Financial Regulatory Reform: Systemic Risk and the Federal Reserve

Labonte, Marc

Library of Congress. Congressional Research Service.

关键词: Government regulation;    Regulatory reform;    Financial institutions;    Banks and banking;    Federal reserve system;   

RP-ID  :  R40877
RP-ID  :  R40877_2010Mar26

美国|英语

来源: UNT Digital Library

【 摘 要 】

The recent financial crisis contained a number of systemic risk episodes, or episodes that caused instability for large parts of the financial system. The lesson some policymakers have taken from this crisis is that a systemic risk or "macroprudential" regulator is needed to prevent similar episodes in the future. This report defines the potential duties and responsibilities of a systemic risk regulator, relating those duties to events that potentially contributed to the recent crisis. It then identifies the powers that would need to be given to a regulator to perform those duties, and compares those powers and responsibilities to the Fed's existing powers and responsibilities. It discusses advantages and disadvantages of giving those responsibilities to the Fed or the executive branch. The report also includes a brief overview of major elements of the Administration's proposal, H.R. 4173, which passed the House on December 11, 2009, and the Restoring American Financial Stability Act, which was ordered to be reported out of the Senate Banking Committee on March 22, 2010.