrequire the expensing of options if it has no idea how it should be done?

Problematic Priorities

Wed, 17 Mar 2004 00:00:00 +0100

Having made it through the primary process to a virtual lock on the Democratic nomination, Senator John Kerry will now have to deal with the tangled web of contradictions he left behind.

Accounting Lags behind a Knowledge Economy

Mon, 08 Mar 2004 00:00:00 +0100

Highprice-to-earnings ratios are a reflection of the failure of Generally Accepted Accounting Principlesas a system of financial reporting in the knowledge economy.

Third Conference on Privatization of Fannie Mae, Freddie Mac and the FHLBs

Wed, 04 Feb 2004 00:00:00 +0100

Constitutional Precedents

Mon, 03 Nov 2003 00:00:00 +0100

Iraqis don't have to start from scratch.

Bush's Reagan Moment

Sun, 26 Oct 2003 00:00:00 +0100

As the 2004 election approaches, George W. Bush will face enormous pressure to alter his policies, but changing directions out of political expediency would be a grave mistake.

Solution for Fannie, Freddie Is Simply to Cut the Cord

Fri, 24 Oct 2003 00:00:00 +0100

Congress and the administration have finally begun to consider legislation on Fannie Mae and Freddie Mac, but what they have put on the table does not address the real issue.

Beyond GAAP

Wed, 01 Oct 2003 00:00:00 +0100

Much of today's business world evolves around values that do not appear on balance sheets.

U.N. Serious

Mon, 29 Sep 2003 00:00:00 +0100

The United Nations can't share power in Iraq.

Blame Sarbanes-Oxley

Wed, 03 Sep 2003 00:00:00 +0100

If the corporations traded on the NYSE and Nasdaq are now to be controlled by committees of the risk-averse, we may all face limited economic growth.

Meet the Failing Press

Fri, 01 Aug 2003 00:00:00 +0100

The media serves society and justifies its constitutional protection when it addresses real issues. When it fails to do this job, it deserves scrutiny itself.

Freddie Needs Some Competition

Mon, 16 Jun 2003 00:00:00 +0100

The only protection against the systemic risk associated with Fannie and Freddie is their full privatisation.

Give Us Disclosure, Not Audits

Mon, 02 Jun 2003 00:00:00 +0100

The objective of the SEC should be to ensure that investors get the most useful information possible, but GAAP financial statements do not meet this test by themselves.

Are Fannie and Freddie Safe and Sound?

Sun, 01 Jun 2003 00:00:00 +0100

The entire U.S. economic system could be seriously impaired if Fannie or Freddie were unable to meet their obligations.

A Dying Snake

Thu, 22 May 2003 00:00:00 +0100

Recent bombings--like the bombing in Bali several months ago--are signs of al Qaeda's weakness, not its strength.

Reaganomics Still Wins the Day

Tue, 13 May 2003 00:00:00 +0100

The argument that high deficits cause high interest rates, and these rates weaken the economy or slow the economic recovery, isshown by actual experience to be false.

The Leadership Stakes

Tue, 18 Mar 2003 00:00:00 +0100

George W. Bush confronts his own challenge. He will follow in Reagan's footsteps, ignore popular opinion abroad and vocal opposition at home, and move to disarm and liberate Iraq.

Privatize Mortgage Market To Minimize Economic Risk

Fri, 07 Mar 2003 00:00:00 +0100

The only protection against the systemic risk associated with Fannie and Freddie is their full privatization, so that a fully competitive secondary mortgage market will develop in this country.

A Costly Accounting Oversight

Fri, 07 Feb 2003 00:00:00 +0100

News that the members of the accounting oversight board voted to give themselves large salaries has finally focused the public's attention on theSarbanes-Oxley Act'sspecifics.

What Are They Thinking?

Fri, 31 Jan 2003 00:00:00 +0100

In light of the nation's experience with Reaganomics, it is hard to resist the conclusion that what we are hearing is not economics or even Rubinomics, but partisan politics.

A Power Shift No One Noticed

Sun, 12 Jan 2003 00:00:00 +0100

The political frenzy surrounding Enron's collapse and other corporate scandals may have produced--or at least exposed--a significant shift in the relationship between Congress and the White House.

No Excuses

Tue, 07 Jan 2003 00:00:00 +0100

With their post-election rationalizations and excuses fortheir losses, it is clear thatDemocrats are not ready abandon either their unpopular policies or their illusions.

Weak Case for Reinstating Glass-Steagall Restrictions

Fri, 13 Dec 2002 00:00:00 +0100

The corporate scandals of this past spring and summer have given hope to the would-be regulators that they might be able to reclaim some lost territory.

In the Nick of Time

Mon, 02 Dec 2002 00:00:00 +0100

The author writes about President Koizumi's reforms for Japan's economy.

The American Taxpayer's Big Bet on Housing

Thu, 21 Nov 2002 00:00:00 +0100

The taxpayers, through the generosity of Congress, have offered Fannie and Freddie a great deal: heads you win; tails we lose.

The Fannie/Freddie Time Bomb

Tue, 01 Oct 2002 00:00:00 +0100

One of the most successful efforts to increase disclosure has been a proposal to require Fannie and Freddie to register their securities with the Securities and Exchange Commission.

Overture to an Anti-Competitive Montage

Tue, 27 Aug 2002 00:00:00 +0100

With all of the recent attention focused on corporate and accounting fraud, few investors are aware that the SEC now has before it a decision that could radically change the structure of today's securities markets.

What Standard Accounting Can't Tell Investors

Wed, 01 May 2002 00:00:00 +0100

Dulles Transport Trap

Wed, 10 Apr 2002 00:00:00 +0100

A Neglected Issue within Fannie/Freddie

Tue, 02 Apr 2002 00:00:00 +0100

Corporate governance is a major and neglected issue with respect to Fannie and Freddie.

Wal-Mart Case Exposes Flaws in Banking-Commerce Split

Fri, 11 Jan 2002 00:00:00 +0100

The rejection of the TD Bank application shows why it is now time for Congress to renounce this anticompetitive policy once and for all.

Repeal Tax Cuts? There They Go Again

Wed, 09 Jan 2002 00:00:00 +0100

What actually causes inflation is still something of a mystery, but a substantial body of economic opinion holds that it is government spending, whether it is financed by taxes or by borrowing.

In Favor of Military Tribunals

Thu, 03 Jan 2002 00:00:00 +0100

The protests over the president’s decision to authorize military tribunals to try terrorists call to mind Barry Goldwater’s remark that “extremism in defense of liberty is no vice.”

A Perilous Foray into Foreign Policy

Mon, 03 Sep 2001 00:00:00 +0100

Although SEC interested in obtaining higher disclosure standards from foreign companies, this cannot be achieved by discouraging foreign companies from U.S. listings.

When Privacy Is a Credit Risk

Tue, 24 Jul 2001 00:00:00 +0100

Legislators have proposed legislation that requires explicit consent from customers before their financial information is released, which would protect privacy at great cost.

The New Safety Net

Sun, 01 Jul 2001 00:00:00 +0100

Has the latest round of U.S. banking reform ensured the stability of U.S. banks ordoes the probability and cost of future bank and financial crises need to be further reduced?

Justices Refuse to Protect Political Speech

Tue, 26 Jun 2001 00:00:00 +0100

Since the adoption of the post-Watergate reforms, the political parties have been sliding into irrelevance.

It's Not Corruption, It's Politics

Sun, 03 Jun 2001 00:00:00 +0100

Supreme Court ruling could trump the McCain-Feingold campaign finance reform bill andwould restore political parties to their proper place at the center of the campaign process.

Subordinated Debt Issuance by Fannie, Freddie Falls Short

Fri, 11 May 2001 00:00:00 +0100

The subordinated debt issued by Fannie Mae and Freddie Macis notcredibly unprotected and of sufficient size.

Industry, Not Government, Is the Real Deposit Insurer

Fri, 27 Apr 2001 00:00:00 +0100

After the savings and loan debacle of the late 1980s, it is imprudent to allow institutions to take risks while leaving those that bear the losses without the means to control them.

Rein in Fannie Mae--Before It's Too Late

Thu, 29 Mar 2001 00:00:00 +0100

When will Congress realize that GSEs are uniquely problematic institutions that can do great harm to a market economy?

If Soft Money Goes, Then So Does Free Speech

Sat, 17 Mar 2001 00:00:00 +0100

Soft money is not a monster; it consists of contributions to political parties for party building, getting out the vote, and issue advertising.

Public Sees Election Outcome as Fair

Thu, 14 Dec 2000 00:00:00 +0100

Polls have consistently shown that the American people thought Mr. Bush had won Florida and the presidency, even though a substantial minority--and occasionally a majority--thought it would be fair to "count all the votes."

The Chaos a Recount Could Bring

Sat, 09 Dec 2000 00:00:00 +0100

By holding, in a split decision, that all the so-called "undercounted votes" in Florida must be counted, the court has virtually guaranteed that there can be no conclusion to the Florida election story until well after Dec. 12, the date that Congress has fixed for the selection of an incontestable slate of delegates.

Katherine Harris Is Following the Law

Fri, 17 Nov 2000 00:00:00 +0100

Those who purport to see an abuse of power in the secretary's actions do not understand the nature of the discretion granted in a constitutional system.

Is Freddie Mac Ready to Privatize?

Wed, 21 Jun 2000 00:00:00 +0100

Corporate Disclosure in the Internet Age

Thu, 25 May 2000 00:00:00 +0100

Capital markets should be able to benefit from the vast improvements in information use that the Internet has made possible.

Congress Ignores Risk of Growing Nationalization of Mortgage Market

Fri, 12 May 2000 00:00:00 +0100

Leveraging Uncle Sam

Wed, 01 Mar 2000 00:00:00 +0100

Families Can Get Tax Cut and Debt Reduction

Tue, 01 Feb 2000 00:00:00 +0100

Americans' taxes should be cut for one overarching reason: to reduce the size of the federal government and stifle its propensity to spend whatever is at hand.

So, You Don't Need the Money?

Mon, 31 Jan 2000 00:00:00 +0100

The central dispute of the Republican campaign has come down to taxes and the use of the projected budget surplus.

Reform Bills Don't Go Far Enough

Fri, 22 Oct 1999 00:00:00 +0100

A recent district court decision stating that nonbank banks are not engaged in the business of banking may turn some ideas about ''commerce and banking'' upside down.

Clemency Call Privileged, but Should Be Explained

Thu, 23 Sep 1999 00:00:00 +0100

It is not for the president's counsel to consider politics when he makes such a recommendation concerning clemency for members of the FALN.

Executive Privilege vs. Our Right to Know

Wed, 22 Sep 1999 00:00:00 +0100

Charles Ruff says that he did not consider New York politics when he made his recommendation to the President concerning clemency for members of the F.A.L.N.

In GOP Tax Cut, View of the Future

Sun, 08 Aug 1999 00:00:00 +0100

The Republicans' strategic vision is to let the private sector rather than the Government spend the surplus.

Debates on Deregulation Are Full of Ironies and Reversals

Fri, 30 Apr 1999 00:00:00 +0100

Alan Greenspan is imploring Congress to recognize that only through subsidiaries of holding companies can safety and soundness be protected.

Leading, under a Cloud

Thu, 17 Dec 1998 00:00:00 +0100

If there was ever any doubt that lying can be an impeachable offense, it has been erased by the latest confrontation with Iraq.

Why Clinton's Defense Doesn't Work

Mon, 14 Sep 1998 00:00:00 +0100

The powerful case detailed in the Starr report has left the President's defenders with only one credible defense: whatever he has done, he has not committed an impeachable offense.

Confidentiality? Not in the Real White House

Fri, 31 Jul 1998 00:00:00 +0100

The claim that the president's use of government counsel for personal purposes should be shielded because disclosure would diminish the privileges of government officials.

The Lessons of Leach

Mon, 25 Nov 1996 00:00:00 +0100

Thedemise of the banking reform bill sponsored by House Banking Committee chairman James Leach (R-Iowa) could have real value if it stimulates more broad-based reform in the 105th Congress.

Let's Declare a Truce in the Culture War

Thu, 01 Jan 1970 00:00:00 +0100

Science cannot answer the deepest spiritual questions. So why are the believers and atheists still bickering?

The SEC and Reform of Securities Market Structure in the United States

Thu, 01 Jan 1970 00:00:00 +0100

Regulation NMSmay be a way of compromising differences among contending groups, but it is not good regulatory policy and it is certainly not real market structure reform.

On Rice, Bolton, and Wolfowitz Appointments

Thu, 01 Jan 1970 00:00:00 +0100

In choosing Ms. Rice, Mr. Bolton, and Mr. Wolfowitz, President Bush is simply trying to deal with two entirely different kinds of problems.

Better Parties, Better Government

Mon, 27 Apr 2009 00:00:00 +0100

This volume explains how to reform our current campaign finance system with a single change: ending the restrictions on spending by political parties in support of their candidates.

Competitive Equity

Wed, 04 Apr 2007 00:00:00 +0100

This book recommends the creation of a new, alternative legal structure for collective investment, the "managed investment trust."

Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks

Mon, 13 Sep 2004 00:00:00 +0100

This book argues that privatization of the government-sponsored enterprises is the only viable way to protect the taxpayers and the economy.

Financial Privacy, Consumer Prosperity, and the Public Good

Tue, 01 Jul 2003 00:00:00 +0100

This report examines the debate surrounding the role of the states in regulating credit bureaus, especially in light of expiring amendments to the Fair Credit Reporting Act.

Ronald Reagan

Tue, 17 Dec 2002 00:00:00 +0100

Wallison describes what it was like to be on Reagan's White House staff and how Reagan's determination to stay the course produced both the worst and best days of his presidency.

The GAAP Gap

Wed, 01 Nov 2000 00:00:00 +0100

Today's knowledge-based economy requires an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet.

Nationalizing Mortgage Risk

Tue, 31 Oct 2000 23:00:00 +0100

Fannie Mae and Freddie Mac have aggressively used their government support to achieve extraordinarily high profitability and domination of the residential mortgage market.

Back from the Brink

Wed, 31 Oct 1990 23:00:00 +0100

The central causes of the Savings and Loans debacle, according to this study, lay in the decision to substitute government regulation for the disciplines of the market.

Will There Be a Consumer Financial Protection Agency?

Wed, 18 Nov 2009 08:30:00 +0100

Challenges to Creating 20 Million New Jobs: What Is the Proper Role of Government?

Mon, 16 Nov 2009 09:30:00 +0100

Will There Be a Consumer Financial Protection Agency?

Wed, 21 Oct 2009 15:00:00 +0100

The Global Financial Crisis: A Plan for Regulatory Reform

Tue, 22 Sep 2009 10:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 14 Sep 2009 12:00:00 +0100

The Financial Crisis: Failure of Capitalism or Failure of Government Policy?

Thu, 18 Jun 2009 08:30:00 +0100

Better Parties, Better Government: A Realistic Program for Campaign Finance Reform

Thu, 04 Jun 2009 17:30:00 +0100

Addressing Systemic Risk

Wed, 03 Jun 2009 12:00:00 +0100

Do Money Market Funds Have a Future in the New Financial System?

Tue, 05 May 2009 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 May 2009 12:00:00 +0100

Do Insurers Need a Systemic Regulator?

Thu, 30 Apr 2009 10:00:00 +0100

Can Elements of the Danish Mortgage System Fix Mortgage Securitization in the United States?

Thu, 26 Mar 2009 10:00:00 +0100

Everything You Wanted to Know about Credit Default Swaps

Mon, 23 Feb 2009 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Feb 2009 13:00:00 +0100

Presidential Command

Mon, 26 Jan 2009 11:00:00 +0100

Is Deregulation a Cause of the Financial Crisis?

Fri, 23 Jan 2009 15:00:00 +0100

How Serious Is the Mortgage Problem That Will Confront President Obama?

Fri, 16 Jan 2009 15:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 Dec 2008 13:00:00 +0100

The Rise of Mutual Funds

Mon, 20 Oct 2008 10:00:00 +0100

What Lies Beyond the Credit Crunch? Part III

Thu, 02 Oct 2008 14:00:00 +0100

Can Covered Bonds Compete with Fannie and Freddie?

Fri, 19 Sep 2008 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 15 Sep 2008 13:00:00 +0100

How Do Mutual Funds Vote Their Proxies?

Thu, 10 Jul 2008 09:00:00 +0100

The Future of Insurance Regulation

Wed, 09 Jul 2008 09:30:00 +0100

The Future of Insurance Regulation

Wed, 09 Jul 2008 08:30:00 +0100

Has the Effect of Foreclosures on Housing Prices Been Overstated?

Tue, 17 Jun 2008 13:30:00 +0100

The Milberg Weiss Prosecution: No Harm, No Foul?

Wed, 28 May 2008 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 May 2008 13:00:00 +0100

What Lies Beyond the Credit Crunch? Part II

Mon, 28 Apr 2008 14:00:00 +0100

What Is Fair Value Accounting and Why Are People Concerned about It?

Tue, 08 Apr 2008 15:00:00 +0100

The Second Report of the Committee on Capital Markets Regulation

Thu, 14 Feb 2008 16:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 11 Feb 2008 13:00:00 +0100

Reforming the Regulation of Financial Services

Mon, 28 Jan 2008 12:00:00 +0100

The 2008 State of the Union

Mon, 28 Jan 2008 08:30:00 +0100

Will an Optional Federal Charter for Insurers Increase International Insurance Competition?

Thu, 20 Dec 2007 14:00:00 +0100

What Lies Beyond the Credit Crunch?

Mon, 17 Dec 2007 14:00:00 +0100

A Lunch Address by James Lockhart

Wed, 12 Dec 2007 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 10 Dec 2007 13:00:00 +0100

The Report of the Financial Services Roundtable's Blue Ribbon Commission on Competitiveness

Tue, 13 Nov 2007 09:00:00 +0100

Is Sarbanes-Oxley Impairing Corporate Risk-Taking? (Continued)

Fri, 28 Sep 2007 14:30:00 +0100

Annual Supreme Court Briefing

Fri, 28 Sep 2007 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 17 Sep 2007 13:00:00 +0100

Should the SEC's Rule 12b-1 Survive?

Fri, 14 Sep 2007 14:00:00 +0100

Is Sarbanes-Oxley Impairing Corporate Risk-Taking?

Mon, 18 Jun 2007 15:00:00 +0100

Federal Preemption: States' Powers, National Interests

Tue, 12 Jun 2007 15:00:00 +0100

Has the Pursuit of "Independence" in Corporate Governance Become Exaggerated?

Tue, 12 Jun 2007 10:00:00 +0100

Could More Competition Have Solved the Post-Katrina Insurance Problems on the Gulf Coast?

Fri, 08 Jun 2007 14:00:00 +0100

The Privatization of Sallie Mae and Its Consequences

Wed, 30 May 2007 15:00:00 +0100

Are Regulatory Costs Impeding Innovation?

Thu, 10 May 2007 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 07 May 2007 13:00:00 +0100

Is Excessive Regulation and Litigation Eroding U.S. Financial Competitiveness?

Fri, 20 Apr 2007 09:00:00 +0100

The Federal Home Loan Banks and State and Local Revenue Bonds

Wed, 11 Apr 2007 09:30:00 +0100

Is There a Better Way to Regulate Mutual Funds?

Mon, 09 Apr 2007 12:00:00 +0100

How Does the United Kingdom’s Financial Services Authority Work?

Thu, 29 Mar 2007 15:00:00 +0100

Ronald Reagan: Fate, Freedom, and the Making of History

Tue, 06 Mar 2007 16:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 12 Feb 2007 12:00:00 +0100

Can We Improve Policymaking in Financial Services Regulation?

Wed, 24 Jan 2007 10:00:00 +0100

The 2007 State of the Union

Tue, 23 Jan 2007 09:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 Dec 2006 12:00:00 +0100

Perspectives on the Basel II Capital Adequacy Framework

Tue, 14 Nov 2006 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 18 Sep 2006 12:00:00 +0100

Breakfast with Jim Lockhart and Senator Chuck Hagel

Wed, 13 Sep 2006 09:30:00 +0100

The SEC's Interactive Data Revolution: Improved Disclosure for Investors, Less Expensive ...

Tue, 30 May 2006 12:00:00 +0100

The Regulation and Structure of Collective Investment Vehicles outside the United States

Thu, 18 May 2006 09:30:00 +0100

The Regulation and Structure of Collective Investment Vehicles outside the United States

Thu, 18 May 2006 09:30:00 +0100

The Bogle Critique of the Mutual Fund Industry

Tue, 09 May 2006 09:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 May 2006 13:00:00 +0100

Competition for Mutual Funds from New Collective Investment Vehicles

Wed, 26 Apr 2006 14:00:00 +0100

An Economist's View of Mutual Fund Regulation

Fri, 14 Apr 2006 14:00:00 +0100

Data Pricing and Dissemination in a Competitive Securities Market

Thu, 06 Apr 2006 09:00:00 +0100

The Economics of the Mutual Fund Industry

Wed, 15 Mar 2006 14:00:00 +0100

Former SEC Division Directors Give Their Views on Regulatory Reform

Tue, 28 Feb 2006 09:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 13 Feb 2006 12:30:00 +0100

The Regulation of Mutual Funds

Tue, 03 Jan 2006 14:00:00 +0100

The Regulation of Commodity Pools by the Commodity Futures Trading Commission

Tue, 13 Dec 2005 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 Dec 2005 12:00:00 +0100

Is There a Better Way to Regulate Mutual Funds?

Mon, 26 Sep 2005 14:00:00 +0100

Will Portfolio Limitations for Fannie Mae and Freddie Mac Adversely Affect Residential ...

Tue, 13 Sep 2005 13:30:00 +0100

Everything You Wanted to Know about HR 1461 But Were Afraid to Ask

Thu, 30 Jun 2005 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 16 May 2005 13:00:00 +0100

Should Fannie Mae's and Freddie Mac's Mortgage and MBS Portfolios Be Capped, Reduced or ...

Tue, 26 Apr 2005 09:00:00 +0100

Do Fannie and Freddie Charge Too Much for Guaranteeing Mortgage-Backed Securities?

Tue, 15 Feb 2005 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 14 Feb 2005 12:00:00 +0100

Receivership Powers

Thu, 03 Feb 2005 14:00:00 +0100

The SEC's Regulation NMS

Tue, 11 Jan 2005 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 06 Dec 2004 13:00:00 +0100

Joint Shadow Financial Regulatory Committee

Mon, 15 Nov 2004 12:00:00 +0100

Joint Shadow Financial Regulatory Committee

Mon, 15 Nov 2004 10:00:00 +0100

Joint Meeting of the Shadow Financial Regulatory Committees

Mon, 15 Nov 2004 10:00:00 +0100

Understanding OFHEO's Report on Fannie Mae

Thu, 28 Oct 2004 14:00:00 +0100

Comparing the NYSE, NASDAQ, and the ECNs for Market Quality, Market Depth, and Price ...

Wed, 13 Oct 2004 15:00:00 +0100

Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks

Mon, 04 Oct 2004 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 20 Sep 2004 13:00:00 +0100

HUD's Affordable Housing Regulations

Mon, 13 Sep 2004 14:00:00 +0100

How NASDAQ's Electronic Market Works

Thu, 09 Sep 2004 14:00:00 +0100

Exactitude and Precision in Accounting Is an Illusion

Mon, 14 Jun 2004 10:00:00 +0100

Market Shock and Trading Efficiency

Thu, 10 Jun 2004 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 24 May 2004 13:00:00 +0100

Sarbanes-Oxley: A Review

Wed, 05 May 2004 09:00:00 +0100

Do We Understand Fannie Mae's Accounting?

Mon, 05 Apr 2004 09:00:00 +0100

Does the United States Really Have the Best Housing-Finance System in the World?

Tue, 23 Mar 2004 10:00:00 +0100

The Privatization of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks

Thu, 18 Mar 2004 09:30:00 +0100

Do the SEC's Shareholder Voting Rules Serve Any Useful Purpose?

Mon, 08 Mar 2004 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Feb 2004 12:00:00 +0100

Government Policy and Financial Market Stability

Fri, 06 Feb 2004 09:00:00 +0100

Plan for the Privatization of the Housing GSEs

Wed, 04 Feb 2004 14:00:00 +0100

Mutual Fund Litigation and Regulation

Wed, 28 Jan 2004 09:00:00 +0100

Plan for Privatizing the Housing GSEs

Mon, 12 Jan 2004 14:00:00 +0100

Expensing Employee Stock Options Looks Like a Major Mistake

Thu, 08 Jan 2004 11:00:00 +0100

Financial Services Liberalization and the Doha Round

Wed, 07 Jan 2004 16:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 Dec 2003 13:00:00 +0100

Proposals for the Privatization of the Housing GSEs

Mon, 27 Oct 2003 13:00:00 +0100

What Do Institutional Investors Want in a Securities Trading System?

Tue, 21 Oct 2003 15:00:00 +0100

When Federalism Works--Why Kill It?

Thu, 09 Oct 2003 14:00:00 +0100

The Profitability of New York Stock Exchange Specialists

Wed, 08 Oct 2003 10:00:00 +0100

Loan Pricing and the Repeal of the Glass-Steagall Act

Wed, 24 Sep 2003 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 22 Sep 2003 13:00:00 +0100

Can Nonfinancial Indicators Succeed Where GAAP Fails?

Wed, 03 Sep 2003 09:00:00 +0100

Ronald Reagan

Tue, 01 Jul 2003 09:00:00 +0100

Are Fannie Mae and Freddie Mac Meeting Their Obligations to Promote Minority and ...

Mon, 09 Jun 2003 10:00:00 +0100

Saving Capitalism from the Capitalists

Wed, 21 May 2003 14:30:00 +0100

Does the National Market System for Securities Serve the Needs of Investors?

Wed, 07 May 2003 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 05 May 2003 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 24 Feb 2003 12:00:00 +0100

Is Consolidated Financial Regulation Appropriate for the United States?

Fri, 21 Feb 2003 12:00:00 +0100

Have We Overestimated the Importance of Audited Earnings?

Thu, 23 Jan 2003 09:00:00 +0100

Ronald Reagan

Thu, 16 Jan 2003 17:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 09 Dec 2002 12:00:00 +0100

Does Excessive Regulation Threaten Subprime Lending?

Wed, 30 Oct 2002 12:00:00 +0100

Do Lower Mortgage Rates Increase Homeownership?

Fri, 25 Oct 2002 09:30:00 +0100

The IMF Proposal for Sovereign Debt Restructuring

Mon, 07 Oct 2002 09:00:00 +0100

Is There a Way to Create a Transatlantic Securities Market?

Fri, 04 Oct 2002 14:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 23 Sep 2002 12:00:00 +0100

Are Fannie and Freddie Adequately Disclosing What Investors Need?

Wed, 12 Jun 2002 09:15:00 +0100

What Direction for the European Union?

Wed, 29 May 2002 10:15:00 +0100

Shadow Financial Regulatory Committee

Mon, 06 May 2002 12:00:00 +0100

Government-Sponsored Enterprises

Tue, 23 Apr 2002 14:00:00 +0100

Is GAAP Accounting Worth Fighting For?

Wed, 13 Mar 2002 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 25 Feb 2002 12:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 03 Dec 2001 12:00:00 +0100

Progress on Financial Services Unification in the EU

Thu, 15 Nov 2001 12:00:00 +0100

A Roundtable on the Gramm-Leach-Bliley Act

Tue, 13 Nov 2001 09:15:00 +0100

The Fannie Mae and Freddie Mac Subsidy

Wed, 17 Oct 2001 10:30:00 +0100

The Law and Economics of Anticompetitive Behavior by Public Enterprises

Wed, 25 Jul 2001 10:00:00 +0100

Privacy in Perspective

Tue, 05 Jun 2001 13:00:00 +0100

Updating Nationalizing Mortgage Risk

Mon, 04 Jun 2001 10:00:00 +0100

Current Policy Issues in Securities Regulation

Wed, 30 May 2001 10:00:00 +0100

The President's Tax Plan, the Stock Market, and Investment Incentives

Fri, 18 May 2001 09:15:00 +0100

Reinventing Europe's Financial Markets

Thu, 10 May 2001 12:30:00 +0100

Shadow Financial Regulatory Committee

Mon, 07 May 2001 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 26 Feb 2001 13:00:00 +0100

Is It Really Good Policy to Pay Off the Publicly Held Treasury Debt?

Fri, 23 Feb 2001 09:00:00 +0100

Optional Federal Chartering and Regulation of Insurance Companies

Thu, 14 Dec 2000 10:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 04 Dec 2000 13:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 25 Sep 2000 13:00:00 +0100

Thinking about the Future of Fannie Mae and Freddie Mac

Tue, 23 May 2000 09:00:00 +0100

Shadow Financial Regulatory Committee

Mon, 08 May 2000 13:00:00 +0100

Anna Schwartz

Fri, 14 Apr 2000 12:00:00 +0100

Nationalizing Mortgage Risk

Mon, 06 Mar 2000 10:00:00 +0100

Reform of Bank Capital Regulation: A Critique of the Basel Guidelines

Thu, 02 Mar 2000 13:00:00 +0100

Electronic Communication Networks and the Future of Securities Markets

Thu, 10 Feb 2000 09:45:00 +0100

Shadow Financial Regulatory Committee

Mon, 13 Dec 1999 13:00:00 +0100

Is Bank Regulation Necessary?

Wed, 27 Oct 1999 08:45:00 +0100

The Meaning of the Lehman Bankruptcy

Thu, 05 Nov 2009 00:00:00 +0100

The administration's rationale for setting up a government-run resolution authority--to the extent that it is based on the idea that the interconnectedness of Lehman caused the financial crisis--is not well founded.

On Systemic Regulation, Prudential Matters, Resolution Authority, and Securitization

Thu, 29 Oct 2009 00:00:00 +0100

The House Financial Services Committee's October 27 Discussion Draft proposes measures that would, if enacted, retard economic growth, allow the government to assume control over the financial system, and seriously impair financial competition.

The Future of the Mortgage Market and the Housing Enterprises

Thu, 08 Oct 2009 00:00:00 +0100

The best long-term solution for Fannie Mae and Freddie Mac is privatization: as private entities they will not create future losses for taxpayers, and a private system will encourage more innovation, efficiency, and competition, which should lead to lower mortgage rates.

Testimony before the House Financial Services Committee

Tue, 21 Jul 2009 00:00:00 +0100

We should not want to rescue firms from failure if their bankruptcy would only create a temporary disruption in the economy.

The Consumer Financial Protection Agency

Tue, 14 Jul 2009 00:00:00 +0100

The Consumer Financial Protection Agency Act of 2009 discriminates based on perceived experience, sophistication, and perhaps even intelligence disparities.

On Regulating and Resolving Institutions Considered "Too Big to Fail"

Wed, 06 May 2009 00:00:00 +0100

Is it desirable or feasible to develop a regulatory framework that will prevent firms from becoming too big to fail or posing a risk of systemic harm?

Debate with the Honorable Richard Posner

Mon, 27 Apr 2009 00:00:00 +0100

Is the current crisis the result of a failure of capitalism or a failure of government policy?

Perspectives on Regulation of Systemic Risk in the Financial Services Industry

Tue, 17 Mar 2009 00:00:00 +0100

Giving a government agency the power to designate companies as systemically significant and to regulate their capital and activities is a very troubling idea.

Perspectives on Regulation of Systemic Risk in the Financial Services Industry

Tue, 17 Mar 2009 00:00:00 +0100

Giving a government agency the power to designate companies as systemically significant and to regulate their capital and activities is a very troubling idea.

Fixing Fair Value Accounting

Mon, 02 Mar 2009 00:00:00 +0100

The debate about fair value accounting has only intensified since the financial crisis began.

The Financial Crisis, Systemic Risk, and the Future of Insurance Regulation

Thu, 29 Jan 2009 00:00:00 +0100

Property-and-casualty insurance companies will almost inevitably fall victim to the proposed "systemically significant" designation and regulation.

Hearing on Regulatory Reform

Wed, 14 Jan 2009 00:00:00 +0100

We are in the midst of a serious financial crisis, and there is a temptation to act precipitously, without thinking of the long-term consequences.

Investment Bank Regulation

Mon, 06 Oct 2008 00:00:00 +0100

If the government chooses to regulate the capital markets, we will simply be assuring ourselves of many more financial crises in the future.

The Regulatory Threat in Washington Takes a New Turn

Tue, 24 Jun 2008 00:00:00 +0100

The bailout of Bear Stearnscould lead to increased government regulation of the financial sector, including hedge funds.

Keynote Address at International XBRL Conference

Mon, 03 Dec 2007 00:00:00 +0100

XBRL (eXtensible Business Reporting Language) can change the financial world. The SEC can help make XBRL widespread.

The Right Policy for Industrial Loan Companies

Thu, 04 Oct 2007 00:00:00 +0100

Testimony on the elimination of policy separating banking and commerce.

XBRL as a Solution to Integrating Government Data Systems

Tue, 08 May 2007 01:00:00 +0100

XBRL,a new way of organizing financial and business data, transcends language, systems, and software.

The Future of the Federal Home Loan Bank System

Wed, 02 May 2007 00:00:00 +0100

WhileCongress need not makeurgent changes in the FHLB system, the system's lack of rationale could lead to substantial restraints on its growth--and possibly its eventual decline.

Supreme Court Amicus Brief seeking certiorari in AT Corp. v. Lila T. Gavin

Thu, 08 Feb 2007 00:00:00 +0100

Amicus brief indicating the ways in which the Seventh Circuit’s decision in AT&T Corp. v. Lila T. Gavin will have a profound and adverse impact on the United States' securities markets.

Basel II and Wal-Mart

Wed, 15 Nov 2006 00:00:00 +0100

The use of subordinated debt would be a superior approach in determining appropriate levels of bank capital.

Remarks to SEC Government-Business Forum on Small Business Capital Formation

Fri, 29 Sep 2006 01:00:00 +0100

Technology in the form of XBRL could helpin the future to level the playing field between large and small firms in the competition for capital.

The Legality of Wal-Mart's Application to Acquire a Banking Affiliate

Tue, 11 Apr 2006 00:00:00 +0100

Testimony before the Federal Deposit Insurance Corporation on the legality of Wal-Mart's application to acquire an ILC (Industrial Loan Corporation).

The 2004 U.S. Election: Post-9/11 Blip or Harbinger of Realignment?

Thu, 10 Mar 2005 00:00:00 +0100

Factors suggest that eithera realignment hasoccurred in American politics, or that a period of sustained Republican hegemony--the functional equivalent of a realignment--is ahead.

A Tribute to Ronald Reagan

Wed, 09 Feb 2005 00:00:00 +0100

We live now in a world reconstructed byReagan's ideas, his ideals, and his principles.

HUD's Affordable Housing Regulations

Mon, 13 Sep 2004 00:00:00 +0100

If the government wants to assist low income families in becoming homeowners, it shouldwork through a government agency that does not have a directly conflicting agenda.

How NASDAQ's Electronic Market Works: A Live Demonstration

Thu, 09 Sep 2004 00:00:00 +0100

The author introduces Frank Hatheway and Peter Martyn of NASDAQ and highlights the complexities of trading stocks electronically.

The Future of the Accounting Industry

Mon, 14 Jun 2004 00:00:00 +0100

Of all the professional skills that are necessary in today’s complex economy, accounting must be the one that is least understood.

Market Shock and Trading Efficiency

Thu, 10 Jun 2004 00:00:00 +0100

Close analysis of how different markets function under varying circumstances can shed light on the optimal structure for the securities markets in the United States.

The SEC Proposal on Market Structure

Tue, 18 May 2004 00:00:00 +0100

The Securities and Exchange Commission's proposed Regulation NMS fails to address the basic question of market structure and should be withdrawn.

The SEC's Shareholder Voting Proposal

Mon, 08 Mar 2004 00:00:00 +0100

The SEC's proposed rule on shareholder voting focuses on process without consideration of the way public companies organize themselves or relate to their shareholders.

Privatization of the Housing GSEs

Mon, 27 Oct 2003 00:00:00 +0100

Introduction to the conference on the privatization of the Housing GSEs.

What Institutional Investors Want in a Trading System

Tue, 21 Oct 2003 00:00:00 +0100

Introduction to conference on what institutional investors want in a trading system.

The Profitability of New York Stock Exchange Specialists

Wed, 08 Oct 2003 00:00:00 +0100

Introduction to the conference on the profitability of NYSE specialists.

Can Nonfinancial Indicators Succeed Where GAAP Fails?

Wed, 03 Sep 2003 00:00:00 +0100

Peter J. Wallison introduces the nonfinancial indicators conference.

Fannie Mae and Freddie Mac

Tue, 22 Jul 2003 00:00:00 +0100

It is not correct to believe that Fannie Mae and Freddie Mac are financially strong companies simply because they are producing earnings or have strong-looking balance sheets.

Oversight of Government-Sponsored Enterprises

Mon, 21 Jul 2003 00:00:00 +0100

The costs of and risks created by Fannie and Freddie overwhelmingly outweigh any benefits they provide that I believe they should be fundamentally changed.

The Gramm-Leach-Bliley Act Eliminated the Rationale for the Separation of Banking and ...

Wed, 16 Jul 2003 00:00:00 +0100

Is the policy of separating banking and commerce after the adoption of the Gramm-Leach-Bliley Act in 1999still based on any comprehensible rationale or is it now simply superstition?

Don Regan

Tue, 15 Jul 2003 00:00:00 +0100

Memorial speech for Don Regan.

Ronald Reagan and the Freedom of Eastern Europe

Tue, 01 Jul 2003 00:00:00 +0100

Ronald Reagan relied on nothing but his own firmly held convictions and his talent for strategy.

Are Fannie Mae and Freddie Mac Meeting Their Obligations?

Mon, 09 Jun 2003 00:00:00 +0100

Introduction by Peter J. Wallison at 6/9/2003 "Are Fannie Mae and Freddie Mac Meeting Their Obligations?" event.

Does the National Market System for Securities Serve the Needs of Investors?

Wed, 07 May 2003 00:00:00 +0100

If the SEC should decide to take up the question of market structure, its choices would not be seriously limited by restrictions or mandates in its existing legal authority.

Is George W. Bush Following the Reagan Model?

Wed, 19 Mar 2003 00:00:00 +0100

As difficult asGeorge W.Bush's position is today, Ronald Reagan's was worse.

Poor Diagnosis; Poor Prescription

Thu, 23 Jan 2003 00:00:00 +0100

In adopting the Sarbanes-Oxley Act, Congress acted hastily, without adequate thought, and apparently without an understanding of the problem it was seeking to address.

The Public Trust of a GSE

Thu, 14 Nov 2002 00:00:00 +0100

Although they are analogous to corporate directors, the directors of government-sponosored enterprises have a duty of loyalty that extends beyond the GSE itself and its shareholders or their equivalent.

Do Lower Mortgage Rates Increase Homeownership?

Fri, 25 Oct 2002 00:00:00 +0100

Are Fannie Mae and Freddie Mac a mechanism--and an inefficient one at that--for transferring a subsidy from all taxpayers to homeowners?

Is There a Way to Create a Transatlantic Securities Market?

Fri, 04 Oct 2002 00:00:00 +0100

This introductory speech, delivered at an AEI event, discusses how to encourage the development of a broad and deep transatlantic securities market.

Are Fannie and Freddie Adequately Disclosing What Investors Need?

Wed, 12 Jun 2002 00:00:00 +0100

Peter J. Wallisonintroduction from 6/12/2002 "Are Fannie and Freddie Adequately Disclosing What Investors Need?" event.

The Significance of Enron

Wed, 15 May 2002 00:00:00 +0100

The Enron collapse has had a resonance far beyond its significance as an economic matter.

Japan's Nonperforming Loan Problem

Mon, 29 Apr 2002 00:00:00 +0100

The significance of Japan's non-performing loan problem can easily be underestimated.

A Review of the Generally Accepted Accounting Principles

Wed, 13 Mar 2002 00:00:00 +0100

There is clearly a current and growing need for information that supplements conventional GAAP financial statements.

The Failure of the Gramm-Leach-Bliley Act

Wed, 19 Dec 2001 00:00:00 +0100

The Gramm-Leach-Bliley Act has created a competitive imbalance in the financial services market that is worse than what had existed before.

Why Has the Gramm-Leach-Bliley Act Failed?

Tue, 13 Nov 2001 00:00:00 +0100

The Gramm-Leach-Bliley Act's requirement that companies that control banks engage only in activities that the Fed defines as "financial in nature" is its fatal flaw.

Five Principles for Dealing with Nonperforming Loans

Tue, 25 Sep 2001 00:00:00 +0100

Japan's accounting system must fairly reflect values, nonperforming loans must be sold at auction,foreign bidders must be welcomed,and government must recapitalize the banks.

H.R. 3703 and its Effects on Government Sponsored Enterprises

Wed, 06 Sep 2000 00:00:00 +0100

H.R. 3703 is a milestone in Congressional efforts to gain control of the Government Sponsored Enterprises, and more generally the liabilities they create for the United States Government.

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, ...

Wed, 19 Jul 2000 00:00:00 +0100

The United Stateseconomy is constantly changing, and change seems to be coming more and more rapidly.Thesechanges are encouraged, because by and large they are the product of competition—as companies seek to function more efficiently, to use technology more effectively, and to serve their markets better than their competitors.

The Gramm-Leach-Bliley Act Eliminated the Separation of Banking and Commerce

Fri, 05 May 2000 00:00:00 +0100

The Fed's Dual Roles as Monetary Authority and Bank Supervisor

Mon, 24 May 1999 00:00:00 +0100

In the case of both England and Australia, the reform law requires the new agency to furnish information derived from its supervisory and examination activities to the central bank.

The Life Insurance Industry in the Financial Services World of the 21st Century

Mon, 22 Mar 1999 00:00:00 +0100

Political imperative for the Republicans is the enactment of legislation—they must show that they can accomplish something when they control Congress.

The Evolution of a Policy Idea: How Restrictions on the Size of the GSEs’ Portfolios ...

Tue, 14 Mar 2006 00:00:00 +0100

The portfolios of mortgages and mortgage-backed securities held by Fannie Mae and Freddie Mac have now become the central issue in the legislative battle over improvements in their regulation.

The Responsibility of the Securities and Exchange Commission for Efficiency, Competition, ...

Fri, 21 Oct 2005 00:00:00 +0100

This paper explores important areas of the SEC ' s jurisdiction where attention to its statutory obligations would produce more balanced policies in the future .

H.R. 1461: A GSE "Reform" That Is Worse than Current Law

Fri, 17 Jun 2005 00:00:00 +0100

The bill fails to improve on current law or address the critical issues of financial risk that Congress needs to consider for GSEs to play a constructive role in the housing finance system.

The Economic and Legal Consequences of Requiring the Expensing of Employee Stock Options ...

Tue, 04 Feb 2003 00:00:00 +0100

Requiring companies to expense options in the absence of any satisfactory method to evaluate their costs would be inconsistent with the principles and objectives of accounting.

Applying the Microsoft Decision to Fannie Mae and Freddie Mac

Wed, 25 Jul 2001 00:00:00 +0100

The unanimous decision of the Microsoftcase provides a template for analyzing the activities of Fannie Mae and Freddie Mac under the antitrust laws.

An American Looks at FILP

Sun, 01 Apr 2001 00:00:00 +0100

FILP has clearly been a failure in performing the one role that was of singular importance during the 1990s—adjusting the economy through countercyclical spending.

Deregulation and the Financial Crisis

Sat, 31 Oct 2009 00:00:00 +0100

An alternative narrative is that the financial crisis was caused by U.S. government housing policies that helped create 25 milion subprime and Alt-A mortgages--47 percent of all U.S. mortgages--which are currently defaulting at unprecedented rates.

TARP Baby: The Administration's Resolution Authority for Nonbank Financial Firms

Wed, 30 Sep 2009 00:00:00 +0100

The Obama administration's proposal for a resolution authority for nonbank financial firms has a fundamental flaw.

Unnecessary Intervention: The Administration's Effort to Regulate Credit Default Swaps

Fri, 28 Aug 2009 00:00:00 +0100

The administration's proposal for regulating the credit default swaps market is unlikely to reduce systemic risk, and may in fact increase it.

Unfree to Choose

Thu, 09 Jul 2009 00:00:00 +0100

The administration's proposal for a Consumer Financial Protection Agency (CFPA) promises to be one of the most comprehensive and controversial pieces of regulatory legislation ever presented to Congress.

Stress for Success

Fri, 29 May 2009 00:00:00 +0100

The stress tests boosted confidence in U.S. banks, suggesting that earlier disclosure of bank balance sheet conditions would have stabilized markets sooner.

Reinventing GSEs

Mon, 13 Apr 2009 00:00:00 +0100

Neither actual conditions in the financial markets nor historical patterns call for the systemic risk and resolution system envisioned by the Obama administration's financial system reform proposal.

Risky Business

Tue, 24 Feb 2009 00:00:00 +0100

There is an emerging consensus that the Fed should become a systemic risk regulator, but this is a bad idea, both because of the Fed's current mission and the nature of systemic risk.

Regulation without Reason

Wed, 28 Jan 2009 00:00:00 +0100

Why should regulation be extended to most of the major players in the financial system when it has been a consistent failure for banks?

Everything You Wanted to Know about Credit Default Swaps--but Were Never Told

Wed, 31 Dec 2008 00:00:00 +0100

Although thecredit default swapmarket can be improved, excessive restrictions on it would create considerably more risk than it would eliminate.

Cause and Effect

Tue, 25 Nov 2008 00:00:00 +0100

What caused the financial crisis? Simple: the destructive housing policies of the federal government.

Systemic Risk and the Financial Crisis

Fri, 31 Oct 2008 01:00:00 +0100

The financial crisis provides no warrant either for a systemic risk regulator or for the supervision of other participants in the financial markets that have not previously been regulated.

The Last Trillion-Dollar Commitment

Tue, 30 Sep 2008 00:00:00 +0100

The government takeover of Fannie and Freddie was necessary because of their massive losses on more than $1 trillion of subprime and Alt-A investments.

Fannie and Freddie by Twilight

Tue, 26 Aug 2008 00:00:00 +0100

There are three policy options for Fannie Mae and Freddie Mac: privatization, nationalization, or liquidation.

Fair Value Accounting

Mon, 28 Jul 2008 00:00:00 +0100

Fair value accounting has been the principal cause of an unprecedented decline in asset values and an unprecedented rise in instability among financial institutions.

For Financial Regulation, the Era of Big Government Really Is Over

Tue, 17 Jun 2008 00:00:00 +0100

The financial markets are too big to be effectively regulated by government agencies, so regulators should think twice before intervening.

Bear Facts

Fri, 11 Apr 2008 00:00:00 +0100

Regulating securities firms the way we regulate banks, and giving them routine access to the Fed's discount window, makes no practical or policy sense.

Dangerous Dithering

Fri, 28 Mar 2008 01:00:00 +0100

Congress should act soon to protect U.S. taxpayers from the risk of GSE insolvency.

Healthy Hedge Funds, Sick Banks

Mon, 25 Feb 2008 00:00:00 +0100

Banks have been heavily regulated, ostensibly for stability. Yet in thecurrent crisis, banks are suffering and unregulated hedge funds are doing fine.

The FDIC on the Spot

Wed, 16 Jan 2008 00:00:00 +0100

The Federal Deposit Insurance Corporation should permit its moratorium on nonfinancial firms acquiring ILC charters to expire as planned on January 31.

Thinking Ahead

Mon, 26 Nov 2007 00:00:00 +0100

Comments on federal regulation of depository institutions, securities, and insurance.

Thinking Ahead

Mon, 29 Oct 2007 01:00:00 +0100

The Treasury Department's call for financial services regulation reform will resound into the future as American competitiveness is challenged.

What Is, What Ain't, What Might Have Been

Fri, 28 Sep 2007 00:00:00 +0100

Chairman Cox continued some of his predecessor's troubled initiatives, pursued some good ones of his own,but missed several opportunities.

It's Not the Principle, It's the Money

Mon, 06 Aug 2007 00:00:00 +0100

The Securities and Exchange Commission should weigh a compromise proposal on proxy access and how to pay for it.

Fad or Reform

Mon, 11 Jun 2007 00:00:00 +0100

"Principles-based" regulation will face challenges in the United States from American culture, the plaintiffs bar, converging accounting standards, and a legitimate case for "rules-based" regulation.

Price Competition

Tue, 08 May 2007 00:00:00 +0100

Eliminating the authority of mutual fund boards to approve advisory fees and expenses would foster price competition in the industry.

Hostages to Fortune

Mon, 09 Apr 2007 00:00:00 +0100

Auditors' opinions sound more certain than they are. The language needs to be changed.

The Sorcerer, the Apprentice, and the Broom

Thu, 08 Mar 2007 00:00:00 +0100

The current securities class actions regime threatens our financial system. Congress should return enforcement authority to the SEC.

Does Anyone Here Know How to Play This Game?

Fri, 09 Feb 2007 00:00:00 +0100

The victims of Regulation FD and the Global Settlement are the very investors the SEC is supposed to protect.

Are Corporations Democracies?

Tue, 05 Dec 2006 00:00:00 +0100

Shareholder access proposals, masquerading as the questionable notion of "shareholder democracy," would hamper corporate efficiency and profitability.

A Bridge Too Far

Thu, 09 Nov 2006 00:00:00 +0100

Basel II's bank capital requirements leave much to be desired, but with modifications and the use of the leverage ratio, banking regulation can somewhat simulate market-based risk assessments.

Groundhog Day

Fri, 20 Oct 2006 00:00:00 +0100

Deregulation has improved access and quality and cut waste and prices across several industries. Why would anyone insist on continuing to regulate insurance rates?

The Canary in the Coal Mine: What the Growth of Foreign Securities Markets and Foreign ...

Tue, 08 Aug 2006 00:00:00 +0100

Urgent action by theSecurities and Exchange Commission is necessary if the United States is to retain its preeminence in the financial world.

Moral Hazard on Steroids

Fri, 23 Jun 2006 00:00:00 +0100

The only sure way to eliminate the risk of false accounting is to reduce the kinds of risky activities in which government-backed management can engage.

Landmark Ruling

Mon, 01 May 2006 00:00:00 +0100

Will the Securities and Exchange Commission be able to return to a time when it could gain the acceptance of its rules simply by asserting that they are necessary to protect investors?

Only Skin Deep: The Rudman Report Scratches the Surface

Fri, 07 Apr 2006 00:00:00 +0100

Why was the Rudman report of Fannie Mae such a disappointment?

Competitive Equity: An Optional Federal Charter for Insurance Companies

Fri, 10 Mar 2006 00:00:00 +0100

Has the time come for a federal chartering system for insurance companies?

All the Rage: Will Independent Directors Produce Good Corporate Governance?

Fri, 06 Jan 2006 00:00:00 +0100

Examiningtheir incentives and access to informationraises questions about whether a supermajority of independent directors should be the “gold standard” of corporate governance.

Dead Man Walking: Opponents of Wal-Mart's Effort to Acquire an ILC Disinter the Separation ...

Thu, 01 Dec 2005 00:00:00 +0100

Doesthe policy of separating banking and commerce have any continuing viability after the adoption of the Gramm-Leach-Bliley Act in 1999?

Buried Treasure: A Court Rediscovers a Congressional Mandate the SEC Has Ignored

Thu, 06 Oct 2005 00:00:00 +0100

A federal appeals court has given life to language in a 1996 congressional enactment that the SEC has largely ignored.

Regulating Fannie Mae and Freddie Mac

Mon, 12 Sep 2005 00:00:00 +0100

Given the administration’s determination on this issue, it is highly likely that legislation limiting or eliminating the GSEs’ portfolios will be sent to the president’s desk.

Why Do We Regulate Banks?

Mon, 01 Aug 2005 00:00:00 +0100

The answer to the question “Why do we regulate banks?” is that we do so because we want to, not because we must.

Sarbanes-Oxley and the Ebbers Conviction

Fri, 10 Jun 2005 00:00:00 +0100

It is extremely difficult to concludethat the Sarbanes-Oxley Act conferred more tangible or intangible benefits than its tangible and intangible costs.

Regulating Fannie Mae and Freddie Mac

Fri, 13 May 2005 00:00:00 +0100

The idea that the size of Fannie Maeand Freddie Mac’s portfolios might be limited or reducedis now the central feature of the debate regarding mortgage-backed securities.

The WorldCom and Enron Settlements

Tue, 01 Mar 2005 00:00:00 +0100

The recent settlements of lawsuits against WorldCom and Enron introduced political considerations into the process of settling class actions.

Rein in the Public Company Accounting Oversight Board

Tue, 01 Feb 2005 00:00:00 +0100

Congress must take steps to gain control of the Public Company Accounting Oversight Board.

Reform of Securities-Market Structure

Wed, 01 Dec 2004 00:00:00 +0100

The authoraddresses whether the Securities and Exchange Commission should permit the electronic order-matching markets to compete with the New York Stock Exchange.

Shooting from the Hip

Fri, 01 Oct 2004 00:00:00 +0100

The Securities and Exchange Commission--once known for the professionalism of its analysis--has begun to propose and adopt rules and regulations without support in empirical data.

Better Business Reporting for Investors

Wed, 01 Sep 2004 00:00:00 +0100

A new form of disclosure is necessary to provide investors with information about the success of companies in creating value and the likelihood of sustaining profitability in the future.

The SEC and Market Structure Reform

Thu, 01 Jul 2004 00:00:00 +0100

The proposal of the Securities and Exchange Commission for market structure reform, like so many other recent SEC initiatives, seems entirely ad hoc.

Sarbanes-Oxley As an Inside-the-Beltway Phenomenon

Tue, 01 Jun 2004 00:00:00 +0100

If investors lost confidence after recent corporate scandals, it was not in the markets or in financial disclosure but in the good sense of the nation’s political leadership.

The Case for Privatizing Fannie Mae and Freddie Mac Grows Stronger

Sat, 01 May 2004 00:00:00 +0100

A hard look at Fannie Mae and Freddie Mac suggest that privatization for these government-sponsored enterprises has become an attractive option.

The SEC's Proposed Shareholder Voting Rule

Thu, 01 Apr 2004 00:00:00 +0100

The SEC should abandon its new proposed shareholder voting rule until it can demonstrate why intervention is evennecessary.

Getting the Story Right

Fri, 11 Sep 2009 00:00:00 +0100

Three AEI scholars discuss the financial crisis and the misguided policies that led to it.

Do We Need a Consumer Financial Protection Agency?

Mon, 27 Jul 2009 00:00:00 +0100

AEI's Peter J. Wallison and Alex J. Pollock offer their opinions on the proposed Consumer Financial Protection Agency.

Too Big to Fail, or Succeed

Mon, 27 Jul 2009 00:00:00 +0100

The Obama administration's plan for financial regulation reveals a preference for stability over change and progress.

The True Origins of This Financial Crisis

Thu, 19 Feb 2009 00:00:00 +0100

Government policies and regulators are to blame for the financial crisis.

False Notes from the Fed, the Treasury, and the SEC

Tue, 22 Jul 2008 00:00:00 +0100

The Federal Reserve, the Treasury, and the Securities and Exchange Commission have taken actions recently that could have profound impact on the nation's financial system.

Observations on Recent Financial Market Issues

Fri, 13 Jul 2007 00:00:00 +0100

A discussion of recent issues that have emerged in the areas of banking, mutual funds, and regulatory and accounting regimes.

The Stoneridge Case and the Need to Control Class Actions

Wed, 06 Jun 2007 00:00:00 +0100

Is frivolous U.S. litigation preventing foreign companies from entering our public securities markets?

The Wal-Bank Principle

Tue, 09 May 2006 00:00:00 +0100

In opposing Wal-Mart's application to acquire a bank-like institution in Utah, the banking industry is hurting its own prospects for growth and expansion.

XBRL and U.S. Financial Market Leadership

Mon, 13 Mar 2006 00:00:00 +0100

U.S. companies need to accelerate the development and use of XBRL, a financial reporting system that enables investors and analysts to compare company performance.

Let Stock Exchanges Compete without Price Regulation

Tue, 11 Jan 2005 00:00:00 +0100

The SEC should eliminate the "trade-through" rule altogether, not extend it to Nasdaq markets.

Accounting Lags behind a Knowledge Economy

Mon, 01 Mar 2004 00:00:00 +0100

High price-to-earnings ratios reflect not a renewed bubble or investors' overoptimism, but the failure of GAAP as a system of financial reporting in the knowledge economy.

Blame Sarbanes-Oxley

Mon, 01 Sep 2003 00:00:00 +0100

An array of stimulus factors has failed to generate growth in the U.S. economy, largely a consequence of the Sarbanes-Oxley Act and the stock exchange regulations it has spawned.

Poor Diagnosis, Poor Prescription

Sat, 01 Mar 2003 00:00:00 +0100

Cash flow is a more reliable indicator than audited financial statements, and it would be of greater use to investors if the SEC encouraged companies to present this data in a usable form.

A Power Shift No One Noticed

Wed, 01 Jan 2003 00:00:00 +0100

The recent controversy over the SEC suggests that now Congress, the White House, and the public all take for granted that the independent agencies are the president's responsibility.

Acting in Haste on Corporate Governance

Fri, 01 Nov 2002 00:00:00 +0100

Congress and the stock exchanges rapidly answered the cry to act in the wake of corporate scandals.

Government Reinsurance of Terrorism Coverage

Thu, 01 Nov 2001 00:00:00 +0100

Best program for terrorism coverage would expose the insurance industry to substantial first-dollar losses and would not regulate premium rates or charge insurance companies a premium.

When Privacy Is a Credit Risk

Wed, 01 Aug 2001 00:00:00 +0100

Although blanket privacy protections have been proposed, Congress should pass targeted privacy laws that address particular harms while protecting legitimate uses of credit information.

The Fundamental Problem with Fannie Mae and Freddie Mac

Fri, 01 Dec 2000 00:00:00 +0100

Fannie Mae and Freddie Mac enjoy an implicit subsidy from the federal government, yet their corporate structure obligates them to maximize profits for their shareholders.

Leveraging Uncle Sam

Wed, 01 Mar 2000 00:00:00 +0100

Legislation permitting the Federal Home Loan Banks to get into small-business lending allows Congress to avoid new spending restrictionsbut raises problems of uncontrolled growth.