Fixing the Financial Crisis - Part 2

Regulatory Agencies

The NBR series Fixing the Financial Crisis looks at three areas of finance that will be transformed as a result of mistakes made -- Wall Street, U.S. regulatory agencies, and the global financial system. In this report, NBR correspondent Stephanie Dhue tackles the topic of fixing U.S. regulatory agencies.



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External Links/Articles*

• Brookings
  Brookings is a nonprofit public policy research organization. This links to an April 6, 2008 entry on the Brookings website titled, "Take Time to Get it Right: Shape Financial System Rules for the Long Haul." It touches on the idea of a "super-regulator" for the financial system. Please note that this entry was authored by Jason Furman who is now part of President-elect Barack Obama's policy team.
• Mortgage Reform and Anti-Predatory Lending Act of 2007 (PDF Document)
  The Anti-Predatory Lending Act is mentioned in Stephanie Dhue's report. This links to a copy of the bill hosted on the Government Printing Office (GPO) website.
• Office of Federal Housing Enterprise Oversight (PDF Document)
  OFHEO's mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae and Freddie Mac. This links to a December 6, 2006 speech given by James Lockhart, OFHEO's Director. The speech is titled "GSEs: What Does the Future Hold?" an it includes an early discussion of some reforms that might have helped limit Fannie and Freddie's contibutions to the current financial crisis.
• U.S. House Oversight Committee
  The House Oversight Committee is headed by Henry Waxman (D- California). On October 22, 2008, the committee held a hearing on "the Credit Rating Agencies and the Financial Crisis." This links to information about that hearing, including video and trasncripts of testimony.
• U.S. Senate Banking Committee
  The Senate Banking Committee is headed by Senator Chris Dodd (D-Connecticut). Dodd is interviewed in Stephanie Dhue's report. This links to a Nov 6, 2008 statement released by the committee. The statement is titled, "Chairman Dodd lays out priorities for 111th Congress." Those priorities include reform of financial regulation.
• U.S. Treasury Department
  In her report, Stephanie Dhue talks about the Treasury Department's blueprint for regulatory reform, which was announced in March 2008. This links to a press release containing details of that blueprint.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.