RESEARCH AND COMMENTARY
Sarah A. Binder, November 25, 2009, The Brookings Institution
As efforts to audit the Federal Reserve pick up steam in Congress, Sarah Binder looks as the coalition supporting Representative Ron Paul's (R-Texas) bill. Binder concludes that it is a center to far right coalition, and it will be difficult for the House Democratic leadership to ignore or alter the bill. Read More
VIDEO
Douglas J. Elliott, November 12, 2009
Sen. Christopher Dodd (D-Conn) has introduced legislation to reform the financial sector in the wake of the recent economic crisis. Senator Dodd’s proposal calls for consolidating the four federal financial regulatory agencies into a single regulator. Fellow Douglas Elliott says regulation consolidation is definitely in order.
RESEARCH AND COMMENTARY
Douglas J. Elliott, November 10, 2009, The Brookings Institution
Senate Banking Committee Chairman Christopher Dodd is introducing legislation to consolidate banking regulation into one federal agency. Doug Elliott says having one regulator for “safety and soundness” and another focused on consumer protection is promising, should help avoid regulatory arbitrage and could hopefully prevent another financial crisis. Read More
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