We summarize four key federal policy responses to the crisis on Main Street and what we have learned.
There is no excuse for the continued massive government involvement in housing finance. As we did 10 years ago, the Federal Housing Finance Agency must work with Congress and the administration to reform the mortgage market.
The future of the financial regulatory structure built through the Dodd-Frank Act and other post-crisis reforms is suddenly on the table.
Fiscal projections now look substantially worse than they did just last year, let alone in 2010, when a new Congress was elected on campaign promises to rein in deficits.
Global coordination on insurance regulatory issues is a positive dynamic, but policyholder protection should remain the top priority of regulators.
Proposals to break up major financial institutions entail greater costs than the benefits they would provide and are potentially outright counterproductive.