Regulating Wall Street

Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school’s top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.

In Bed with Wall Street offers a look under the sheets at the incestuous relationship between Wall Street, Washington, and the regulators who are supposed to protect the rest of us. The Wall Street meltdown in 2008 brought the country to its knees, and spawned nationwide protests against the lack of regulation and oversight facing Wall Street. But the average American still fails to fully grasp what was—and still is—happening: that the inmates continue to run the asylum. Doyle has been tracking this story for years through his blog Sense on Cents, and exposes here how Wall Street, our politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and the American taxpayer. He details the corrupt nature of Wall Street's financial police, who are little more than meter maids imposing fines that amount to nothing more than a slap on the wrist. He exposes the revolving door of Wall Street, wherein the regulators are all former or future employees of the very firms they're tasked with overseeing, and how they routinely serve the interests of the industry itself rather than protecting investors and markets. Recent bombshells—such as multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran—are symptomatic of this corrosive culture and the lack of trust and confidence in the system. As the big banks fight tooth and nail to avoid real reforms that would protect the economy, this book is a timely, important, and shocking look inside the Washington-Wall Street conspiracy crippling America and the global economy.

This White Paper is the joint work of more than a dozen faculty members of the NYU Stern School of Business and the NYU School of Law. Stern and Law School faculty have published several books in recent years on regulatory reform, including a comprehensive assessment of the Dodd-Frank Act.The goal of the authors remains to contribute thoughtfully to the public discussion about ensuring a safe and efficient financial system. This White Paper, which builds on earlier Stern faculty publications, assesses the strengths and weaknesses of the Financial CHOICE Act proposed by the House Financial Services Committee. The CHOICE Act is the most comprehensive proposal for financial reform since Dodd-Frank and would, if enacted, dramatically alter the regulatory regime established by Dodd-Frank.

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

This volume chronicles the sweeping changes that have taken place in the regulation of the financial markets. The contributors cover fragmentation and integration in financial services, the advent of price competition in commercial banking, the increasing importance of institutions in investing, and price competition in the market for new issues of corporate securities. They also discuss Wall Street and the public interest. ISBN 0-87584-183-X: $14.95.

Theft of a Nation is a powerful criminological examination of Wall Street's recent financial meltdown. Through the lenses of white collar crime and victimology, the book presents a critical assessment of the economic and political elites who were responsible, shows how Americans were victimized, and assesses the resulting regulation.

In this volume, what are thought to be some of the more important aspects of the Dodd–Frank Act are discussed from a number of perspectives, including that of industry scholars who have been actively involved in evaluating financial regulation, regulators who are responsible for implementing the reform, financial policy experts representing think tanks and banking trade associations, congressmen and congressional staff involved with developing the legislation, and legal scholars. The volume summarizes the act, evaluates how the new regulations are being implemented and how the implementation process is progressing, and discusses modifications that, in the views of the authors, might be needed to more effectively achieve the stated goals of the legislation. Contents:Introduction and Summary of the Act:The Dodd–Frank Act: An Overview (Douglas D Evanoff and William F Moeller)Critical Assessment of the Act:Regulating Wall Street: The Dodd–Frank Act (Matthew Richardson)Financial Stability via Regulation:Financial Stability Regulation (Daniel K Tarullo)Implementing Dodd-Frank: Identifying and Mitigating Systemic Risk (Mark Van Der Weide)Implementing the Dodd–Frank Act: Progress to Date and Recommendations for the Future (Scott D O'Malia)Dodd–Frank Act Implementation: Well Into It and No Further Ahead (Wayne A Abernathy)Financial Stability via Efficient Failure Resolution:We Must Resolve to End Too-Big-To-Fail (Sheila C Bair)The Orderly Liquidation of Lehman Brothers Holdings Inc. Under the Dodd–Frank Act (Federal Deposit Insurance Corporation)Implementing Dodd–Frank: Orderly Resolution (Martin J Gruenberg)Resolving Globally Active, Systemically Important, Financial Institutions (Federal Deposit Insurance Corporation and the Bank of England)An Alternative View: Financial Stability via Bank Breakups:Do SIFIs Have a Future? (Thomas M Hoenig)Ending Taxpayer-Funded Bailouts: Dodd–Frank Promises More Than It Can Deliver (Richard W Fisher and Harvey Rosenblum)Solving the Too-Big-To-Fail Problem (William C Dudley)Consumer Protection:Partnering: The Consumer Financial Protection Bureau and State Attorneys General (Richard Cordray)Prepared Remarks Before the National Association of Attorneys General (Richard Cordray)The Consumer Financial Protection Bureau: The Solution or the Problem? (Brenden D Soucy)Was Dodd–Frank Necessary? Needed?:The Financial Crisis and “Too-Big-To-Fail” (Barney Frank and the Minority Staff of the House Financial Services Committee)A Dissent From the Majority Report of the Financial Crisis Inquiry Commission (Peter J Wallison) Readership: Financial economists, as reading material for beginner to intermediate courses in Finance and Economics for undergraduates and MBA students, general public, and policy makers interested in the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). Key Features:A dynamic read on a very topical and controversial subject — the Dodd-Frank ActContributors from various fields and each provides a different perspective of the formation, implementation and improvements for the Dodd-Frank ActBrings together in one volume the relevant people to discuss the most important policy issues affecting the financial services industryCombines both academic and industry positions on the topic in a readable formatKeywords:Dodd-Frank;Financial Regulation;Macroprudential Regulation;Systemic Risk;Volcker Rule;Resolution Authority;Consumer Protection;Central Clearinghouses (CCPs)

More than 360,000 words in length, the Dodd-Frank Wall Street Reform and Consumer Protection Act is the longest and most complex piece of financial legislation in American history. The nature and magnitude of its effects, both intended and unintended, will become clearer as regulators exercise the broad discretion given to them under the law. In this new book, the contributors ask whether the law is an effective response to the financial crisis that so deeply rattled our nation. Taking a hard look at the law's celebrated objectives, they reveal that it not only fails to achieve many of its stated goals, it also creates dangerous regulatory pathologies that could lay the groundwork for the next crisis.