Yesterday, the House Financial Services Committee held a hearing on the proposed changes to Wall Street oversight entitled, "Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation."
Here are the testimonies of those who participated:
- Mr. Donald L. Kohn, Vice Chairman, Board of Governors of the Federal Reserve
- Dr. Frederic Mishkin, Alfred Lerner Professor of Banking and Financial Institutions, Graduate School of Business, Columbia University
- Dr. Laurence Meyer, Vice Chairman, Macroeconomic Advisers
- Dr. James K. Galbraith, Lloyd M. Bentsen Jr. Chair in Government/ Business Relations and Professor of Government, LBJ School of Public Affairs, University of Texas
- Dr. Richard Berner, Chief Economist, Morgan Stanley
- Dr. John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University
- Dr. Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, Tepper School of Business, Carnegie Mellon University
- Rep. Melvin Watt, House Subcommittee Chairman
Hearings on Congress on the President's regulation proposal will continue throughout this month. A draft bill is being prepared to mark up later this month, but the House won't move to full debate until after the August recess.
For more information, I've written extensively about this topic:
- A Review of the President's Plan to Overhaul Financial Sector Regulation
- A Review of the Republican's Plan to Overhaul Financial Sector Regulation
- Regulation Proposals Could Lead to JP Morgan Mae and Citi Mac
- The Myth of Financial Deregulation
- Government Officials Say Sweeping Financial Overhaul Is Coming
- Regulating Towards Institutionalized Bailouts
- What to Do With the Fed
- Should We Reform Regulation Now? Yes.