Reforming the US Regulatory Architecture: Twin Peaks or the Whole Himalayas?
Jeff Carmichael, the founding chairman of APRA, says that leaving intact the US regulatory architecture, with its inability to adapt to the full extent of the creativity of the market, shows a refusal to reform a key cause of the crisis. December 08, 2010 | Jeffrey CarmichaelThe recently-enacted Dodd-Frank Bill has been hailed by its proponents as the most comprehensive reform of the US financial system since the Great Depression. While the lasting merits of the regulatory reforms will not be known for some time yet, given that regulators have yet to fill in the many blanks in the 800-plus page law, what is clear from the outset is what the reforms did not address; namely, the architecture of agencies that have responsibility for implementing the law. A compelling case can be made that leaving the architecture largely untouched makes the new law read somewhat like Hamlet without the Prince. Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Regulation, Risk and Regulationriskregulation,Risk and Regulation, Regulation,Risk and Regulation, Keywords:Dodd-Frank Bill, Regulatory Architecture, FSA UK Dodd-Frank Bill, Regulatory Architecture, FSA UK
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