Regulatory Effectiveness Quotes

I support adjustments designed to enhance the efficiency and effectiveness of regulation without sacrificing safety and soundness or undermining macroprudential goals.

I think we're fooling ourselves if we think that regulators are going to be able to outsmart the bankers. So, the task of designing regulatory reform is trying to make more or less foolproof regulation and that's one of the advantages of the systemic category.

A lot of ambitious code has been written into the law for those and we will have to see if it actually works, if we have another example of a big financial institution going bankrupt.

Laws matter, but typically changing the law by itself accomplishes little.

I had to watch government fail for 25 years doing consumer reporting before I really saw it because intuitively, the reaction is problem, bring government and government will make it better.

However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.

We need to ensure that the government agencies that are supposed to be regulating the financial system are actually doing their jobs. We must shrink the federal government and hold it accountable - and to do that, we need a leader who understands how bureaucracies work and how to cut them down to size.

If you have a regulation that's going to save hundreds of thousands of lives annually and not cost very much, that sounds like a very good idea.