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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
Professor Hal S. Scott today delivered an address to the International Monetary Fund on the need to ensure that major financial powers are able to deal with contagion in the financial system. The full text of the speech is available as a PDF here.