Washington, D.C. – The following is a statement from BPC Regulatory Architecture Task Force Co-Chairs Richard H. Neiman and Mark Olson:
“As authors of the Bipartisan Policy Center’s (BPC) report on improving the U.S. financial regulatory structure, we applaud the release of a new paper, “Reshaping the Financial Regulatory System,” by The Volcker Alliance, a nonpartisan public policy group led by former Federal Reserve Board Chairman Paul A. Volcker. The alliance’s report is a thoughtful contribution to several critical issues that were not included in the Dodd-Frank Act and other efforts at post-crisis financial reform. Many of its conclusions echo those advanced by BPC to streamline and strengthen the U.S. financial regulatory architecture.
Dodd-Frank made important progress, but it missed a major opportunity to reform a financial regulatory structure that has been cobbled together in reaction to various crises over the past 150 years, without a coherent plan. It is time for policymakers to have that debate, which should include hearings in Congress to investigate options to improve the U.S. financial regulatory structure.”
Neiman and Olson are co-chairs of a BPC task force on improving our nation’s financial regulatory architecture and co-authors of the report, “Dodd-Frank’s Missed Opportunity: A Road Map for a More Effective Regulatory Architecture.” Olson, a Republican, is a former member of the Federal Reserve’s Board of Governors. Neiman, a Democrat, is a former New York State banking superintendent.