The future financial system

Today’s WSJ had an entire pull-out section dedicated to the Future of Finance

https://futurefinance.wsj.com/ .  These are the findings from last week’s Future of Finance Initiative meetings in DC.

Their top 20 principles for rebuilding the financial system:

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(quoted verbatim, except for parenthesis)

1. Strengthen Underwriting Standards
2. Bolster FDIC
3. Regulatory Overhaul
4. Create a New Clearinghouse (for credit-default-swaps, overnight financing, and interest rate swaps)
5. Raise Capital Requirements (no mention of Basel II)
6. Enhance Collateral
7. Smarter Securitization
8. Rating Agency Reform
9. Consistent Regulatory System
10. Constrain Leverage
11. Let TARP Capital be Repaid
12. Executive Compensation (limit government involvement)
13. Transparency Before Regulation
14. Price and Volume Transparency
15. Fed Should be Systemic Risk Regulator
16. Ensure Success of Public-Private Partnerships
17. Accounting Rules (no mention of IFRS)
18. New Resolution Authority for Non-banks
19. Auditors Enforce Consistent Marks
20. Limit Foreclosures”

And the blog from the event is here: 

http://blogs.wsj.com/deals/2009/03/25/perspectives-from-the-future-of-finance-initiative/

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