The Committee’s Roadmap for Regulatory Reform sets forth priority regulatory actions for the Trump Administration that would promote U.S. economic growth and enhance the stability of the U.S. financial system. We believe that prompt action is necessary because certain regulations implementing the Dodd-Frank Act have stifled U.S. economic growth and policymakers have paid inadequate attention to regulatory measures that would enhance the performance of U.S. capital markets.
By HAL S. SCOTT Originally published by The New York Times on May 15, 2017 Somewhere in the United States right now, an entrepreneur is having trouble getting a small-business loan for expansion. The reason? The bank is committed to keeping a large portion of its money in government debt instead. After the financial crisis, […]
Fast-growing US companies and their investors lose out when they avoid going public.
The U.S. IPO markets are stagnating and they are in need of regulatory reform. Today, the Committee on Capital Markets Regulation, which includes representation from leading academics and the country’s largest banks, asset managers and hedge funds, is releasing a report on the declining attractiveness of U.S. public equity markets. According to Hal S. Scott, […]
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 […]
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 United States stands at […]
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 S. 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 […]
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 seats in the Senate, so […]
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 […]