What Needs Reforming?
Ah, where to begin. Given what we know about the causes of the financial crisis and the role of the banks in it, several areas cry out for reform. Those opposed to regulation should consider the results of deregulation, which brought some benefits but at a high price and with huge financial rewards for a small group of people who created little of lasting value. Also, an institution that’s “too big to fail” must submit to the regulation that must accompany that status, for the good of the financial system, the economy, and the taxpayer.
Following are seven areas to watch for when judging the policies of the administration in the area of financial institution reform.
Transparency and Disclosure
Transparency and disclosure ...