Committee Releases Q4 2016 Financial Penalties Data

CAMBRIDGE, Mass., The Committee on Capital Markets Regulation today released data on the total public financial penalties imposed on financial institutions in the United States for Q4 2016. Public financial penalties include public class action settlements that arise from class action lawsuits brought by the government (e.g., state attorneys general) and regulatory penalties that follow […]

Read More

Establishing Credible Rules for Fed Emergency Lending

Today Hal S. Scott, Charles W. Calomiris, Douglas Holtz-Eakin, R. Glenn Hubbard, and Allan H. Meltzer,  released a paper proposing a new framework for Fed emergency lending. The paper asserts that current framework governing emergency lending – including reforms to Federal Reserve lending enacted after the recent crisis – are inadequate and not credible. The […]

Read More

Op-ed: This should be Trump’s top priority on financial reform

CAMBRIDGE, MA, January 26, 2017 By HAL S. SCOTT Originally published by CNBC on January 26, 2017 The Trump administration’s top financial regulatory priority should be a review of government-mandated bank capital requirements. In order to achieve economic growth, President Trump should adopt a more market-based approach. According to the Federal Deposit Insurance Corporation, bank capital in the […]

Read More

Committee Submits Letter to the European Commission on IHC mandate

The Committee is concerned by the E.U.’s Proposal to require third-country banking groups to establish an EU-based intermediate holding company (“IHC”) for subsidiaries located in the EU. In this letter, the Committee recommends that the European Commission withdraw its Proposal. The Committee further recommends that the Federal Reserve reconsider its IHC requirement for foreign banking […]

Read More

Op-ed: Public Companies’ Unelected Directors

By Hal Scott Originally published by Forbes on December 21, 2016 Under the Trump Administration we can expect that there will be many changes at the Securities and Exchange Commission. One important area that has gone largely ignored and is ripe for reform is the system of “unelected directors” for public companies. The Committee on […]

Read More

Op-ed: How Dodd-Frank will change under Trump and the next Congress

CAMBRIDGE, MA, December 12, 2016 By HAL S. SCOTT and JOHN GULLIVER Originally published by The Hill on December 12, 2016 On the campaign trail, President-elect Donald Trump said that he would “dismantle Dodd-Frank.” However, actually repealing and replacing the legislation would be a very heavy lift for his administration. Democrats hold more than 40 […]

Read More

Nothing But The Facts Statement: The Regulatory Reform Process

The Committee on Capital Markets Regulation supports a transparent process for enacting regulatory reforms that would enhance the competitiveness of the U.S. financial markets and could survive a judicial challenge. Regulatory reform is important today, because as we describe throughout this Nothing but the Facts (“NBTF”) statement, agencies can make meaningful reforms even without legislative […]

Read More

Committee Submits Letter to the CFTC on Transparency of Margin Models

The Committee submitted a letter to the Commodity Futures Trading Commission emphasizing the need for greater transparency in margining practices. The letter is available here.

Read More

Committee Hosts Conference on Liquidity Problem Post-Crisis

Do we have a liquidity problem post-crisis? Featuring keynote remarks by Federal Reserve Vice Chairman Stanley Fischer Tuesday, November 15, 2016, 1:30 — 4:30 p.m. The Brookings Institution, Falk Auditorium, 1775 Massachusetts Avenue, N.W Washington, DC 20036 Market liquidity reflects the ability of buyers or sellers of financial assets to affect trades without inducing large […]

Read More

Committee Releases Q3 2016 Financial Penalties Data

  CAMBRIDGE, Mass., November 8, 2016—The Committee on Capital Markets Regulation today released data on the total public financial penalties imposed on financial institutions in the United States for Q3 2016. Public financial penalties include public class action settlements that arise from class action lawsuits brought by the government (e.g., state attorneys general) and regulatory […]

Read More