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:
(quoted verbatim, except for parenthesis)
- Strengthen Underwriting Standards
- Bolster FDIC
- Regulatory Overhaul
- Create a New Clearinghouse (for credit-default-swaps, overnight financing, and interest rate swaps)
- Raise Capital Requirements (no mention of Basel II)
- Enhance Collateral
- Smarter Securitization
- Rating Agency Reform
- Consistent Regulatory System
- Constrain Leverage
- Let TARP Capital be Repaid
- Executive Compensation (limit government involvement)
- Transparency Before Regulation
- Price and Volume Transparency
- Fed Should be Systemic Risk Regulator
- Ensure Success of Public-Private Partnerships
- Accounting Rules (no mention of IFRS)
- New Resolution Authority for Non-banks
- Auditors Enforce Consistent Marks
- 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/
