RESEARCH AND COMMENTARY
Douglas J. Elliott, October 23, 2009, The Brookings Institution
The Obama administration’s pay czar imposed limits on executive compensation for bailed-out Wall Street firms. Doug Elliott says the actions are not smart, sending the message to those employees that their pay will not be determined the same way as on the rest of Wall Street and will be considerably lower and more volatile. This risks losing the best people, since the ones that move are always those who have the best options elsewhere. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, October 19, 2009, Politico
Amid White House efforts to revamp financial sector regulations—including creation of a new oversight agency—Martin Baily argues that the Federal Reserve should not take over this responsibility. The Fed, he says, is in a unique position to take on the macro side of prudential regulation—that of the systemic risk regulator, a responsibility that would well suit its purview of the overall stability and performance of the macro economy. Read More
PAST EVENT
Tuesday, September 15, 2009
10:00 AM to 12:00 PM
Washington, DC
This week marks the one-year anniversary of Lehman Brothers' collapse. Federal Reserve Chairman Ben Bernanke delivered a keynote about the tumultuous events of last September at a Brookings forum on Tuesday. Brookings Vice President Karen Dynan moderated a panel with other experts on the state of financial markets and regulatory reform. Read More
VIDEO
Alice M. Rivlin, August 27, 2009
President Barack Obama has nominated Ben Bernanke to serve a second term as Chairman of the Federal Reserve. The nomination came on the same day the White House announced a sharp increase in projected deficits. Alice Rivlin says the deficit projections should serve as an impetus for officials to step up efforts to fix the floundering economy. She also gives the Bernanke nomination her nod of approval.
RESEARCH AND COMMENTARY
John L. Thornton, Glenn Hubbard and Hal Scott, August 20, 2009, Financial Times
John L. Thornton, Glenn Hubbard and Hal Scott say that the future of the Federal Reserve as a lender of last resort is in jeopardy. Because the Fed has compromised its economic credibility and political independence during the financial crisis, they argue, the Obama administration should give it full authority to lend against good collateral only but restrict emergency bailout power to the federal Treasury alone. Read More
RESEARCH AND COMMENTARY
Alice M. Rivlin, July 29, 2009, Pew Financial Reform Project
Alice Rivlin recommends that the Federal Reserve not be given any major new regulatory duties over specific institutions, but instead be given responsibility for monitoring the stability of the financial system and new tools to reduce emerging systemic risks.
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RESEARCH AND COMMENTARY
Alice M. Rivlin, July 21, 2009, House Committee on Financial Services & Senate Committee on Banking, Housing and Urban Affairs
Testifying before the House Financial Services Committee, Alice Rivlin said that financial sector regulators failed to head off the recent crisis because "no one was explicitly charged with spotting the regulatory gaps and perverse incentives that had crept into our rapidly changing financial structure in recent decades." Rivlin outlined regulatory changes that might prevent another catastrophic financial meltdown. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, June 25, 2009, PBS NewsHour
Federal Reserve Chairman Ben Bernanke faced fresh questions from a House committee Thursday over the central bank's role facilitating Bank of America's purchase of Merrill Lynch. Martin Baily discusses the Federal Reserve's future role with Jeffrey Brown on NewsHour. Read More
VIDEO
Barry P. Bosworth, December 19, 2008
Despite the Fed’s historic actions, the economy is still ailing. Barry Bosworth says fiscal policy needs to be the next step: expenditures are important, with tax cuts being the quickest way to stimulate the economy.
RESEARCH AND COMMENTARY
Sarah A. Binder and Mark Spindel, December 09, 2008, The Brookings Institution
Sarah Binder and Mark Spindel suggest that Congress should amend the $700 billion Troubled Assets Relief Program in several ways, including a rewrite of the conditions put on institutions that take TARP dollars. It is not too late to fix the mistakes made in the rush to enactment, they write. Read More
RESEARCH AND COMMENTARY
Martin Neil Baily, October 20, 2008, House Committee on the Budget
In testimony before the House Budget Committee, Martin Baily says we need a second fiscal stimulus package to avoid a deep recession. He advocates for an immediate infusion of $200 billion, with a second $100 billion released if unemployment hits 7.5 percent. The package should include help for homeowners, tax rebates for families and aid to states and localities. Read More
RESEARCH AND COMMENTARY
Sarah A. Binder, October 06, 2008, The Federal Drive with Tom Temin and Jane Norris
The financial rescue package has been signed into law, but what happens now? Sarah Binder has been watching this story develop, and discusses her thoughts on The Federal Drive with Tom Temin and Jane Norris. Read More
RESEARCH AND COMMENTARY
Sarah A. Binder and Mark Spindel, October 02, 2008, The Brookings Institution
Despite the urging of President George W. Bush and congressional leaders, the all-out push for a $700 billion bailout for the nation’s beleaguered banks ended in failure on September 29. Even though party leaders called on their members to cast votes for the nation’s financial welfare, legislators responded by casting votes for their own electoral safety, writes Sarah Binder and Mark Spindel in an opinion that examines why the bill failed. Read More
VIDEO
Martin Neil Baily, September 30, 2008
As lawmakers scramble to figure out next moves on the financial crisis after the House voted down the rescue package, Martin Baily urges Congress to takes steps to avert a “nasty recession.” Although the actions in Washington are to shore up financial markets in New York, Americans everywhere have a lot at stake.
VIDEO
Alice M. Rivlin, September 26, 2008
Policy-makers spent a long weekend hashing out details on legislation that would provide up to $700 billion to purchase Wall Street assets, new oversight authority and more foreclosure prevention. Former Federal Reserve Vice Chair Alice Rivlin explains how mortgage securities unraveled, how the deal makers prevailed and what this will mean for the next administration.