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Reform and Modernization of U.S. Financial Supervision: A Competitive and Prudential Imperative
Special thanks to Dean Kevin Smith and to Symposium Editor Jera Bradshaw for the invitation, their assistance, and hospitality. The topic of your Symposium could not be more timely or relevant, and I am very pleased to have been invited to participate. Let me begin by invoking the standard disclaimer that the thoughts I share today are my own, and do not necessarily reflect the views of the Financial Services Forum or its members CEOs.
You know you are living in unusual times when financial supervision and even certain accounting issues have become cocktail circuit conversation. That may be overstating things a bit, but not by a lot. After simmering on the policy back-burner for years, reform and modernization of our nation's framework of financial supervision has emerged as a top economic priority of the Obama Administration and the new Congress - and for very good reason. For nearly eighty years, the United States was the world's premier capital marketplace, a status that amounted to an enormous strategic asset for the U.S. economy. Unfortunately, today the U.S. financial system is the subject of global ridicule and even derision.The subprime mortgage crisis and the financial upheaval it sparked have destroyed half a dozen venerable names of Am...See the full content of this document
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