Is Dodd-Frank's FSOC Harming Financial Stability and Transparency?

Is Dodd-Frank's FSOC Harming Financial Stability and Transparency?

Thursday, April 11, 2013
12:00 pm – 2:00 pm
When the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010, it created a permanent multi-agency panel called the Financial Stability Oversight Council (FSOC). Proponents of the FSOC said it was needed to help rein in large banks perceived as too-big-to-fail and reduce volatility in financial markets. Yet a broad array of critics now say the FSOC has actually entrenched big banks and embedded them as too-big-to-fail through its selective designation of "systemically important financial institutions."
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The live webcast will be available below.

Thursday April 11th, 12-2 pm

Competitive Enterprise Institute

1899 L St, NW, 12th floor

Washington, D.C.

When the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010, it created a permanent multi-agency panel called the Financial Stability Oversight Council (FSOC). Proponents of the FSOC said it was needed to help rein in large banks perceived as too-big-to-fail and reduce volatility in financial markets. Yet a broad array of critics now say the FSOC has actually entrenched big banks and embedded them as too-big-to-fail through its selective designation of "systemically important financial institutions." The FSOC is also pushing through intrusive regulations for money-market mutual funds that the Securities and Exchange Commission had considered and rejected precisely because the rules may have added more volatility than they curbed. Underlying these controversies is the FSOC's lack of accountability to both Congress and the President through a structure that a lawsuit -- brought by the Competitive Enterprise Institute and other parties -- challenges as unconstitutional.

Speakers:

Paul Atkins

Former Commissioner, Securities and Exchange Commission;

Managing Director, Patomak Partners LLC

Hans Bader

Senior Attorney and Counsel for Special Projects,

Competitive Enterprise Institute

Hester Peirce

Senior Research Fellow, Mercatus Center,

co-editor, Dodd-Frank: What It Does and Why It's Flawed

 

Moderated By:

John Berlau

Senior Fellow for Finance and Access to Capital,

Competitive Enterprise Institute