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Fisher and Rosenblum: How to Shrink the 'Too-Big-to-Fail' Banks
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Richard Fisher, president of the Dallas Federal Reserve Bank, has a three part proposal for tackling the "too big to fail" problem and concentration of 70% of the U.S. banking assets in a few banks. It calls for Market Discipline to be exercized in a way that the Dodd-Frank legislation fails to do. This is to be accomplished by having deposit insurance and the Fed's discount window apply only to traditional commercial banks, not the nonbank affiliates and parent holding companies. Customers, creditors and counterparties of all nonbank affiliates and the parent holding companies would be asked to sign a disclosure accepting that there is no government guarantee. In addition the largest financial holding companies would be restructured so that all their corporate entities would fall under a speedy bankruptcy process. Fisher does not clarify how he would do this restructuring. The Fisher idea come after changes in the banking industry through internal management restructuring following trading losses, legal settlements and the passage of a Swiss referendum called the Minder Initiative on compensation. Fisher suggests the U.S. Fed and regulatory authorites in other countries should push for further restructuring and calls for action beyond the limited results from 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. He is critical of Dodd-Frank's often ambiguous and lengthy worded legislation- 849 pages for the law and 9000 pages for the regulations written to implement the law. Fisher emphasizes the point that its hard to implement a law and enforce rules when its not clear and is difficult to understand.
Richard Fisher, president of the Federal Reserve Bank of Dallas, on the dangers of "too-big-to-fail" and systemically important financial institutions in 2012-2014
10/14/2012
Fisher says the situation has not changed from what it was in 2008, and Dodd-Frank legislation has left the situation entrenched with 5 banks controlling 61% of the country's financial assets.
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WSJ's Francesco Guerrera on the lesson from the JP Morgan trading losses for tackling the "too-big-to-fail" problem
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Lessons from the JP Morgan trading losses for systemically important financial institutions.
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Barney Frank on the Dodd-Frank financial reform law, one year later in 2011
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Frank gives the CFTC, and S.E.C. good grades for working in difficult conditions to write the rules. He gives the Comptroller of the Currency a D grade His main fear is the Republicans in Congress stalling and crimping the resources and functioning of the regulatory agences. He fears that Republican politicians with financial backing from the banking industry are looking at 2012 elections as an opportunity to reverse the changes. Chris Dodd is now a lobbyist for the Motion Picture Industry.
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How the U.S. Federal Reserve and Treasury define "Systematically Important" or "Too Big to Fail"
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Post crisis Derivatives Trading Reforms 2009-2013
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The failure in derivatives regulation. New derivatives rules under the Dodd-Frank legislation.
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Soul searching at the IMF, Britain's Financial Services Authority and among experts about the lack of serious changes or reforms in the financial system after the global financial crisis of 2008. Bondholders did not take a haircut in Ireland, and large banks are still "too big to fail." A sense that this could happen again.
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Living wills of major banks in the U.S. submitted to the U.S. Federal Reserve and the FDIC under Dodd-Frank legislation
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Fisher and Rosenblum: How to Shrink the 'Too-Big-to-Fail' Banks
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Michael Gibson, new chief of the U.S. Federal Reserve's regulatory division
01/21/2010
Under Dodd-Frank legislation the Fed was given the additional task of oversight of U.S. financial institutions. Gibson would play an important role in setting up stress tests for U.S. banks, regulatory supervision of banks, and representing th U.S. on the Basel committee.
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